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[SMM Daily Review on Coal and Coke] 20250214
Feb 14, 2025, at 4:36 pm
[SMM Daily Review on Coal and Coke]
In terms of supply, coke enterprises' production remains stable for now, but some coke enterprises are experiencing significant inventory accumulation, leading to slight expectations for production cuts. On the demand side, steel prices are declining, steel mills' willingness for coke price cuts continues to rise, and steel mills remain cautious about resuming production. Pig iron output is increasing slowly, while their coke inventories are at safe levels, resulting in low enthusiasm for coke procurement. In summary, coke prices may continue to fluctuate downward in the short term, and the ninth round of price cuts may occur next week.
Coking Coal Market:
In Linfen, the price of low-sulfur primary coking coal is 1,400 yuan/mt. In Tangshan, the price of low-sulfur primary coking coal is 1,450 yuan/mt.
Regarding the fundamentals of raw materials, the pace of mine resumption has accelerated, coking coal production continues to increase, and supply pressure is mounting. However, steel mills remain in a loss-making phase, and after the eighth round of coke price cuts, the market still anticipates a ninth round of price reductions. Coking profits are continuously compressed, and downstream buyers are generally cautious about coking coal procurement. In summary, coking coal prices remain under pressure in the near term.
Coke Market:
The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,790 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,650 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,440 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,358 yuan/mt.
In terms of supply, coke production remains stable overall, but some coke enterprises are experiencing significant inventory accumulation and have minor expectations for production cuts. On the demand side, steel prices are declining, steel mills are increasingly inclined to push for price reductions, and steel mills are cautious about resuming production. The increase in pig iron is slow, and their coke inventories are at safe levels, leading to low enthusiasm for coke procurement. In summary, coke prices are likely to continue fluctuating downward in the short term, and a ninth round of price cuts may occur next week. [SMM Steel]
