SMM

[SMM Daily Coking Coal and Coke Briefing]
Coking Coal Market:
The offer price for low-sulphur coking coal in Linfen is 1,630 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,480 yuan/mt.
On the raw material fundamentals, coal mines are operating normally with relatively stable supply. Market sentiment is heating up, downstream purchasing enthusiasm is rising, and procurement volumes are appropriately increasing. Coupled with the emergence of buying the dip sentiment, some mines have received a large number of new orders, significantly reducing shipment pressure. The transaction price center in online auctions has moved higher. The coking coal market is expected to hold up well next week.
Coke Market:
The nationwide average price for first-grade metallurgical coke - dry quenching is 1,735 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching is 1,595 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching is 1,390 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching is 1,300 yuan/mt.
In terms of news, leading coking companies have initiated a coke price increase, effective from 00:00 on January 19, 2026, raising wet quenching coke by 50 yuan/mt and dry quenching coke by 55 yuan/mt. Supply side, losses at coking companies have widened due to rising coking coal prices, and a few are also affected by environmental protection factors, leading to a decline in the coke oven capacity utilization rate. Simultaneously, downstream procurement enthusiasm has improved, and coke inventory at coking companies is gradually decreasing. Demand side, steel mill hot metal production is expected to increase, boosting rigid demand for coke. Furthermore, traders are diverting supply, and downstream purchase volumes are rising. In summary, market bullish sentiment is increasing. The coke market is expected to hold up well next week, and the first round of coke price increases is expected to be implemented. [SMM Steel]