SunSirs: China Coke Market Was Mainly Weak in December

According to the Commodity Market Analysis System of SunSirs, as of December 29, 2025, the average price was 1,442 RMB/ton. Currently, coke enterprises are experiencing average losses, but the operating rate remains high. The overall market supply is sufficient, and the recovery of profits for steel mills is limited.

Market wise: Currently, the coke market is experiencing sluggish shipments and light transactions, with strong downstream wait-and-see sentiment and a weak willingness to stock up. On the demand side, due to the seasonal weakness of the steel market, increased blast furnace maintenance, and declining iron production, the support for coke demand has weakened. On the supply side, the high import volume of coking coal has formed a supplement to the domestic market.

In terms of demand, the demand for coke in December was generally weak, mainly due to the seasonal weakening of the steel market and the increase in steel plant maintenance. The production of molten iron decreased, and the support for the demand for coke was significantly weakened. Specifically, weak terminal demand led to thin profits for steel plants, slower procurement pace, reduced speculative demand in the market, and coke prices entered a downward range. From the data, the average daily production of molten iron in December remained the same compared to the previous month, but terminal demand did not improve, and the support for coke demand continued to weaken.

In terms of price, coke has experienced three rounds of price increases and decreases, with a cumulative decline of 150-165 RMB/ton. For example, the mainstream quasi first grade dry quenching coke in Shanxi region is priced at around 1,535-1,615 RMB/ton.

Supply side: Due to environmental protection and other factors, the operating rate of coking enterprises has declined, but the overall supply is still relatively loose. The decline in coking coal prices has also driven down the cost of coke.

The coke analyst from SunSirs believes that in the short term, the pattern of weak cost and demand may continue, and coke prices still face downward pressure.

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