Steel Futures Surge, But Coke Prices Forecast to Stay Subdued Amid Weak Fundamentals

[SMM Daily Commentary: Steel Futures Rebound Strongly, Coke Spot Prices Remain Stable]

Following the swift realization of two rounds of declines in coke prices, downstream coking plants have generally incurred losses, leading to a marked decrease in purchasing intentions, and some coking plants have slightly reduced their operating rates. On the supply side, coal mines have maintained stable production recently, and the supply of coking coal has remained stable. Consequently, looking ahead, the fundamentals of coking coal will continue to operate on the weaker side, and coke prices are still expected to decline. The demand from downstream coking enterprises is unlikely to improve in the short term, and it is anticipated that coking coal prices will remain weak in the near future.