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[SMM Daily Review on Coal and Coke] 2025-02-05
Feb 05, 2025, at 4:58 pm
[SMM Daily Review on Coal and Coke]
During the Chinese New Year, the coke market remained stable. In terms of supply, coke enterprises maintained stable operations, keeping pre-holiday production levels. However, due to poor logistics and transportation efficiency during the holiday, shipments were hindered, leading to an accumulation of coke inventory at coke enterprises. On the demand side, steel mills maintained stable production rhythms and had sufficient pre-holiday restocking, primarily purchasing coke as needed. Overall, coke supply remains relatively ample, and with the possibility of further declines in coking coal prices, cost support is insufficient. It is expected that the coke market may fluctuate downward in the first week after the holiday.
[SMM Daily Review on Coal and Coke]
Coking Coal Market:
Low-sulfur primary coking coal in Linfen is quoted at 1,400 yuan/mt. Low-sulfur primary coking coal in Tangshan is quoted at 1,500 yuan/mt.
During the Chinese New Year, the coking coal market remained stable. In terms of fundamentals, coal mines actively resumed work and production after the holiday, leading to a gradual increase in coking coal supply. However, downstream purchasing demand was weak, with insufficient restocking willingness, resulting in low market activity. Coal mines faced pressure to sell, and some market participants maintained a bearish outlook on the subsequent market. Overall, the fundamentals of coking coal were weak, providing limited support for prices. In the short term, the coking coal market is expected to remain stable with a weak trend.
Coke Market:
The nationwide average price of Grade I metallurgical coke (dry quenching) was 1,845 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) was 1,705 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) was 1,490 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) was 1,408 yuan/mt.
During the Chinese New Year, the coke market remained stable. In terms of supply, coke enterprises maintained stable operations, continuing pre-holiday production levels. However, due to low logistics efficiency during the holiday, shipments were hindered, leading to an accumulation of coke inventory at coke enterprises. On the demand side, steel mills maintained stable production rhythms and had sufficient pre-holiday restocking, primarily purchasing coke as needed. Overall, coke supply remained relatively ample, and with the possibility of further coking coal price reductions, cost support was insufficient. The coke market is expected to fluctuate downward in the first week after the holiday. [SMM Steel]
