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Ruida Futures: The short-term coking coal market remained stable, with the overnight JM2101 contract experiencing a slight increase. The domestic coking coal market is operating in a stable manner. Coal mine safety inspections continue to contribute to reduced supply, while demand for coking coal in the coking industry remains strong. https://m.mysteel.com/market/p-968-----050202-0--------1.html After a strong rise in the prices of low-sulfur primary coking coal, these prices are likely to remain stable at high levels in the near term ； Coal blending is still on an upward trend, and there is still room for further increases in the future. The short-term coking coal market is operating at a stable level. Technically, the JM2101 contract saw a slight rise; the daily MACD indicator showed that the red momentum bars had narrowed slightly, so attention should be paid to the support levels below. Suggested trading strategy: buy around 1,530 yuan per ton, with a stop-loss level set at 1,510 yuan per ton. GF Futures: Coking coal remains volatile but on an upward trend. Domestic coal: Sales of high-quality coal varieties continue to show a positive trend, with demand generally exceeding supply; coal prices have risen to high levels and remain stable for now. In some areas, there is an increase in orders for high-sulfur coking coal, and coal companies do not have any excess stock to sell. Inventory levels of coking coals such as 1/3 coking coal have declined to varying degrees; as market demand continues to rise, the bullish sentiment in the market is gradually strengthening. In the Lüliang area, high-sulfur lean coal has seen its price increase by 80 yuan, bringing the ex-factory price to 680–700 yuan per ton; medium-sulfur coking coal has also seen a price increase of 80 yuan, resulting in an ex-factory price of 1030 yuan per ton ； In the Wuhai area, the price of 1/3 coking coal has increased by 30 yuan, reaching 1,010 yuan per ton at the factory gate; the price of high-sulfur fertilizer coal has risen by 20 yuan, amounting to 700 yuan per ton at the factory gate. The equivalent warehouse receipt costs for Shanxi coal, Mongolian coal, and Australian coal are 1,445, 1,410, and 1,332 yuan per ton respectively. Imported coal: Regarding the import of Australian coal, clearance processes are facing delays; there are no transactions in the market at present, and the price of Australian coal remains stable. The CFR ex-tax price for Australian primary coking coal (A10.5, S0.6, G85) is $115, up by $1.5; the CFR ex-tax price for Australian primary coking coal (A8, S0.45, G75) is $100. Regarding Mongolian coal, due to port control measures, the daily volume of shipments has continued to decline; as a result, Mongolian coal is in short supply, and its price remains stable for now. Currently, the mainstream price for Mongol 5 raw coal is 920–950 yuan per ton, while the mainstream price for Mongol 5 refined coal is 1160–1210 yuan per ton. In terms of inventory: coking plants and steel mills continue to build up their stockpiles. The coking coal inventory at the Fenwei sample mines is 3.753 million tons, a decrease of 67,000 tons on a month-on-month basis ； At the Ganglian 230 sample coking plant, the inventory of coking coal was 1,765.54, an increase of 16.75. The coking coal inventory at 110 sampled steel mills was 853.46, up by 9.84; the average available days were 17.00, an increase of 0.20 days. Port coking coal inventory was 330, down by 13. Demand: Driven by a strong performance in the coke market, coke manufacturers are operating at high capacity levels. Moreover, considering that future rain and snow weather may affect inventory replenishment, the enthusiasm for purchasing coking coal remains high at present. View: The news regarding the clearance of Australian coal led to a rise followed by a decline in market prices. With the current situation where market prices are higher than spot prices, volatility is high. Given that imported coal resources remain scarce, production will decline in winter, and downstream coking plants enjoy high profits. In the absence of any policies facilitating the import of Australian coal, coking coal prices are likely to remain volatile but on an upward trend.