In November, the coke market in China was mainly strong.

November 28th, news

I. Price Trends

According to the commodity market analysis system: On November 28, 2025, the average price was 1,577.5 CNY/ton. In November, the coke prices in China showed a steady and slightly strong trend, with the fourth round of price increases fully implemented. However, due to fluctuations in coking coal costs and environmental production limits, prices fluctuated at high levels.

II. Market Analysis

Price Overview: On November 28, metallurgical coke prices in the Tangshan market remained stable. Currently, the mainstream transaction price for coking coal with top charging and first-grade dry quenching is 1,900 CNY per ton, while the price for coking coal with top charging and first-grade dry quenching is 1,970 CNY per ton—both quoted ex-factory, cash-inclusive of tax. On November 28, metallurgical coke prices in the Jingdezhen market also remained stable. The current price for first-grade metallurgical coke is 1,870 CNY per ton, and for quasi-first-grade metallurgical coke it is 1,780 CNY per ton—both quoted ex-factory, acceptance-based, inclusive of tax. On November 28, metallurgical coke prices in the Yichun market remained stable as well. The current price for quasi-first-grade metallurgical coke is 1,850 CNY per ton, and for second-grade metallurgical coke it is 1,680 CNY per ton—both quoted ex-factory, acceptance-based, inclusive of tax.

Capacity and Production: The capacity utilization rate of large enterprises in major producing regions such as Shanxi and Inner Mongolia is 15% higher than that of small and medium-sized enterprises. However, affected by fluctuations in steel demand, the overall operating rate has remained stable. As for production and inventory: coking coal supply remains relatively tight, but government policies aimed at ensuring supply have eased the pressure of tightening. Total coking coal inventories stand at 23.2718 million tons, showing a slight increase from the previous month.

Demand Side: Steel mills’ operating rates have slightly declined, showing a mild downward trend. Short-term prices are supported by rigid demand. Although terminal demand for steel products remains weak, steel mills’ blast furnace operating rates remain high, creating strong, rigid demand for coking coal inventory replenishment. Following the National Day holiday, the number of days’ worth of coking coal inventory available at steel mills has decreased, further reinforcing the need to restock.

Cost Side: Coking coal prices remain at high levels, and environmental production restrictions continue to provide cost support. The oversupply situation for coking coal has yet to change. The fourth round of price hikes for coke has taken effect, but steel mills’ profit margins are narrowing, leaving limited room for further price increases.

III. Future Market Forecast

Coke analysts believe: In the short term, coke prices will remain at a high level, with the pace of restocking slowing down. Affected by environmental production limits, the price trend is mainly strong.