According to the Commodity Market Analysis System of SunSirs, on February 11, 2025, the average price was 1,391 RMB/ton. Currently, coke enterprises are mainly operating weakly, with high inventory levels. The overall market supply is sufficient, and the recovery of steel mill profits is limited.

In terms of price: On February 11th, the market price of metallurgical coke in Tianjin Port was temporarily stable. The current market price for quasi first grade coke is 1,520 RMB/ton, and the first grade coke is 1,620 RMB/ton, both of which are closing and acceptance prices. On February 11th, the market price of metallurgical coke in Qitaihe was temporarily stable. The current price for second grade wet quenched metallurgical coke is 2,010 RMB/ton, and the price for third grade wet quenched metallurgical coke is 1,910 RMB/ton, both of which are factory price acceptance inclusive of tax. On February 11th, the market price of metallurgical coke in Tangshan was temporarily stable. The mainstream transaction price for first grade dry quenched coke is 1,735 RMB/ton, and the top loading first grade dry quenched coke is 1,805 RMB/ton, both of which are factory price cash inclusive of tax.

In terms of demand, the production of molten iron remains high but the growth rate is limited. In January 2026, the daily average production of molten iron in blast furnaces was about 2.28 million tons, which is at a relatively high level in the same period of five years, forming a certain rigid demand for coke. However, the weak end consumption of steel and the continuous accumulation of inventory have compressed the profit margins of steel mills, leading to a conservative attitude towards raw material procurement. Winter storage and replenishment have been basically completed: as the Spring Festival approaches, the phased winter storage and replenishment demand of steel mills and traders gradually approaches the end of January, and the willingness to increase purchases weakens, resulting in a decrease in the support for coke demand.

SunSirs coke analyst believes that in the short term, the price of coke will operate narrowly and weakly, with stable prices being the main trend.

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