SunSirs: China Coke Market Prices Are Temporary Stable

According to the Commodity Market Analysis System of SunSirs, as of January 30, 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.

Price wise: On January 30th, the price of metallurgical coke in the Jingdezhen market remained stable, with first grade metallurgical coke priced at 1,815 RMB/ton and quasi first grade metallurgical coke priced at 1,725 RMB/ton, both inclusive of factory price acceptance tax. On January 30th, the price of metallurgical coke in the Yichun market remained stable, with quasi first grade metallurgical coke priced at 1,650 RMB/ton and quasi second grade metallurgical coke priced at 1,490 RMB/ton, both inclusive of factory price acceptance tax. On January 30th, the price of metallurgical coke in the Jinzhong market remained stable, with quasi first grade wet quenched metallurgical coke priced at 1,260-1,280 RMB/ton, quasi first grade dry quenched metallurgical coke priced at 1,525-1,550 RMB/ton, and first grade dry quenched metallurgical coke priced at 1,525-1,675 RMB/ton. RMB/ton, all are ex factory cash prices including tax.

On the demand side: Weak demand: The steel industry has entered a "platform period", and the long-term structural decline in real estate has led to weak demand for construction steel, which has dragged down the demand for coke. Rigid demand: China's huge steel production volume (with an annual output of about 1 billion tons of crude steel and 800 million tons of pig iron) determines that its absolute demand for coke is still huge, forming a solid demand base.

Supply side: Capacity changes: Net increase of approximately 8.72 million tons in 2025 and 9.76 million tons in 2024, with continuous production capacity deployment. Operating rate: Independent coke enterprises' capacity utilization rate in January 2026 was 71.72%, with a slight year-on-year increase; In October 2025, the production capacity utilization rate remained low at 72.55%, with an average daily output of 627,200 tons in January 2026 and 634,500 tons in October 2025, indicating sufficient supply.

The coke analyst from SunSirs believes that in the short term, the price of coke is running in a narrow and weak range, and the driving force for price increase is insufficient.

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