In Q1 2026, the JSW Group produced a total of 3.24 million tons of coal, up 13.1% from the corresponding period of the previous year. Coke production reached 0.75 million tons, an increase of 7.1% year-on-year.
The strongest growth was seen in coking coal, the Company’s core product, where production rose by nearly 20% year-on-year to 2.78 million tons. At the same time, steam coal production fell, which is consistent with the long-term strategy of focusing on JSW’s more profitable business segments.
Despite the production improvements, total coal sales fell slightly year-on-year, from 3.01 million tons to 2.94 million. The decline was particularly visible in steam coal sales, which dropped by 12%. Importantly, sales of coking coal remained stable.
The coke segment proved more resilient to deteriorating market conditions. Coke sales rose by 3.7% year-on-year, reaching 0.77 million tons.
The performance of the JSW Group was affected primarily by price fluctuations. The average price of coking coal in sales to external buyers stood at PLN 722.39 per ton, down 3.2% year-on-year. Steam coal experienced a sharper decline, with prices falling 14.5% compared to the previous year. Similarly, coke prices fell 12.3% on an annual basis.
The market environment remains demanding. In the beginning of the year, steel production in the European Union fell by 3.1%, restricting demand for JSW products. Simultaneously, global commodity markets were influenced by supply disruptions, including a cyclone in Australia that drove up coking coal prices. This did not fully translate into profitability gains, however, partly due to a falling ratio of coke prices to coking coal prices.
In the first quarter, the fulfillment of annual production targets reached approximately 24% in the coal segment and 22% in the coke segment, which is in line with expectations.
Details of JSW Group’s operating activity in Q1 2026 are presented below: www.jsw.pl/fileadmin/user_files_ri/raporty-biezace/en/2026/EN_Zalacznik_do_RB_.pdf
