[SMM Daily Comment: Black Series Futures Drop Sharply, Coke Fundamentals Remain Stable]

Today, coking coal futures have dropped sharply, with market confidence clearly weakening. Terminal procurement sentiment has grown cautious, and the trading atmosphere in the spot market is average. On the demand side, coke enterprises' operating rates continue to operate at a high level, and the support for coking coal demand is still acceptable. However, considering the continued downturn in the downstream steel market and the lack of confidence in coke enterprises, the price of coking coal may experience weak fluctuations in the short term.