Everbright Futures: Bull and bear factors intertwined, coking coal market fluctuates and moves sideways

Everbright Futures Research Report points out that in the spot market, Shanxi Linfen region’s main coking coal (A11, S3.5, G92) has been raised by 4 yuan to an ex-factory price of 1124 yuan/ton. Meng5#原煤1066元/吨，价格涨33；蒙3# coal at Ganqimaodu port remains at 1110 yuan/ton, unchanged from the previous period. On the supply side, as the Spring Festival holiday approaches, the number of coal mines halting production in major producing areas is gradually increasing, leading to reduced coking coal supply. Coal mine internal coking coal inventories are relatively low, and mines are less willing to cut prices. Meanwhile, the Indonesian government’s operational measures are stimulating a bullish sentiment. On the demand side, some steel mills are slightly limiting production, and some coke companies have completed winter stock replenishment, leading to a decrease in raw material coal demand. Downstream demand for coking coal is limited, returning to just-in-time procurement, and short-term fluctuations in coking coal prices are expected.