[SMM Daily Comment: Futures of Black Metal Series Declined with Fluctuations, While Coke Spot Prices Remained Stable]

On the supply side, although coal mines in major coking coal producing areas have gradually resumed production recently, the process of mine resumption may be affected due to the recent coal mine accident in Shanxi, resulting in limited growth in supply. On the demand side, although the operating rate of downstream coke enterprises remains high, coke enterprises are cautious in procurement and basically follow the principle of procurement on demand. In the short term, the fundamentals of coking coal have not changed much, coke enterprises procure on demand, and market speculative sentiment is low. However, due to the Naadam Festival of Mongolia's National Day this week, the customs clearance of Mongolian coal has temporarily stalled, and traders have a strong willingness to maintain prices. Therefore, the price of coking coal may remain stable or even strengthen in the short term.