[SMM Coking Coal and Coke Daily Briefing] January 23, 2026

[SMM Coking Coal and Coke Daily Brief]

Coking coal market:

Linfen low-sulphur coking coal offered at 1,650 yuan/mt. Tangshan low-sulphur coking coal offered at 1,450 yuan/mt.

Fundamentals, coal mines generally resumed production, coking coal supply gradually increased, downstream has certain restocking demand, coal mines temporarily have no inventory pressure, but downstream coking coal inventory gradually increased, willingness to accept coking coal price hikes decreased. Short-term, coal mines focus on destocking, next week coking coal prices may fluctuate rangebound.

Coke market:

First-grade metallurgical coke-dry quenching nationwide average price 1,735 yuan/mt. Quasi-first-grade metallurgical coke-dry quenching nationwide average price 1,595 yuan/mt. First-grade metallurgical coke-wet quenching nationwide average price 1,390 yuan/mt. Quasi-first-grade metallurgical coke-wet quenching nationwide average price 1,300 yuan/mt.

Supply side, some coke enterprises due to smooth shipments, inventory drawdown, production enthusiasm somewhat improved, majority coke enterprises maintain normal production, still focus on active shipments. Demand side, finished steel end-use consumption in off-season, price center shifted lower, steel mill profits decreased, plus steel mill coke inventory at medium-high levels, resistance to coke price hikes strengthened, purchasing coke as needed. Overall, game between coke and steel enterprises intensified, next week coke market may temporarily stabilize.[SMM Steel]