[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coke producers' profits were weak, coupled with the relatively small room for coal mines to offer concessions, which did not fully restore coke producers' profits. As a result, their willingness to increase output was low, and they maintained normal production. On the demand side, the Two Sessions are about to conclude, and steel mills that had previously imposed voluntary production restrictions are expected to resume production, which may increase demand for coke. However, due to the slow destocking speed of finished steel products, steel mills remained cautious toward coke and adopted a purchase-as-needed strategy. In summary, with steel mills purchasing cautiously and coke producers' cost downside room limited, the coke market may remain temporarily stable in the short term.

[SMM Aluminum Express News] Indonesia's Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, has assured that coal stocks for PT PLN (Persero)'s coal-fired power plants (PLTU) are secure through April 2026. Speaking at a press conference on recent Middle East developments and their implications for the ESDM sector, held at the Ministry of ESDM office in Jakarta on Tuesday (March 11, 2026), he stated: "For PLN's needs, I ensure that through March and April, there is no issue." This reassurance comes amid global energy market volatility from Middle East tensions, helping maintain stable electricity supply during the upcoming high-demand period (including Idul Fitri holidays).

The most-traded hot-rolled coil contract closed at 3,275 today, up 0.37%. In the spot market, spot prices of cold-rolled and hot-rolled products in some regions edged up slightly, but actual transactions were mediocre after the increase. Intraday, iron ore, coal, and coke on the raw material side were all disturbed by news flow, driving raw material prices to hold up well. In the short term, before no clear increase in domestic and external demand for hot-rolled coil emerges, prices were likely to continue following costs and hold up well. Focus on the 05 contract around 3,315.

ArcelorMittal Kryvyi Rih has confirmed its plan to operate two blast furnaces throughout 2026, despite significant electricity availability challenges in early 2025 that caused temporary shutdowns. The company’s mining department is currently operating at 75% of its full capacity, producing approximately 7.5 million tonnes of concentrate per year. CEO Mauro Longobardo noted that while port attacks have delayed some coking coal deliveries from Australia and the USA, the current production volume is sufficient for both internal needs and exports to European subsidiaries.

[Spot Silicon Metal Prices Probe Higher as Market Transactions Remain Stagnant; Polysilicon Price Trend Declines]: On the supply side, production release from silicon metal capacity that resumed production in early March increased total silicon metal supply compared with early March. Recently, there have been scattered production resumptions in Southwest China, but these have not yet become widespread, so their impact on supply growth has been very limited. On the cost side, spot prices of silicon coal and electrodes have remained temporarily stable recently, while petroleum coke prices rose slightly. Coupled with higher gasoline prices, road transport freight rates were raised slightly, providing relatively strong cost support for silicon metal. On the demand side, performance has mainly remained stable recently. During the week, spot silicon metal transactions were stagnant, inventory in the intermediate segment stayed at a high level, and downstream demand was weak, so silicon metal prices had limited room to rise or fall and were mainly range-bound in consolidation.

[SMM Hydrogen Energy News Flash] Following the acquisition of three patents earlier this month, Yalian Hydrogen Energy recently obtained another four nationally authorized patents: a hydrogen production reactor, a method for producing synthesis gas from semi coke coke oven coal gas, a hydrogen production system via water electrolysis powered by wind and solar power generation, and a horizontal gas processor for alkaline water electrolysis hydrogen production. These patents focus on key technological links in the hydrogen energy industry chain.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, losses per mt of coke at coking enterprises widened slightly, operating rates barely maintained the previous level, and there was no willingness to increase production. Coke supply was relatively stable, but downstream buying interest was not high, resulting in some inventory buildup pressure at coking enterprises. On the demand side, the Two Sessions have not yet concluded, the daily average hot metal production at steel mills declined temporarily, and enthusiasm for restocking coke was not high, with just-in-time procurement maintained. In summary, sales pressure on coking enterprises increased somewhat, and cost support is expected to weaken. In the short term, the coke market may remain in the doldrums.

[SMM Daily Brief Commentary on Coking Coal and Coke] In terms of supply, most coke producers were in a loss-making position, and some coke producers saw inventory buildup, which continued to suppress their production incentives, with coke oven operating rates edging down. Demand side, steel mills’ coke inventory was at a reasonable level, and they were still mainly purchasing as needed; steel mills showed signs of controlling arrivals. In addition, the impact of steel mills’ voluntary production cuts during the Two Sessions led to a decline in the daily average hot metal output, weakening rigid demand for coke. Overall, coke fundamentals remained unoptimistic, and cost support was expected to weaken; in the short term, the coke market may remain in the doldrums.

The price for premium high-quality coking coal (FOB Australia) was assessed at $252.80 per tonne in early March. Although up 13.1% from the start of the year due to earlier weather disruptions in Queensland, the price rally has cooled as Australian supply logistics and rail shipments to ports have normalized.

Coal prices rallied to $138 per ton in early March 2026, a 15-month high, following an Iranian drone strike on Qatar's main LNG export hub. The rare shutdown of 20% of global LNG supply has forced Asian economies, including Taiwan, to switch to coal-fired power generation, tightening the global thermal coal market.