【SMM Daily Review: Hebei and Shandong steel companies launch the seventh round of price cuts, market pessimism resurfacing】

Despite a slight recovery in coking coal transactions recently, market confidence remains weak, with coking plants still mainly making purchases as needed. The supply and demand fundamentals of coking coal still remain weak. Today downstream steel mills initiated the seventh round of price cuts for coke, causing market pessimism to resurface. The extent of coke plants' production restrictions may expand once again, and coking coal demand is expected to further weaken. Therefore, coking coal prices are expected to continue to trend weakly.