Guangfa Futures: The second round of coke price increases has been implemented, with market expectations of a third round of price hikes.

Yesterday, coke futures experienced a volatile pullback.
On the spot side, the second round of price increases by major coke companies was implemented on April 20th, with the earlier rise in coking coal providing cost support for coke, and port prices following futures fluctuations.
On the supply side, coke price adjustments lag behind those of coking coal, with chemical product prices soaring to offset coke losses, and coking plant operations continuing to increase.
On the demand side, steel mills are slowing down their resumption of production, blast furnace output remains high and stable, steel prices rebounded from lows, and raw material restocking demand warmed up.
On the inventory side, coking plants and ports are passively reducing stocks, while steel mills are actively accumulating stocks, resulting in a slight overall increase in inventory levels, with short-term supply and demand for coke remaining tight.
Trump stated that the ceasefire continues, and the fluctuating situation has caused significant volatility in energy, natural gas, and downstream chemical products.
The second round of price increases was ultimately agreed upon, boosting market confidence; recently, coking coal prices rebounded, and major coke companies plan to raise prices for a third round.
In terms of strategy, view the market as a single-sided rebound with volatility; for the coke contract 2609, the range is approximately 1750-1900, and arbitrage suggests going long on coke and short on coking coal. (GF Futures)