[SMM Daily Commentary: Coke Futures Plunge; Fourth Round of Coke Price Reduction Expected to Take Effect on Thursday]
On the supply side, coal mine operations remain normal, and supply is relatively stable. On the demand side, coke futures hit a new low today, and the coke bidding market saw sluggish trading activity. Traders and downstream terminals mainly adopted a wait-and-see attitude, resulting in an overall weak demand for coking coal. Looking ahead, with the decline in steel prices, steel mills are gradually incurring heavier losses, which is expected to further weaken the demand for coking coal. It is anticipated that coking coal prices will remain weak in the short term.
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