On January 4, the price of coking coal in the Tai'an market declined, with gas-fat coal quoted at 835–1,040 yuan/ton, all ex-factory prices including cash and tax. PriceSeek's analysis of coking coal indicates a bearish score of -1. The report notes that the decline in coking coal prices in the Tai'an market on January 4, with gas-fat coal quoted at 835–1,040 yuan/ton (ex-factory, cash, and tax-inclusive), suggests an increase in spot market supply or weakening demand, exerting a generally bearish impact on coking coal spot prices. Combined with coking coal futures data, such as the main contract 2605 closing at 1,115 yuan/ton on December 31, 2025, with a settlement price of 1,115.5 yuan/ton and a change of +5.5, the current spot price decline may indicate future fundamental weakness, increasing downward pressure on futures prices and exerting a generally bearish impact on coking coal futures prices as well.