Coke Market Prices Remain Stable with a Rising Trend

May 21st, According to the news,

I. Price Trends

According to the commodity market analysis system: On May 21, 2026, the average price of quasi-first grade metallurgical coke was 1,677 CNY/ton. This week, the coke market showed a tug-of-war between firm spot prices and weakening futures. At the beginning of the week, the third round of price increases (+50 CNY/ton) was fully implemented, providing a brief boost to spot sentiment. However, due to the weakening of coking coal and the expectation of a weak season, futures continued to weaken.

II. Market Analysis

Market Trading: Coking enterprises' profits have improved, with high production levels and supply transitioning from tight to loose. As the price increase for coke has been implemented, coking enterprises' profitability has improved, boosting production enthusiasm. Supply remains stable with a slight increase, and the operating rate is at a high level: independent coking plants are making a profit of 82 CNY per ton of coke (a two-year high), with operating rates remaining high. The daily coke production in China is 518,200 tons, showing a slight increase from the previous period.

Cost Perspective: Coking coal prices continue to weaken, significantly easing cost support. Coking coal accounts for 70% to 80% of the cost of coke. This week, coking coal prices have continued to decline, causing the cost support for coke to collapse. With coking coal prices falling, China has stepped up efforts to ensure coal supply from domestic mines, customs clearance of Mongolian coal remains at high levels, and imports of Australian coal have been liberalized. As a result, coking coal supply has become broadly abundant. The main coking coal contract saw a price decrease of over 4% during the week, with cumulative declines since May reaching approximately 20%. Consequently, the cost per ton of coke has fallen by nearly 100 yuan.

III. Future Market Forecast

Coke analysts believe: In the short term, the existing trend will be maintained, with a narrow range of fluctuations.