According to the commodity market analysis system of SunSirs, the coke market temporarily stabilized from June 2 to June 9, 2023. As of June 9, the price of quasi first-class metallurgical coke in Shanxi region was 1,746 RMB/ton, which remained unchanged.
In terms of supply: The coking coal market has been operating steadily and weakly this week, with some coal prices slightly declining. Online auctions are still acceptable, while some high-quality coal prices have slightly increased. Currently, the inventory in the mining area is relatively normal, and downstream coking enterprises still purchase according to demand.
During this cycle, the price of the coke market remained stable. After the tenth round of lifting and lowering measures fell to the ground last week, the cumulative decrease was 750-900 RMB/ton. This week, with the strengthening of the futures market and the rise in downstream finished product prices, the coke market stopped falling. From the above figure, it can be seen from the supply side that the operating rate of coking enterprises has slightly increased recently, with only a small number of coking enterprises having low profits and actively limiting production. Most enterprises are operating normally, and the supply of coke is relatively stable. Manufacturers are currently actively shipping. Downstream steel mills have seen a slight increase in finished product prices recently, and their profits have recovered to some extent. Their enthusiasm for purchasing coke has increased compared to the previous period. However, due to the seasonal off-season in the downstream, steel mills still maintain on-demand replenishment of coke purchases, and future expectations remain weak. Overall, in the current off-season downstream, there is insufficient demand expectation, and the overall coke market is weak. It is expected that the coke market will temporarily operate stably in the short term. In the future, we will focus on the operating situation of coking enterprises, the trend of coke coal prices, and the inventory situation of coke in various links.
The sentiment in the coke market at Shandong Port has slightly improved, with the quasi first level ex-warehouse price at around 1880-1900 RMB/ton and the first level ex-warehouse price at 1,980-2,000 RMB/ton. The port market is currently operating steadily, with a more active market atmosphere compared to the previous period, limited market transactions, and a cold trading atmosphere.
Freight prices are a barometer of port mentality, with a positive market attitude towards upward freight prices and a weak market attitude towards downward freight prices. There has been little change in port inventory this week, with weak enthusiasm from traders to gather at the port, a decrease in freight prices, and a wait-and-see market atmosphere.
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