[SMM Daily Commentary: Futures Market Fluctuates at High Levels, Coke Prices Remain Stable]
Today, the futures market experienced fluctuations at high levels, while spot market transactions remained stable. On the supply side, coal mines maintained their normal production pace, ensuring a stable supply of coking coal. On the demand side, most downstream coke enterprises and steel plants have completed their inventory replenishment in advance, leading to stable terminal procurement with no significant increase in volumes. Although traders' confidence has improved somewhat, they are mostly adopting a wait-and-see attitude, resulting in stable demand for coking coal. In the short term, driven by positive macroeconomic news and expectations of coke price hikes, coking coal prices are expected to continue trending stably with a slight upward bias.
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