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[SMM Daily Review on Coal and Coke] 20250217
Feb 17, 2025, at 5:03 pm
[SMM Daily Review on Coal and Coke]
In terms of supply, coke enterprises' production remains stable for now, though some coke enterprises are facing severe inventory accumulation, leading to slight expectations for production cuts. However, overall coke inventory remains at a high level, and supply is relatively ample. On the demand side, steel prices are declining, most steel mill profits are poor, and the resumption of production is cautious. Pig iron output is increasing slowly, and steel mills mainly purchase coke as needed due to average consumption rates. In summary, coke prices may continue to fluctuate downward in the short term, and the ninth round of coke price cuts may occur tomorrow.
Coking Coal Market:
The price of low-sulfur primary coking coal in Linfen is 1,400 yuan/mt. The price of low-sulfur primary coking coal in Tangshan is 1,450 yuan/mt.
In terms of raw material fundamentals, most coal mines have resumed production, and coking coal production remains at a high level, resulting in significant supply pressure. However, steel mills are experiencing inventory buildup of steel products, and coke enterprises' profits continue to be squeezed. Downstream buyers are generally cautious in purchasing coking coal, with a clear intention to extract profits from the raw material side. In summary, coking coal prices are expected to remain under downward pressure this week.
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.
Supply side, coke enterprises' production remains stable for now, but some coke enterprises are facing severe inventory buildup, with expectations for small-scale production cuts. However, overall coke inventories at coke enterprises remain at high levels, indicating a relatively loose supply. Demand side, steel prices are declining, and most steel mills are experiencing poor profits, leading to cautious resumption of production. Pig iron output is increasing slowly, and steel mills are primarily purchasing coke as needed. In summary, coke prices are likely to continue fluctuating downward in the short term, with the ninth round of price cuts for coke expected tomorrow.
