SMM Daily: Partial decline in coking coal varieties, fifth round of coke price cuts implemented

Today, two coal mines experienced safety accidents again, leading to a sharp increase in coking coal futures at the opening, but the market oscillated and fell back due to poor expectations for downstream demand. On the demand side, the fifth round of coke price cuts landed today, further suppressing the purchasing enthusiasm of downstream coking enterprises and leading to a continuous weakening of demand. Overall, although the supply side remains relatively tight due to the ongoing impact of coal mine accidents, the poor downstream demand has led to severe losses for coking enterprises and a continuous decline in operating rates. Therefore, it is expected that coking coal prices will continue to operate stably with a slight weakness.