[SMM Analysis: Coke Prices Decline & Coke Plant Profits Shrink, Yet Coke Plant Operating Rates Remain Stable]

This week, coke prices underwent a round of price reductions, and steel mills initiated a second round of price cuts on Friday, which is expected to take effect on Monday, further compressing the profit margins of coke plants. Assuming the two rounds of price cuts amount to a reduction of 100-110 yuan/ton, most coke plants will see their profits fall below the breakeven point after these two rounds, suffering from a slight loss of 0-50 yuan/ton.