SMM Daily: Macro Meeting Boosts Coal Futures, Coke Faces Price Cut Pressure

[SMM Daily Review: Macro Meeting Drives Futures to Fluctuate Upward, Coke May Face Fifth Round of Price Cuts]

Driven by the positive impact of the central meeting today, coking coal futures fluctuated upward. On the fundamentals side, coking coal supply remains ample, with no reduction in supply pressure. Demand side, the expectation of downstream coke price cuts is growing stronger, leading to cautious procurement by coke enterprises and a heavy wait-and-see sentiment. Online auctions mostly ended in failure, and speculative demand in the market was subdued. Therefore, in the short term, coking coal prices are expected to remain relatively stable with a weak trend.