Black Metal Futures Hold Strong Amid Volatility; Coke Prices Steady Despite Weak Fundamentals

[SMM Daily Comment: Futures of the Black Metal Series Remain Strong with Volatility; Coke Prices Maintain Stable Operation]

On the demand side, after the eighth round of price cuts took effect, downstream coking enterprises faced further expanded losses in coking plants, leading to a significant decline in purchasing willingness, and the number of failed online auctions increased notably. On the supply side, coal mines continued normal production, but coal shipments slowed down significantly, with some coal washing plants halting production, resulting in a notable accumulation of coal mine inventories. Therefore, given the persistently weakening fundamentals, the price of coking coal is expected to maintain a stable but slightly weaker trend in the short term.