[SMM Daily Comment: Intensified Game between Coke and Steel, Coke Market Remains Stable]

As the fifth round of coke price increase has entered a stalemate, market sentiment has weakened significantly. On the demand side, coke enterprises mainly purchase on an as-needed basis, with low willingness to replenish inventories at high prices, leading to weak trading of coking coal. However, with the increase in the operating rate of coke enterprises, the demand for coking coal remains stable. On the supply side, the overall inventory pressure of coal mines is not significant, coupled with safety inspections, resulting in little change in supply. Therefore, in the short term, it is expected that coking coal prices will remain stable.