Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - In November, the downward trend of coke was driven by increased coking coal supply and weak downstream demand, along with policy factors. However, in December, with the expected macro - economic improvement and potential coal mine production cuts, the downward pressure on coke may ease, and the main contract is expected to gradually stabilize. The main risk is the unexpectedly loose supply of coking coal [2][6] Group 3: Summary by Related Content Current Market Situation of Coke Futures - In November, the J2601 contract of coke futures dropped 11.4%, with the lowest price at 1562.0 yuan/ton. As of December 3, the main contract closed at 1624.5 yuan/ton, down 1.23% daily [2] Spot Market Situation - Since mid - November, coking coal prices have weakened due to increased supply and futures drag. As of November 28, the daily output of coking coal in 523 mines was 76.4 tons, up 2.6 tons/day from November 7. In November, the Ganqimaodu Port's cumulative customs clearance increased by 38.6% month - on - month and 5.5% year - on - year. The coking coal auction failure rate rose to 30% - 60% in mid - to - late November. On December 3, the price of low - sulfur coking coal in Linfen, Shanxi and Mongolian coking coal at Ganqimaodu Port dropped significantly from the November high. On December 1, the first round of coke price cuts was implemented, but the subsequent price cut space may be limited [3] Supply and Demand Analysis - In the short term, coke supply has increased while demand has decreased. As of November 28, the combined daily output of coke from coking plants and steel mills was 110.08 tons, up 1.19 tons week - on - week. The daily output of molten iron in 247 steel mills was 234.68 tons, down 1.60 tons week - on - week. In the future, the demand pressure on coke is expected to ease [4] Overall Conclusion - In November, coke futures declined due to negative factors in the fundamentals and policies. In December, with the expected macro - economic improvement and potential coal mine production cuts, the negative drivers for coke are weakening, and the main contract is expected to stabilize at the lower edge of the shock range. The main risk is the unexpectedly loose supply of coking coal [6]