First Futures: Under policy disturbances, coke futures prices plummet again.

In terms of supply, according to Mysteel, as of May 23, a total of 155 coking coal mines in Shanxi Province have stopped production due to various reasons. As of June 17, 97 mines have resumed production, while 58 mines remain in a state of production suspension, involving a production capacity of 65.7 million tons. However, last Tuesday, the Shaanxi Provincial Development and Reform Commission issued a notice to stabilize production and ensure supply, reversing expectations of continued tight coal supply. In terms of demand, on Monday, the Development and Reform Commission, in conjunction with various departments, issued a notice on carrying out a three-year action to renovate key industries for energy saving and carbon reduction, involving key industries such as steel, electrolytic aluminum, cement, flat glass, refining, ethylene, synthetic ammonia, methanol, and coal-based power generation. The energy-saving and carbon-reduction actions have led to lower demand expectations. Overall, the policy to ensure supply has reversed the expectation of continued tight coal supply, while the energy-saving and carbon-reduction actions have led to lower demand expectations. In addition, the sharp decline in international oil prices has also affected the coal sector as an alternative energy source. Under multiple bearish factors, coking coal futures prices continue to adjust, with attention on the domestic coal mine operation and changes in pig iron production.