Coking Coal Futures Plunge to Daily Limit Down Amid Waning Macroeconomic Optimism, Market Sentiment Deteriorates

[SMM Daily Commentary: Macroeconomic Policy Expectations Fall Short, Coking Coal Futures Drop Sharply]

The futures market saw a significant decline today, with the coking coal market hitting the daily limit down, and market sentiment clearly worsening. In the spot market, due to the sharp drop in the futures market, trading activity was sluggish today, with traders mostly adopting a wait-and-see approach, leading to a substantial reduction in speculative demand. On the coke enterprises' side, although they are currently enjoying small profits and their operating rates have improved, they are still primarily focusing on purchasing on an as-needed basis. Looking ahead, as macroeconomic expectations have fallen short, the bearish sentiment in the market has intensified. However, considering the still-decent fundamentals of coking coal at present, it is expected that coking coal prices will remain stable in the short term.