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[SMM Daily Review on Coal and Coke] 2025-03-03
Mar 03, 2025, at 5:13 pm
[SMM Daily Review on Coal and Coke]
In terms of supply, coke enterprises maintained stable production, and the oversupply situation remains difficult to alleviate. Demand side, end-use demand performed moderately, pig iron production at steel mills declined slowly, leading to reduced daily coke consumption, with purchasing as needed being the main approach. In summary, coke supply has started to tighten, and cost support has become stable. Coupled with the market's continued positive expectations for Two Sessions policies, the coke market may operate stable with a weak trend in the short term.
Coking Coal Market:
The price of low-sulphur coking coal in Linfen is 1,320 yuan/mt, while in Tangshan it is 1,390 yuan/mt.
Regarding the fundamentals of raw materials, coal mines are maintaining normal production, and the supply of coking coal remains ample. After a continuous decline in coking coal prices in the earlier period, the rate of decline has narrowed. Coke enterprises are operating at the breakeven point or at a loss. Coupled with generally weak demand from steel mills, market sentiment has further weakened, with a focus on inventory consumption and cautious purchasing. In summary, the coking coal market is expected to operate stably with a weak trend.
Coke Market:
The nationwide average price of Grade I metallurgical coke (dry quenching) is 1,680 yuan/mt, while that 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, and that of Quasi-Grade I metallurgical coke (wet quenching) is 1,250 yuan/mt.
In terms of supply, coke enterprises are maintaining stable production, and the oversupply situation remains unresolved. On the demand side, end-use demand is generally weak, with pig iron production at steel mills declining slowly, leading to reduced daily coke consumption and purchasing as needed. In summary, coke supply has started to tighten, and cost support has begun to stabilize. Additionally, the market remains optimistic about policies from the Two Sessions. In the short term, the coke market is expected to operate stably with a weak trend.
