[SMM Coking Coal and Coke Daily Brief] January 28, 2026

[SMM Coking Coal and Coke Daily Briefing]
Coking Coal Market:
Low-sulphur coking coal in Linfen was offered at 1,650 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,450 yuan/mt.
Raw material fundamentals, mines ensured safe production, coking coal supply increments were limited, mine sales were mainly based on previous orders, there was no inventory pressure for the time being, and with the Chinese New Year approaching, some downstream users still had restocking demand, mines had a strong willingness to hold prices firm. However, downstream acceptance of high-priced coal types was limited, short-term coking coal prices may fluctuate rangebound.
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.
News-wise, market rumors suggested the first coke price increase would materialize this Friday. In terms of supply, recent environmental protection warnings in North China, coupled with most coking enterprises being in a loss-making state, suppressed production enthusiasm, coke supply is expected to see a slight reduction. Demand side, steel mill pre-holiday restocking was basically completed, their coke inventory was within a reasonable range, and end-use demand for finished steel performed poorly, steel mills were cautious about coke procurement. In summary, with weak coke supply and demand, and cost support still present, the short-term coke market is expected to operate steadily, and the first coke price increase still has some possibility of materialization.[SMM Steel]