According to the Commodity Market Analysis System of SunSirs, on January 22, 2025, the average price was 1391 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 January 22, the price of metallurgical coke in the Handan market remained stable, with prices ranging from 1,495-1,525 RMB/ton for quasi dry quenching and 1340 RMB/ton for quasi wet quenching, both including cash and tax at the factory price. On January 22, the price of coke in the Qujing market was relatively weak, with prices of 1,795 RMB/ton for secondary coke and 1,520 RMB/ton for external coke, both including cash and tax at the factory price. On January 22, the price of metallurgical coke in the Tangshan market remained stable, with mainstream transaction prices for first level dry quenching being 1680 RMB/ton and top mounted first level dry quenching being 1,750 RMB/ton, both including cash and tax at the factory price.
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.
SunSirs coke analyst 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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