News Summary Core Viewpoint - The coal market is experiencing fluctuations due to seasonal demand changes and supply concerns, with a focus on maintaining energy supply during the heating season [1][2][3]. Group 1: Market Prices and Trends - In the Luliang region, the price of primary coking coal has increased by 10 yuan to 1650 yuan/ton [1] - Vietnam's coal imports reached 4.8284 million tons in October 2025, marking a month-on-month increase of 21.99% and a year-on-year increase of 11.27% [1] - From January to October 2025, Vietnam's total coal imports amounted to 55.5707 million tons, reflecting a year-on-year growth of 2.33% [1] Group 2: Supply and Demand Dynamics - The current market is characterized by a policy vacuum, weak terminal demand, and concerns over coal supply, leading to a pullback in the double焦盘面 [2] - Despite tight supply conditions for coking coal, demand remains weak, and inventory levels are accumulating but remain low, limiting the downward price adjustment space [3] - The strategy suggests observing for signs of price stabilization and taking advantage of potential buying opportunities during coking coal pullbacks [2]

Group 1 - The main futures contract for coking coal experienced a rapid increase, reaching a peak of 796.0 yuan, with a current price of 778.0 yuan, reflecting a rise of 3.11% [1] - According to Everbright Futures, the short-term outlook for coking coal is expected to be volatile [1] - Guantong Futures indicates that the fundamental outlook remains loose, and the long-term trend for coking coal is still bearish [1] Group 2 - In the spot market, high-sulfur coking coal prices in Shanxi's Linfen region have decreased by 56-70 yuan, now priced at 680-744 yuan per ton [1] - The Inner Mongolia market is showing weak performance, with prices for Mongolian raw coal and refined coal declining by 5 and 7 yuan respectively, leading to a lack of market transactions [1] - On the supply side, safety incidents in some coal mines have led to production halts and restrictions, resulting in a slight increase in procurement in the spot trading segment [1] Group 3 - Demand for coking coal is expected to decrease as major steel mills are reducing coking coal procurement due to falling iron water production [1] - The steel industry is experiencing a high inventory of coking coal, and the average daily production of molten iron is declining, which weakens the demand for coking coal [1] - Overall, while there is a short-term rebound in coking coal prices due to market stimuli, the long-term outlook remains bearish due to a loose fundamental environment [1]