Core Viewpoint - The Dalian Commodity Exchange has adjusted the trading rules for coking coal futures, impacting market dynamics due to various factors affecting the dual coking coal market [1] Group 1: Trading Rule Adjustments - The Dalian Commodity Exchange has set a daily opening position limit of 1,000 lots for the JM2601 coking coal contract starting from August 15, 2025 [1] - From August 18, the speculative intraday trading fee rate will increase to 0.02% of the transaction amount [1] Group 2: Supply and Demand Dynamics - A recent production restriction plan in Shandong will limit output by 30% from August 16 to 25 and by 50% from August 26 to September 3, affecting approximately 41,000 tons of coking coal production [1] - The current operating rate of the affected coking enterprises is at 90% [1] - Domestic supply of coking coal has limited growth potential, with a rebound in the volume of coal crossing from Mongolia and a slowdown in upstream inventory depletion [1] Group 3: Market Sentiment and Price Movements - The overall production of coking coal remains stable, while iron water production is maintained at a high level, indicating resilient demand [1] - The sixth round of price increases for coking coal has been implemented, leading to a significant improvement in coking enterprise profits [1] - Recent trading activity has shown a surge in speculative sentiment, with a notable increase in transaction volume over the past two weeks, leading to a cooling of market speculation following the position limits [1] Group 4: Inventory and Price Elasticity - The pace of downstream replenishment for coking coal has slowed, with inventory depletion rates decreasing, and the overall inventory remains lower than the same period last year [1] - The price of coking coal shows upward elasticity due to reduced upstream inventory pressure [1] - The acceptance of price increases by steel enterprises has slowed, intensifying the competition between steel and coking enterprises [1]

Core Viewpoint - The Dalian Commodity Exchange (DCE) has announced new trading limits for coking coal futures contracts, effective from August 15, 2025, to regulate market activities and manage risk exposure [1] Group 1: Trading Limits - Non-futures company members or clients will have a daily opening position limit of 1,000 lots for the JM2601 coking coal futures contract [1] - The daily opening position limit for the JM2509 coking coal futures contract will be set at 500 lots [1] - For other coking coal futures contracts, the daily opening position limit will be 2,000 lots [1]

Core Viewpoint - The Dalian Commodity Exchange has announced new trading limits for non-futures company members or clients on coking coal futures contracts, effective from August 15, 2025 [2] Group 1: Trading Limits - The daily opening position limit for the coking coal futures contract JM2601 will be set at 1,000 lots [2] - The daily opening position limit for the coking coal futures contract JM2509 will be set at 500 lots [2] - The daily opening position limit for other coking coal futures contracts will be set at 2,000 lots [2]