Positive Factors Support Rising Coking Coal Prices

April 21 news

I. Price Trends

According to the commodity market analysis system: On April 21, 2026, the average price of quasi-primary metallurgical coke was 1535 CNY/ton. As some steel enterprises began to replenish their inventories, the demand for coke increased, and the coke prices gradually stabilized after stopping the decline. Currently, the overall operating rate of coke production enterprises in China is at a high level.

2. Market Analysis

Price Increase Implementation: After the second round of price increases for coke was implemented, there was a noticeable upward trend in market prices. Before this round of price increases, coke prices were relatively stable but somewhat sluggish. With the implementation of the second round of price increases, coke prices in various regions of China generally rose by around 100-120 CNY per ton.

Market aspect: In early April, the price of coke continued to follow the previous weak downward trend. This was mainly due to the relatively sufficient inventory of steel enterprises, resulting in low enthusiasm for purchasing coke. The situation of oversupply in the market was quite evident. Additionally, the uncertainty of the macroeconomic environment also led to insufficient market confidence, putting continuous pressure on coke prices. In most regions, coke prices saw varying degrees of decline, with the price of first-grade metallurgical coke in some areas decreasing by 100-150 CNY/ton compared to the end of the previous month. By mid-month, as some steel enterprises began to replenish their inventories, the demand for coke increased, and coke prices gradually stabilized and even showed signs of a slight rebound in some areas. However, the overall price rebound was limited, mainly because the market supply remained relatively loose, and the growth momentum of demand from the downstream steel industry was insufficient.

Demand Side: Steel companies are relatively cautious in their procurement of coke, mostly adopting a make-to-order approach. Inventory levels remain within a reasonable range. Aside from the steel industry, demand for coke in sectors such as chemicals and non-ferrous metals has remained relatively stable. In the chemical industry, coke serves as a raw material for producing calcium carbide and synthetic ammonia, among other products, and demand has stayed at a steady level. Similarly, demand for coke in the non-ferrous metal smelting sector has also remained largely stable. However, given that coke accounts for only a small share of total consumption in these industries, its impact on overall market demand is limited.

III. Future Market Forecast

Coke analysts believe that in the short term, coke prices may continue to maintain a volatile trend. On one hand, the situation of ample market supply is unlikely to change in the short term, which will put some pressure on prices. On the other hand, as the steel industry gradually enters the traditional peak season, demand is expected to increase to some extent, providing some support for coke prices.