Steel market rebounded coke prices first to pick up in the year

In the coke market, which had been on a five-month downward trend, there were finally signs of a price recovery. On the 5th, several industry insiders told reporters that major coking companies in provinces like Shanxi, Henan, and Shandong are considering a general price increase. This marks the first potential shift in sentiment after months of decline. As the industry approaches the traditional peak season for consumption in September, along with positive macroeconomic factors, many stakeholders are now more optimistic about further rebounds in coke prices. The recent stabilization in steel prices has also played a role in boosting confidence among coke producers. Coke prices had fallen in the first half of the year due to weak demand from downstream steel industries and overcapacity within the sector itself. Data shows that since late February, coke stock levels have been declining rapidly, with a drop of nearly 30% over five months. However, the rebound in the steel sector during July gave the coke market a much-needed boost. After five consecutive months of declines, the upstream coke industry is beginning to see signs of recovery. Since late July, the rate of price decline has slowed, and both spot and ** markets have shown early signs of improvement. According to data from "My Steel Network," the comprehensive coke index rose by 11.6 yuan per ton over six trading days, marking a 0.91% increase. This was the first correction in the year since the decline began in February. On the 5th, the main coke contract closed at 1,488 yuan per ton, gaining 0.94% for the day—its fourth consecutive day of gains. Meanwhile, news has emerged that coal-producing province Shanxi may raise coke prices in August, with some reports suggesting an increase of 30–50 yuan per ton. Similar moves are being considered by companies in Henan and Shandong. At a recent meeting of the Shanxi Jiaoxi Association, it was proposed that major coking companies in the province would increase coke prices by RMB 30–50 per ton in August. Earlier, Henan Pingmei Shenma Group had already announced a 50-yuan-per-ton increase, a 4% rise. Pang Xuejie, an analyst with China Coal Resources Network, noted that the desire for price hikes among coke producers began at the end of July. With steel prices recovering quickly, market demand improved, which helped restore confidence in the coke sector. Pang added that many coke companies in Shandong and Hebei have recently expressed their intention to raise prices to steel mills. Additionally, Wang Xufeng, a coke industry analyst, pointed out that recent macroeconomic policy signals suggest that infrastructure upgrades, railway investments, and urbanization will be key areas of focus for national investment in the second half of the year. These developments are expected to drive up steel demand, further supporting the coke market's recovery. Wang estimated that railway construction alone could exceed 400 billion yuan in investment this year, which would help boost the operating rates of steel and metallurgical companies, ultimately increasing the demand for coking coal.

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