This week, the coke market in China was mainly weak.

December 31st, according to news

I. Price Trends

According to the commodity market analysis system: On December 31, 2025, the average price was 1442 CNY/ton. Currently, coke enterprises are mainly operating weakly, with high inventory levels, and the overall market supply is sufficient. The profit recovery of steel mills is limited.

2. Market Analysis

Price Overview: On December 31, coking coal prices in the Qujing market showed a weak trend. Currently, second-grade coke is quoted at 1,895 CNY/ton, while non-standard grade coke is quoted at 1,620 CNY/ton—both prices are ex-factory, cash-inclusive, based on a dry basis. As of December 31, metallurgical coke prices in the Tangshan market remained stable for now. The prevailing market transaction prices are as follows: compacted first-grade dry-quenched coke at 1,735 CNY/ton, and top-charging first-grade dry-quenched coke at 1,805 CNY/ton—both prices are ex-factory, cash-inclusive.

Demand Side: Currently, the coking coal market demand is average and generally weak. Downstream demand is also moderate, with ironwater production declining, significantly weakening the intrinsic support for coking coal. Specifically, sluggish terminal demand has led to razor-thin profits for steel mills, slowing down their purchasing pace and reducing speculative demand in the market. As a result, coking coal prices have entered a downward trend.

Supply Side: Due to environmental concerns and other factors, coking enterprises have seen a slight decline in operating rates. However, overall supply remains relatively ample, and the drop in coking coal prices has also driven down the cost of coke.

III. Future Market Forecast

Coke analysts believe that in the short term, the pattern of weak cost and demand may continue, and coke prices still face downward pressure.