On November 10, 2025, during the early trading session, most domestic futures main contracts saw declines, with coking coal dropping nearly 2%. Meanwhile, lithium carbonate rose close to 2%, while apples, SC crude oil, alumina, Dorian LPG, and pulp gained nearly 1%. On the downside, coking coal fell nearly 2%, followed by asphalt, coke, rapeseed meal, and glass, which dropped over 1%. Methanol and butadiene rubber also declined nearly 1%.

Recently, multiple coking enterprises issued price hike notices. Analysts noted that this marks the fourth round of price increases after three previous rounds. Industry experts believe this round of hikes is highly likely to be implemented.

1. Analysts from GF Futures stated that coke prices may see 4 to 5 rounds of increases in Q4. The primary reason for the hikes is the continuous rise in coking coal prices, leading to widespread losses among coking enterprises, necessitating price adjustments to restore profitability.

2. Analysts at Jinrui Futures noted that recent coking coal and coke futures prices have been range-bound, with support from reduced coal supply and low carbon inventory, while pressure stems from weak steel demand, high inventory, expanding losses at steel mills, and ongoing reductions in pig iron production.

3. Looking ahead, GF Futures analysts warned of potential downstream negative feedback risks due to falling steel prices, mill maintenance, and declining demand. The black industry chain faces supply-demand contradictions, with market divergence likely to increase price volatility.

(This content is for reference only and does not constitute investment advice.)