[SMM Coking Coal and Coke Daily Briefing] February 25, 2026

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

Low-sulphur coking coal in Linfen was offered at 1,570 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,450 yuan/mt.

Coking coal side, during the Chinese New Year holiday, mainstream mines generally suspended operations, and coking coal market supply was at a low point. After the holiday, state-owned mines and local major mines successively resumed production, and coking coal supply began to increase. However, downstream demand recovered slowly, market participants maintained a cautious wait-and-see stance towards the later market, and the trading atmosphere was moderate. Additionally, the tightening of Indonesia's RKAB indicators provided some support to coking coal prices, but the impact of the US Coal Revitalization Act was limited. In summary, coking coal prices may remain stable in the short term.

Coke Market:

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

Supply side, coke enterprises operated normally, maintaining pre-holiday production levels, but during the holiday, market transportation capacity decreased, leading to a slight accumulation of coke inventory at some coke enterprises. Demand side, hindered transportation, combined with consumption during the holiday, caused a slight decrease in coke inventory at some steel mills. However, end-user finished steel demand was weak, steel finished product inventories accumulated, leading steel mills to adopt a cautious approach towards coke procurement, primarily purchasing as needed. In summary, the coke market supply and demand maintained a weak balance, coke inventory accumulation did not reach high levels, and cost support remained temporarily stable. The coke market was in the doldrums this week.[SMM Steel]