Coking Coal. CME Group holds a strong position in thermal coal, iron ore and other ferrous markets, which shows the benefits of clearing coking coal through CME Clearing. Coking coal is a key component in steel manufacturing and our Coking Coal futures contracts are designed to meet industry needs for secure and efficient clearing of coking .. king coal of the United States—Modern and historical coking coal .. king coal, or metallurgical coal, has been produced in the United States for nearly 200 years. Coking coal is primarily used in the production of coke for use in the steel industry, and for other uses (for example, foundries, blacksmithing, heating buildings, and brewing). Currently, U.S. coking coal is produced in Alabama, Arkansas, Pennsylvania, ia, and West ia.