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Summary of Conference Call on Coking Coal Prices Industry Overview - The focus of the conference call is on the coking coal industry, specifically the pricing trends and inventory levels for 2025 and 2026. Key Points and Arguments Short-term Price Trends - Seasonal inventory replenishment is expected to support coking coal spot prices in the short term, with prices likely to remain strong for the next 3-5 weeks, reducing the probability of a trend decline [1] - As of January 24, 2025, steel mills' coking coal inventory reached a peak, with spot prices maintaining around 1,380 RMB/ton for the preceding three weeks [1][3] - Following the peak, prices began to decline, dropping to 1,364 RMB/ton in the fourth week, indicating a potential price pressure post-inventory replenishment [3] Futures Market Dynamics - The coking coal futures market is experiencing frequent short-term fluctuations, but overall trends align closely with the spot market [4] - Significant declines in the futures market are not anticipated until downstream inventory peaks and begins to decline [4] Medium to Long-term Price Outlook - For the first half of 2026, coking coal prices are expected to follow a seasonal downward trend, typically observed between February and June [5] - Historical data suggests that the lowest price points usually occur during this period, but the downward pressure in 2026 may be less severe than in 2025 due to lower absolute inventory levels compared to the previous year [2][5] - Overall supply and demand dynamics are not expected to change significantly, with limited impact from increased Mongolian coal supply on high-quality coking coal [5][8] Inventory and Price Minimums - The annual price minimum typically coincides with peak inventory levels at mines, where continuous accumulation leads to price reductions rather than production cuts [6] - A decrease in production and an increase in purchasing willingness can signal that the price minimum is approaching [6] Overall Market Sentiment - The short-term outlook remains cautiously optimistic due to seasonal support for prices, while medium to long-term forecasts suggest potential downward pressure in the first half of 2026, albeit less than in 2025 [7] - The overall market sentiment for 2026 is cautiously optimistic regarding average prices due to the absence of significant supply-demand imbalances [8]