SunSirs: China Coke Market Was Mainly Weakly Last Week

According to the Commodity Market Analysis System of SunSirs, as of December 31, 2025, the average price was 1,442 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 December 31st, the price of coke in Qujing market was relatively weak. Currently, the price of secondary coke is reported at 1,895 RMB/ton, and the price of high-grade coke is reported at 1,620 RMB/ton, both of which are cash inclusive of tax based on dry basis factory price. On December 31st, the price of metallurgical coke in Tangshan market is temporarily stable. The mainstream transaction price in the market is currently 1,735 RMB/ton for first level dry quenching and 1,805 RMB/ton for top mounted first level dry quenching, both of which are cash inclusive of tax based factory price.

In terms of demand: Currently, the demand for coke in the market is average and weak overall, with average downstream demand. The production of molten iron has declined, and the support for the demand for coke has significantly weakened. Specifically, weak terminal demand has led to thin profits for steel mills, slower procurement pace, reduced speculative demand in the market, and coke prices have entered a downward range.

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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