HK Stock Market Move | Coal stocks leading the decline, coke and coal futures plummet intraday; institutions say mainstream steel mills have proposed a reduction in coke prices.

Coal stocks led the decline, as of the time of writing, CHINA QINFA (00866) fell by 11.25% to 2.84 Hong Kong dollars; China Coal Energy (01898) fell by 3.62% to 10.38 Hong Kong dollars; China Shenhua Energy (01088) fell by 2.7% to 39.6 Hong Kong dollars; Yankuang Energy Group (01171) fell by 2.51% to 10.11 Hong Kong dollars. On the news front, on December 8th, the main contract of coke futures fell by 5% intraday; the main contract of coking coal futures fell by over 6%. China Securities Co., Ltd. pointed out that after completing the fourth round of price increases, mainstream steel mills officially proposed the "first round of price reductions" for coke on November 28th, expected to be implemented on December 1st. Prices of coking coal fell due to a decline in demand, weakening the support for coke costs; at the same time, steel mills, under profit pressure, used their bargaining power brought by production cuts to successfully initiate the "first round of price reductions" for coke, which may signal the establishment of a turning point in the coal and coke market.