[SMM Coking Coal and Coke Daily Briefing] February 5, 2026

[SMM Coking Coal and Coke Daily Briefing]

Coking Coal Market:

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

Raw material fundamentals, with the Chinese New Year holiday approaching, some mines in major producing areas have already suspended production, leading to a reduction in coking coal supply. Meanwhile, mine coking coal inventories are relatively low, and there is a strong sentiment to hold prices firm. However, downstream sentiment has pulled back somewhat, and recent online auction results have fallen short of expectations. Some coal varieties have seen minor price adjustments, and coking coal prices are expected to remain in the doldrums in the short term.

Coke Market:

The nationwide average price for first-grade metallurgical coke - dry quenching is 1,790 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching is 1,650 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching is 1,440 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching is 1,350 yuan/mt.

Supply side, coking plants have narrowed their losses, and production enthusiasm is moderate, with stable coke supply. However, downstream purchasing enthusiasm is weak, and coking plants are experiencing difficulties in shipping their products, leading to some increase in coke inventory pressure. Demand side, some steel mills have recently announced blast furnace maintenance plans, resulting in a slight weakening of rigid coke demand. Moreover, most steel mills have already completed their Chinese New Year restocking, and their own coke inventories are within a reasonable range, prompting a shift in purchasing strategy to purchasing as needed. In summary, the short-term coke market is expected to remain stable for the time being.[SMM Steel]