The short-term decline in coking coal is a concentrated release of the triple pressure of “sentiment cooling+policy shift to expectations+negative demand feedback”. In the medium term, the core contradictions of coking coal have not been resolved at all — the resumption of production in Shanxi is slow, there is no clear schedule for the resumption of customs clearance of Mongolian coal, and the supply and demand gap is still expected to exist in the fourth quarter. However, in the short term, the fermentation of supply policy signals, the promotion of production cuts in steel mills, and the drag of auctions on spot pricing may cause coking coal to continue to weaken and adjust. A real sign of stabilization may be due to substantial progress in recovering steel mill profits and the return of effective transactions in the auction market.

The short-term decline in coking coal is a concentrated release of the triple pressure of “sentiment cooling+policy shift to expectations+negative demand feedback”. In the medium term, the core contradictions of coking coal have not been resolved at all — the resumption of production in Shanxi is slow, there is no clear schedule for the resumption of customs clearance of Mongolian coal, and the supply and demand gap is still expected to exist in the fourth quarter. However, in the short term, the fermentation of supply policy signals, the promotion of production cuts in steel mills, and the drag of auctions on spot pricing may cause coking coal to continue to weaken and adjust. A real sign of stabilization may be due to substantial progress in recovering steel mill profits and the return of effective transactions in the auction market.