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

Published: Jan 28, 2026 17:04

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[SMM Coking Coal and Coke Daily Briefing] In terms of news, market rumors suggest that the first round of coke price increases is expected to be implemented this Friday. In terms of supply, recent environmental protection alerts in North China, coupled with the fact that most coking enterprises are operating at a loss, have suppressed production enthusiasm, leading to expectations of a slight reduction in coke supply. On the demand side, steel mills have largely completed their pre-Chinese New Year restocking, with their coke inventories at reasonable levels. Additionally, end-use demand for finished steel products remains weak, prompting steel mills to adopt a cautious approach toward coke procurement. Overall, with both supply and demand for coke remaining weak and cost support still in place, the coke market is likely to stabilize in the short term, though there remains some expectation for the first round of price increases to be implemented.

[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]

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