This week, the coke market in China mainly maintained stability (11.1-11.7)

November 7th News

I. Price Trends

According to the commodity market analysis system: On November 7, 2025, the average price was 1,451 CNY per ton. In November 2025, the Chinese coke market mainly showed a stable operation, with prices remaining stable.

II. Market Analysis

Price Update:
Fourth Price Increase Scheduled: Starting from 00:00 on November 10, 2025, coking coal prices in markets such as Weifang, Binzhou, and Dezhou in Shandong Province are set to rise. Specifically, wet-quenched coke prices will increase by 50 CNY per ton, while dry-quenched coke prices will see a hike of 55 CNY per ton.

Earlier, mainstream steel plants in Tianjin and Hebei had already completed their third price hike on November 4, increasing prices by 50–55 CNY per ton. Meanwhile, coking coal prices have accumulated an overall rise of 100–110 CNY per ton since October, with Shanxi’s quasi-first-grade dry-quenched coke now surpassing the 1,600 CNY per ton mark.

Supply side: Coking plants have been experiencing a continuous decline in operating rates due to environmental production limits and shrinking profits. The reduction in production in the Tangshan area of Hebei province by 20%-30% has intensified market tensions, leading to a tightening of the overall coke supply in China.

Demand Side: With tight coking coal supply and robust steel plant demand acting as support, coke prices are likely to remain stable with a slight upward bias. However, in the medium term (after mid-to-late November), as steel demand enters its off-season, rising production losses at steel mills could trigger output cuts, increasing downside pressure on coke prices. Meanwhile, institutions predict that nearly 90% of market participants expect coking coal prices to rise in November—but caution is advised, as mismatches between supply and demand could lead to volatile price swings.

Cost Side: Coking coal is the primary raw material for coke production, and its price fluctuations directly impact coking costs. In October 2025, due to increasingly stringent safety and environmental inspections at coal mines, coking coal supply remained persistently tight. This resulted in a steady upward pressure on coking coal prices, providing significant floor support for coke prices. Meanwhile, the steel industry remains the main consumer of coke. Although terminal demand for steel products has weakened, blast furnace operating rates at steel plants have stayed relatively high—reaching as high as 90.24% in the Tangshan region—driving robust, albeit reactive, restocking needs for coke. Following the National Day holiday, steelmakers’ available days of coking coal inventory dropped to just 7.18 days, with some regions in Hebei even falling below the critical threshold of 6 days, forcing companies to accelerate their restocking efforts.

III. Market Forecast

Coke analysts believe that after a period of adjustment and consolidation, the coke market in China is expected to show a trend of fluctuation with a bias towards strength.