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SunSirs: China Coke Market has Expirenced One Round of Increase and One Round of Decrease in May 2024

May 30 2024 10:34:57SunSirs(Selena)

According to the commodity market analysis system of SunSirs, in May 2024, the coke market experienced one round of increase and one round of decrease. As of the time of publication, the price of quasi first level metallurgical coke in Shanxi region was 1,960 RMB/ton, a decrease of 0.42%.

Upstream market: In May, the coking coal market first rose and then fell, and the overall trend was basically consistent with the trend of coke. By the end of the month, the mining area's production was generally stable, and downstream coking enterprises replenished inventory as needed. The overall market atmosphere was stable and positive, and the mining area actively shipped. The bidding situation was mixed, and some coal types had improved transaction conditions. Recently, prices have fluctuated narrowly, and the overall trend is relatively stable.

According to the commodity market analysis system of SunSirs, in May 2024, the coke market experienced a total of one round of increase and one round of decrease. At the beginning of the month, the coke market continued its upward trend in April, and during the May Day holiday, the fourth round of increase landed. With the continuous four rounds of increase by coke companies, their profits recovered, their operating rates steadily rebounded, and their coke supply was significantly relaxed. However, in terms of downstream demand, the prices of finished products have weakened, and steel mills have poor profits. The fifth round of price hikes has been shelved. In mid to late May, under the influence of the decline in finished product prices, steel mills have started the first round of price hikes and quickly landed, with a cumulative drop of 100-110 RMB/ton. As of the end of the month, the overall supply of coke enterprises remained stable, boosted by the rising futures market, and the enthusiasm for entering the trading market increased. Some inventory has been transferred to the trading market, and coke enterprises are still operating at a low level of inventory. In terms of demand, with the recovery of steel prices and a steady increase in operating rates, steel mills have shown a resurgence in their enthusiasm for purchasing coke and actively replenishing inventory. Overall, with the rise in raw material coking coal prices, coking enterprises have better cost support, and the rise in finished product prices has driven steel mill profits to rebound. The expectation of coke continuing to decline is weak, and it is expected that the coke market will temporarily operate steadily in the short term. In the future, we will focus on the trend of finished product prices and the performance of the coking coal market.

The coke market in Shandong Port is currently operating steadily, and downstream inquiries are relatively cautious. Market trading is slightly light, and actual transactions are still limited. On the 28th, the freight cost from Shanxi to Rizhao Port was 170-180 RMB/ton. Freight is a barometer that reflects the mentality of the port market. When the port procurement mentality is positive, freight increases. Port mentality is wait-and-see, and freight prices decline when purchasing intentions are low. This month, port freight prices first fell and then rose, corresponding to a cold and then warm atmosphere in the port market. As of the end of the month, due to the impact of the rising futures market, port trading was relatively active, and traders actively entered the market.

 

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