February 2, 2026: Thermal coal (local prices remain weak but stable; purchasing enthusiasm at nearby coal washing plants has declined; mines maintain long-term contract shipments; market coal sales are moderate, but most players continue to hold prices while adopting a wait-and-see approach). Port market trading activity remains subdued. However, with power coal daily consumption currently at elevated levels, market expectations suggest some end-users may still release restocking demand before the holiday. Coupled with the ongoing decline in port inventories, this continues to support sellers' price-holding sentiment, keeping quotations stable with a slight upward bias. Qinhuangdao Port: 5500 kcal/kg quoted at 696 RMB/ton (+1), 5000 kcal/kg at 614 RMB/ton (+1), 4500 kcal/kg at 527 RMB/ton (+1). Bohai Rim ports' combined inventory: 24.394 million tons (+7.2).

February 2, 2026: The coke market remains stable, with the price of quasi-grade 1 metallurgical coke at major production areas at 1,280 RMB/ton. Fundamentals: Coke plants maintain high operating rates. Except for some Shanxi plants holding inventory due to earlier shipment controls, most plants nationwide have no on-site stockpiles, resulting in tight overall supply. Steel mills have largely completed restocking, coupled with declining pig iron output, leading to demand-driven procurement. Sentiment: Following the first round of price hikes, intermediate speculative traders are gradually exiting the market, stabilizing coke prices in the short term.

2026.2.2: Coking coal production remains largely unchanged. Mongolian coal imports maintain high clearance volumes, ensuring ample overall supply. Futures prices declined, while online auction prices showed mixed movements with low unsold rates. On the demand side, downstream winter stockpiling ahead of the holiday season is largely complete, leading to overall reduced demand and purchases based on immediate needs. Coking coal prices are expected to remain weak but stable in the short term.

Futures fluctuated downward. Russian coking coal quotations remained relatively stable: K4 main coking coal at 1,300 RMB/ton; GJ1/3 coking coal at 1,185 RMB/ton; Elga fat coal at 1,070 RMB/ton; Inalin fat coal at 1,170 RMB/ton (up 5 RMB/ton); K10 lean coal at 1,150 RMB/ton. All prices are cash, tax-inclusive, self-pickup at northern ports. Mongolia 5 raw coal: ¥1,027/ton, up ¥3/ton; Mongolia 5 washed coal: ¥1,180/ton; Mongolia 3 washed coal: ¥1,110/ton, up ¥3/ton; Short-haul freight: ¥65/ton.

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