[ SMM Coking Coal Coke Daily Brief ] 20260227

Published: Feb 27, 2026 16:45

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[SMM Coking Coal and Coke Daily Brief] Supply side, coke enterprises maintained normal production pace with stable operations. However, with the Two Sessions approaching, some regions issued independent emission reduction notices, leading to expectations of a slight decline in coke supply. Additionally, hindered transportation during the Chinese New Year resulted in inventory accumulation at some coke plants, but post-holiday market transportation gradually recovered, easing sales pressure on coke enterprises. Demand side, affected by the environmental protection policy, most steel mills in Tangshan and other regions have arranged maintenance plans, with production restrictions around 30%, leading to expectations of decreased hot metal output and weakened rigid demand for coke. Coupled with fluctuating downward spot steel prices, steel mills adopted a cautious approach to coke procurement, controlling arrivals. Overall, the coke fundamentals gradually weakened, with expectations of coke price reductions, and the coke market may operate in the doldrums next week.

[SMM Daily Coking Coal and Coke Briefing]

Coking Coal Market:

Low-sulphur coking coal in Linfen is offered at 1,570 yuan/mt. Low-sulphur coking coal in Tangshan is offered at 1,450 yuan/mt.

Coking coal side, post-holiday, mines continuously resumed production, with some previously suspended mines returning to normal operation. However, downstream buyers primarily consumed their own inventory and remained cautious in coking coal procurement, leading to generally lower online auction settlement prices. Overall, post-holiday coking coal supply increased faster than demand recovery. Next week, coking coal prices are expected to remain in the doldrums, with downward expectations.

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, coke producers maintained a normal production pace with stable operation. However, with the Two Sessions approaching, some regions issued independent emission reduction notices, leading to expectations of a slight decrease in coke supply. Additionally, hindered transportation during the Chinese New Year holiday caused inventory accumulation at some coke plants, but post-holiday market transportation gradually recovered, easing sales pressure. Demand side, affected by environmental protection policies, many steel mills in Tangshan and other regions have scheduled maintenance plans, with production restrictions around 30%. Hot metal output at steel mills is expected to decline, weakening rigid demand for coke. Coupled with fluctuating downward spot steel prices, steel mills are cautious in coke procurement, with some controlling arrivals. In summary, the coke market fundamentals are gradually weakening, with expectations of coke price reductions. Next week, the coke market is expected to remain in the doldrums.[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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