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[SMM Daily Review on Coal and Coke] 20250226
Feb 26, 2025, at 2:23 pm
[SMM Daily Review on Coal and Coke]
In terms of supply, after the tenth round of coke price cuts was implemented, most coke enterprises fell into losses, and some reduced their operating rates. However, coke supply remained at a high level, with significant sales pressure, and the inventory buildup situation is unlikely to change in the short term. Demand side, steel mill profitability was average, with no improvement in demand performance. Pig iron production declined slowly, daily coke consumption by steel mills decreased, and purchasing as needed became the main approach. In summary, the coke market may continue to fluctuate downward in the short term.
Coking Coal Market:
In Linfen, the price of low-sulfur primary coking coal is 1,320 yuan/mt. In Tangshan, the price of low-sulfur primary coking coal is 1,390 yuan/mt.
In terms of supply, coal mines are maintaining normal production, and the supply of coking coal is sufficient. On the demand side, the tenth round of coke price cuts has been implemented, with most coke enterprises generally incurring losses. The scope and intensity of production cuts have expanded, coupled with the slow recovery of steel demand. Downstream buyers are controlling arrivals and showing low acceptance of current coking coal prices. Overall, coking coal prices are expected to continue to decline further.
Coke Market:
The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,680 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (dry quenching) is 1,540 yuan/mt. The nationwide average price of Grade I metallurgical coke (wet quenching) is 1,340 yuan/mt. The nationwide average price of Quasi-Grade I metallurgical coke (wet quenching) is 1,250 yuan/mt.
In terms of supply, after the tenth round of coke price cuts, most coke enterprises have fallen into losses, and some have reduced operations. However, coke supply remains at a high level, with significant sales pressure, and the inventory buildup situation is unlikely to change in the short term. On the demand side, steel mill profits are average, with no improvement in demand performance. Pig iron production is declining slowly, leading to reduced daily coke consumption by steel mills, which are primarily purchasing as needed. Overall, the coke market is likely to continue to fluctuate downward in the short term.
