[SMM Coking Coal and Coke Daily Briefing] 20260121

Published: Jan 21, 2026 16:49

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[SMM Coking Coal and Coke Daily Brief] Supply side, coke enterprises maintained moderate production enthusiasm, with relatively stable coke production, focusing on active shipments, and downstream purchase enthusiasm was moderate, leading to a decline in coke inventory at coke enterprises. Demand side, affected by the off-season, daily average hot metal production at steel mills was expected to decrease, and with coke inventory at steel mills mostly at reasonable levels, purchases were mainly based on demand, while the coke price increase was temporarily not accepted. In summary, market sentiment for ferrous metals weakened, steel mills showed resistance to the first round of coke price increases, and in the short term, coke and steel enterprises may be in a game state.

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

The low-sulphur coking coal offer in Linfen is 1,630 yuan/mt. The low-sulphur coking coal offer in Tangshan is 1,450 yuan/mt.

In terms of raw material fundamentals, mine production is stable, coking coal supply is gradually increasing, downstream purchase enthusiasm is relatively good, and overall mine inventory continues to decline. However, coking enterprises are operating at a loss, leading to limited acceptance of high-priced coal grades, and prices for these grades continue to be lowered. In summary, coking coal prices are expected to undergo minor adjustments in the short term.

Coke Market:

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

Supply side, coking enterprises maintain moderate production enthusiasm, coke production remains relatively stable, with a focus on active shipments, and downstream purchase enthusiasm is moderate, leading to a decrease in coke inventory at coking enterprises. Demand side, affected by the off-season, daily average hot metal output at steel mills is expected to decline. Additionally, as coke inventory at most steel mills is at reasonable levels, their coke purchases are need-based, and they currently do not accept coke price increases. In summary, ferrous metals market sentiment has weakened, steel mills are resistant to the first round of coke price increases, and coking and steel enterprises may be in a stalemate in the short term.[SMM Steel]

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