[SMM Coking Coal and Coke Daily Brief] February 2, 2026

[SMM Coking Coal and Coke Daily Brief]

Coking coal market:

Low-sulphur coking coal in Linfen is offered at 1,650 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,450 yuan/mt.

Fundamentally, with the Chinese New Year approaching, coal mines maintain safe production, while downstream winter stockpiling and restocking have largely concluded, leading to a gradual reduction in coking coal procurement volume. Market sentiment has weakened somewhat, with generally subdued online auction activity. Some coal varieties that were slow to adjust prices are experiencing compensatory declines. However, coal mines have pre-sold orders and currently face no inventory pressure, showing strong willingness to hold prices firm. In the short term, coking coal prices may operate in the doldrums.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quenching is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching is 1,350 yuan/mt.

In terms of supply, the first round of coke price increases has been implemented, significantly narrowing losses per metric ton of coke. Most coking enterprises maintain their previous production levels, resulting in relatively stable coke supply and smooth shipments. Coke inventory at coking plants remains low. Demand side, with the Chinese New Year approaching, steel trading volume has noticeably contracted, dampening steel mill production enthusiasm. Hot metal output remains at a relatively low level, and steel mill coke inventory is at a reasonable level, leading to purchasing as needed. Overall, the coke market may operate generally stable with slight rise in the short term.