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

Published: Feb 25, 2026 17:19

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[SMM Coking Coal and Coke Daily Brief] Supply side, coking plants operated normally, maintaining pre-holiday production levels. However, transportation capacity declined during the holiday, leading to a slight accumulation of coke inventories at some coking plants. Demand side, hindered transportation and holiday consumption caused a slight decrease in coke inventories at some steel mills. Yet, end-user demand for steel products remained weak, and finished product inventories accumulated, prompting steel mills to adopt a cautious approach toward coke procurement, mainly purchasing as needed. Overall, the coke market maintained a weak supply-demand balance, with coke inventories not yet reaching high levels and cost support remaining stable. This week, the coke market may operate in the doldrums.

[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]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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