[SMM Survey Daily Briefing] January 15, 2026

[SMM Coal and Coke Daily Briefing]

Coking coal market:

Low-sulphur coking coal in Linfen was offered at 1,630 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,480 yuan/mt.

In terms of raw material fundamentals, mines resumed work in an orderly manner, coking coal production increased, market expectations improved, downstream purchase enthusiasm rose, mine shipments were relatively smooth, and price hike willingness strengthened, especially for high-quality skeletal coal types, whose prices already saw small increases. In summary, short-term coking coal prices are expected to be generally stable with slight rise.

Coke market:

The nationwide average price for first-grade metallurgical coke - dry quenching was 1,735 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,595 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,390 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,300 yuan/mt.

Supply side, coke enterprise losses widened, affecting production at some individual coke enterprises, but currently coke enterprises had smooth shipments, coke inventory maintained a destocking trend, and coke enterprise cost support gradually strengthened, with market bullish sentiment increasing. Demand side, steel mill operating enthusiasm improved somewhat, restocking demand for coke strengthened, coupled with trader procurement diversion, downstream demand for coke increased. In summary, the short-term coke market is expected to be generally stable with slight rise.[SMM Steel]