[SMM Survey] Daily Coal and Coke Brief Review: January 4, 2026

Published: Jan 4, 2026 17:18

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[SMM Coal and Coke Daily Briefing] Supply side, the fourth round of coke price cuts has been implemented, with coking companies' losses widening and production enthusiasm declining, leading to a tightening of coke supply. Demand side, some steel mills' blast furnaces are expected to resume production after the holiday, increasing the rigid demand for coke. However, continuous price adjustments of terminal finished products and moderate coke inventory at steel mills are suppressing purchase willingness. Overall, market sentiment remains bearish, and the coke market is expected to remain in the doldrums after the holiday.

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

The offer price for low-sulphur coking coal in Linfen is 1,600 yuan/mt. The offer price for low-sulphur coking coal in Tangshan is 1,480 yuan/mt.

Fundamentals of raw materials: With the arrival of 2026, most coal mines have commenced new production tasks, leading to an increase in coking coal supply. Steel mills have implemented the fourth round of coke price cuts, further weakening market sentiment. Downstream demand remains cautious, trading activities are primarily wait-and-see, and market transactions are sluggish. Post-holiday, coking coal prices still have some downside room.

Coke Market:

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

Supply side, the fourth round of coke price cuts has been implemented in the coke market, exacerbating losses for coking enterprises and dampening their production enthusiasm, leading to a tightening of coke supply. Demand side, post-holiday, some steel mill blast furnaces are expected to resume production, increasing the rigid demand for coke. However, persistent price corrections for end-user finished steel products, coupled with moderate coke inventory levels at steel mills, are suppressing purchase willingness for coke. In summary, bearish market sentiment persists, and the post-holiday coke market is expected to operate in the doldrums.[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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