Coking Coal Futures Slump Amid Stable Fundamentals, Market Sentiment Wavers

[SMM Daily Commentary: Black Futures Plummet, Coking Coal and Coke Markets Remain Stable]

Today, coking coal futures saw a significant decline, with market transactions weakening somewhat. On the supply side, overall changes were minimal, and most coal mines maintained normal production levels. On the demand side, due to the recent fluctuating decline in downstream steel prices, traders' speculative demand has markedly decreased. Although coking plant operating rates have increased, procurement remains cautious, with overall demand continuing to be driven primarily by actual needs. Therefore, the demand side remains stable. Looking ahead, although the decline in futures has weakened market sentiment, the overall fundamentals do not present any significant contradictions, so it is expected that coking coal prices will remain stable in the short term.