[SMM Daily Commentary: Futures Market Moves Up Initially then Downwards; Coke Prices Still Expected to Decline]

Due to the lingering expectations of coke price declines, the coke market remains sluggish with a high number of online auction failures. As a result, downstream coke enterprises are adopting a wait-and-see attitude and being cautious with their procurement. Looking ahead, coal mine supply remains stable, while downstream coking plants anticipate production cuts due to continuous price declines. Consequently, the fundamentals of coking coal supply and demand have weakened. In the short term, coking coal prices are expected to continue their downward trend with volatility.