On November 11, 2025, at the midday close, domestic futures contracts exhibited mixed movements. Shanghai silver surged over 3%, while Shanghai gold and rapeseed oil rose more than 2%. Peanuts, palm oil, apples, and lithium carbonate also gained over 1%. On the downside, coking coal and coke dropped more than 3%, polysilicon fell over 2%, and glass, live hogs, European container shipping routes, and Everest Group (EG) declined more than 1%.

As the heating season enters a critical phase, the dual influences of stable supply signals from the NDRC's energy supply conference and supply constraints from the central government's safety inspections are reshaping the market dynamics for coking coal and coke. Under the policy balance of "ensuring supply and stabilizing prices" while "enhancing safety and quality," the market shows tightened supply, rigid demand, and an upward price trend, signaling a phase of industry restructuring. Coke prices, constrained by overcapacity, largely follow coking coal trends with limited independence.

Looking ahead, the coking coal and coke markets are expected to maintain a "tight supply-demand balance with strong price fluctuations." On the supply side, stricter safety inspections in December and winter stockpiling needs have driven coking coal inventories to an eight-month low of 4.431 million tons, sustaining tight conditions. Demand-wise, as long as steel end-use demand remains stable, high iron ore production will continue supporting raw material demand.