SMM Cold-Rolled Production Schedule: May Steel Mill Cold-Rolled Production Schedule Up 2%, Daily Average Production Schedule Down 1.4% According to the latest SMM tracking data, the total planned cold-rolled commercial steel volume from 31 mainstream cold-rolled sheet and coil steel mills was 4.2123 million mt this month, up 78,500 mt MoM from actual cold-rolled commercial steel production, an increase of 1.9%. On a daily average basis, May had one more day than April. The daily average cold-rolled commercial steel production schedule in May was 135,900 mt, down 1.4% MoM from the daily average actual cold-rolled commercial steel production in the previous month. SMM HRC Production Schedule: May HRC Production Schedule Up 0.3% MoM, Daily Average Down 3% According to the latest SMM tracking data, the total planned HRC commercial steel volume from 39 mainstream steel mills was 13.3564 million mt this month, up 37,400 mt MoM from actual HRC commercial steel production, an increase of 0.3%. On a daily average basis, May had one more day than April. The daily average HRC commercial steel production schedule in May was 430,900 mt, down 3.0% MoM from April's actual daily average production. Currently, steel mill profits and order conditions were favorable, and production enthusiasm was high. The overall May production schedule was basically flat MoM compared to April's actual production. May had fewer days than April, and on a daily average basis, steel mills' HRC production schedule declined MoM. Summary: Total production schedule for hot-rolled commercial steel at steel mills in May was basically flat MoM. However, since May has more days than April, the daily average production schedule decreased MoM, and supply pressure was slightly lower than previous expectations. Demand side, sheets & plates demand is expected to weaken marginally in mid-to-late May. Hot-rolled coil inventory is expected to continue destocking over the next 2–3 weeks, and the accumulation of supply-demand imbalance before month-end in May will be limited. Other aspects, the ex-China energy premium is unlikely to ease in the short term, and hot metal production continues at elevated levels. HRC prices are expected to fluctuate at highs before late May. During this period, the pullback in coking coal prices driven by expectations of easing Middle East conflicts and the periodic weakening in export order-taking for hot-rolled coils are expected to put prices under pressure temporarily, though the downside is limited.

[SMM Coking Coal and Coke Daily Brief] Supply side, the third round of coke price increases has been implemented. Coke producers saw increased profitability and maintained high production enthusiasm, while their coke inventory remained at low levels, supporting an optimistic sentiment. Demand side, hot metal production at steel mills edged down recently, weakening rigid demand for coke. Steel mills' own coke inventory stayed at reasonable levels, and buyers mainly purchased as needed. In summary, downstream demand is expected to weaken, and the tight supply-demand structure of coke is expected to improve. In the short term, the coke market is likely to hold up well with a generally stable with slight rise trend.

[SMM Coking Coal and Coke Daily Brief] In terms of supply, the third round of coke price increase has been implemented, and current by-product prices continued to rise. Coking enterprises enjoyed good overall profits and were active in production, with coke production steadily increasing. Demand side, hot metal output at steel mills remained at high levels, providing support for rigid demand for coke. Meanwhile, HRC futures continued to strengthen recently, steel mill profitability recovered significantly, and enthusiasm for coke procurement further increased. In summary, the coke supply-demand structure maintained a tight balance, and the coke market may hold up well and remain generally stable with slight rise in the short term.

[SMM Coking Coal and Coke Daily Brief] News: Mainstream steel mills in Hebei and Shandong raised wet-quenched coke prices by 50 yuan/mt and coke dry quenching prices by 55 yuan/mt, effective from midnight on May 11, 2026, marking the implementation of the third round of coke price increases. Supply side, cost support for coke strengthened recently, and coke producers saw good order-taking activity, with rush delivery requests emerging in the market, keeping coke supply in a tight balance. Demand side, steel mill profits expanded notably, production enthusiasm remained high, daily average hot metal production continued to fluctuate at highs, coke demand stayed strong, and steel mills were active in purchasing. In summary, following the implementation of the third round of coke price increases, the coke market is expected to be generally stable with slight rise in the short term.

Some major mills added maintenance shutdowns, and May supply pressure is lower than previous expectations. Demand side, sheets & plates demand is expected to weaken marginally in mid-to-late May. Hot-rolled coil inventory is expected to continue destocking over the next 2–3 weeks, with limited accumulation of supply-demand imbalances before month-end in May. The energy premium outside China is unlikely to ease in the short term, hot metal production continues at elevated levels, and coil prices are expected to continue fluctuating at highs in the near term. The pullback in coking coal prices driven by expectations of easing U.S.-Iran tensions and the periodic weakening of hot-rolled coil export order-taking are expected to cause prices to come under pressure briefly, with limited downside.

[SMM Coking Coal and Coke Daily Brief] News: Some steel mills have accepted the third round of coke price increase, with a rise of 50-55 yuan/mt, expected to take effect from 00:00 on May 11. In terms of supply, coke producers' profits narrowed but remained above the break-even level, with moderate production enthusiasm. Supply was generally stable with a slight increase, coke producers' shipments were smooth, and their own coke inventory stayed at a relatively low level. Demand side, recent finished steel prices rose, steel mill profits increased, daily average hot metal output remained at a relatively high level, and procurement demand for coke persisted. In summary, the third round of coke price increase was still in a negotiation phase, and the coke market may hold up well and remain generally stable with slight rise in the short term.