Slight accumulation of internal inventory at the coke plant, and the coke coal market sentiment continues to weaken.

Today, the domestic coking coal market remains stable with slight adjustments. On the supply side, private coal mines have entered the Spring Festival holiday, and state-owned mines are supplying limited amounts at the end of the year while ensuring safety, leading to a tightening of overall supply. Downstream companies have mostly completed stockpiling, and market trading sentiment has further weakened. Currently, most producing coal mines are fulfilling previous orders, with little inventory pressure, so prices remain stable for now. Online bidding and listing of resources are gradually decreasing, and transaction performance is average. The raw material side is generally weak, stable, and fluctuating. Regarding prices, Shanxi Changzhi area’s lean raw coal (S3.2, G62, recycled 60) has been reduced by 45 yuan to an ex-factory price of 610 yuan/ton; Jinzhong area’s main coking coal (A12, S0.5, G90) has been reduced by 9 yuan to an ex-factory price of 1375 yuan/ton; Xinzhou area’s 1/3 coking coal (A28.7, S1.9, G79) has been reduced by 48 yuan to an ex-factory price of 715 yuan/ton. In terms of demand, downstream coke and steel enterprises are slowing production, most coke companies have completed pre-holiday stock replenishment, and internal coke coal inventories are at medium to high levels. Current procurement mainly consists of sporadic replenishment to maintain basic production, with overall demand continuing to weaken. Overall, it is expected that the domestic coking coal market will remain weak and stable in the short term. (Jiaolianwang)