A thermochemical model is developed to study the two-stage smelting reduction process for ironmaking without post-combustion. Steady-state multi-material and heat balance equations are solved simultaneously to study the effect of metallisation, slag basicity, coal rank and heat loss on consumption rates of coal, ore, flux and oxygen and production rate of slag to produce hot metal of a given composition, tapped at a given temperature. The model is applied to the commercial data for a COREX-plant producing a wide range of hot metal compositions, tapped at different temperatures. The computed rates of coal, slag, flux, ore and oxygen were found to be close to the reported ones, but an exact match could not be obtained. It is found that a four per cent change in metallisation brings changes the coal rate by five per cent, flux rate by six per cent, slag rate by eight per cent and oxygen rate by 13 per cent, while a ten per cent change in basicity changes the coal rate by ten per cent, flux rate by 13 per cent and oxygen rate by 22 per cent. Further, it is found that an increase in metallisation decreases the coal rate and export gas. At a given per cent metallisation, the coal rate and the export gas are lowest for anthracite compared to all other types of coal.