[SMM Daily Comment: Futures Market Declined Sharply, Expectations of Coke Price Reduction Gradually Strengthen]

Today, the futures market of coking coal continued to show weak fluctuations. On the supply side, coal mine production was normal, and the market supply was stable with a slight increase. The supply of coking coal also increased slightly. On the demand side, due to the continuous decline of steel prices in recent days, the expectation of coke price reduction has gradually strengthened, and the procurement of coke enterprises has obviously weakened. The ratio of failed online auctions has increased significantly. Therefore, in the short term, the price of coking coal will continue to maintain a stable-to-weak trend.