[SMM Daily Coal and Coke Briefing] News-wise, some steel mills cut prices for wet-quenched coke by 50 yuan/mt and for dry-quenched coke by 55 yuan/mt, effective from 00:00 on January 1, 2026. In terms of supply, coking plants are not suffering severe losses, which has a relatively small impact on production enthusiasm; coke supply remains stable for now. However, recent shipments from coking plants have been sluggish, leading to some accumulation of coke inventory. Demand side, hot metal production of steel mill blast furnaces continued to decline, weakening rigid demand. Additionally, end-user finished steel consumption fell short of expectations, making it difficult for steel mills to improve profitability. Coupled with reasonable levels of coke inventory at steel mills, there has been an increase in efforts to control coke arrivals. Overall, market sentiment is tilted toward pessimism, and with weak cost support, coke prices are expected to remain under pressure this week, and the fourth round of price cuts is strongly anticipated.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, as the year-end approaches, the activity of both buyers and sellers is declining. Under the pressure of 100,000 copper prices, downstream just-in-time procurement has also significantly decreased, and the situation of large discounts on SHFE copper spot cargo is unlikely to change.