[SMM Coking Coal and Coke Daily Brief] January 22, 2026

Published: Jan 22, 2026 17:38

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[SMM Daily Coking Coal and Coke Brief] Supply side, inventory is gradually being drawn down, and coking plants maintain moderate production enthusiasm, with some plants slightly increasing output. Demand side, end-use demand for finished steel is in the off-season, coupled with some steel mills delaying blast furnace production resumptions, hot metal output is expected to decline, weakening the rigid demand for coke. Additionally, steel mills' coke inventory remains high, leading to purchasing as needed and low restocking willingness. Overall, the first round of coke price increases has been temporarily shelved, and the coke market may remain stable in the short term.

[SMM Daily Brief Comment on Coking Coal and Coke]

Coking Coal Market:

The quoted price of low-sulphur coking coal in Linfen is 1,650 yuan/mt. The quoted price of low-sulphur coking coal in Tangshan is 1,450 yuan/mt.

In terms of raw material fundamentals, coal mines are maintaining normal production with relatively small inventory pressure. Recently, the demand for winter stockpiling and restocking from downstream sectors has gradually been released, driving up the prices of some coal types. However, current profits of coke and steel enterprises are poor, with some even incurring losses, reducing their acceptance of coking coal price increases. Online auction failures have increased, and market sentiment has cooled somewhat. In the short term, coking coal prices are expected to remain stable.

Coke Market:

The nationwide average price of first-grade metallurgical coke (dry quenching) is 1,735 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) is 1,595 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet quenching) is 1,390 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet quenching) is 1,300 yuan/mt.

In terms of supply, inventories are gradually being depleted, and coke enterprises remain moderately enthusiastic about production, with some increasing production slightly. In terms of demand, end-use demand for finished steel products is in the off-season, and some steel mills have postponed the resumption of blast furnace production. There are expectations of a decrease in hot metal production, leading to a weakening in rigid demand for coke. Additionally, steel mills have relatively high coke inventories and are primarily purchasing as needed, with low restocking intentions. In summary, the initial round of coke price increases has been temporarily shelved, and the coke market is expected to remain stable in the short term. [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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