The fundamentals of coking coal are bearish, and the futures price is weak

On the supply side, domestic coal mines have gradually increased production. At the end of June, the operating rate of 523 coking coal mines across the country exceeded 90% for the first time this year, and it has remained at around 90% in recent weeks. Although there is still a gap between the operating rate when coal mines were generally overproduced in the same period last year, it has improved significantly compared with the previous May. On the demand side, negative feedback from the black industry chain has been transmitted to coking companies, and coking plants have also reduced production due to profit contraction. Overall, the fundamentals of coking coal are bearish, and futures are running weakly. However, as domestic coal prices continue to weaken, on the one hand, the online bidding atmosphere of the Mongolian Exchange is gradually weakening, which may affect the subsequent import of Mongolian coal. On the other hand, negative feedback continues to materialize, and the market begins to pay attention to the time node when the iron water bottoms out. It is expected that the downward resistance of subsequent coking coal futures prices will increase. Be vigilant of the market logic switch.