Coking Coal Market Prices Remain Stable, with Little Price Fluctuation

February 11th, News

I. Price Trends

According to the commodity market analysis system: On February 11, 2025, the average price was 1,391 CNY/ton. Currently, coking enterprises are mainly operating weakly, with high inventory levels, and the overall market supply is sufficient. The profit recovery of steel mills in China is limited.

II. Market Analysis

Price Overview: On February 11, metallurgical coke prices at the Tianjin Port market remained stable. Currently, the price for quasi-first-grade coke at the port is reported at 1,520 CNY per ton, while first-grade coke is quoted at 1,620 CNY per ton—both prices are ex-warehouse, payable upon acceptance. On February 11, metallurgical coke prices in Qitaihe remained stable as well. The current market prices are 2,010 CNY per ton for second-grade wet-quenched metallurgical coke and 1,910 CNY per ton for third-grade wet-quenched metallurgical coke—both prices are factory-delivered, payable upon acceptance, inclusive of tax. On February 11, metallurgical coke prices in Tangshan also remained stable. The prevailing market transaction prices are 1,735 CNY per ton for top-charged first-grade dry-quenched coke and 1,805 CNY per ton for top-charged first-grade dry-quenched coke—both prices are factory-delivered, cash-inclusive, and include tax.

Demand Side: Pig iron production remains at a high level but with limited growth. In January 2026, the average daily pig iron output from blast furnaces was approximately 2.28 million tons, remaining at a relatively high level for the same period over the past five years, thereby creating a certain rigid demand for coke. However, end-user steel consumption has weakened, inventories continue to accumulate, and steel mills’ profit margins have been squeezed, prompting them to adopt a conservative stance toward raw material procurement. Winter stockpiling and restocking efforts are essentially complete: As the Spring Festival draws near, the phased winter stockpiling and restocking demand among steel mills and traders will gradually come to an end in late January, reducing their willingness to make new purchases and consequently weakening the support for coke demand.

III. Future Market Forecast

Coke analysts believe that in the short term, coke prices will operate in a narrow and weak range, with prices mainly remaining stable.