Global coking coal prices are declining amid the onset of the winter season on the market and weak demand.
According to Kallanish, the price of premium hard coking coal FOB Australia stood at $262.6/t as of November 6, 2026, down 2.4% compared to October 30.
Prices for Australian seaborne coking coal fell at the beginning of the current month amid low demand and oversupply. The market remained generally weak during this period due to a large number of unsold cargoes, and was also affected by national holidays in India. As at the end of October, deals were concluded at negotiated rather than fixed prices. Traders expect raw material quotations to remain low as the winter season sets in.
Spot prices for coking coal in China (EXW, Anze) stood at $334.4/t as of November 6, down 2.3% compared to the previous week (October 30).
In the first week of November, the Chinese market continued its downward price trend. It was affected by factors such as restrained demand from steelmakers due to reduced pig iron output and low profitability, uncertainty over domestic production, and a slower-than-expected recovery in supplies of Mongolian raw materials.
In late October and early November, China saw a certain reduction in regional supply. In particular, at the end of last month, some coal mines in Shanxi province underwent maintenance after fulfilling their monthly plans, but later gradually resumed operations. At the same time, Beijing repeatedly called for accelerating the restart of mines and increasing production ahead of the winter season. This may contribute to a gradual increase in supply by the end of the year, although the actual pace has not yet been determined.
According to Mysteel’s forecast, after the decline in coking coal prices observed in September and October, the Chinese market for this raw material is likely to remain under pressure throughout November amid a further recovery in supplies and low demand.
As for coke producers, after a failed attempt to raise prices for their products at the end of October, they remain cautious about purchasing raw materials. Steelmakers are expected to initiate two rounds of coke price cuts in November. A further decline in the price of this product may be hindered by low stocks at steel mills and a likely reduction in output at coke plants. In addition, in the second half of the current month, steelmakers may begin winter restocking in case of logistics disruptions due to worsening weather conditions in the north of the country. According to Mysteel, the key factors will be the pace of this restocking and the recovery of coking coal production.
Currently, the coking coal market in China remains weak, with spot prices declining, while futures are showing better trends.
As a reminder, global coking coal prices were volatile in October, as the market faced uncertainty over supply volumes.
