On January 6, the price of coking coal in the Huainan market decreased by 40 yuan/ton. The quoted prices for 1/3 coking coal were 1,350 yuan/ton for Huaihe No. 1 clean coal and 1,220 yuan/ton for Huaihe No. 2 clean coal, both on a delivered basis with cash payment inclusive of tax. PriceSeek's analysis of coking coal indicates a bearish sentiment with a score of -1.5. The report highlights that the decline in coking coal prices in the Huainan market directly reflects oversupply or weak demand in the spot market, posing a significant bearish pressure on spot prices. In conjunction with the coking coal futures market, the main contract 2605 settled at 1,097 yuan/ton on January 5, down by 18.5 yuan, with a trading volume of 687,741 lots and an open interest of 501,981 lots, indicating a downward trend. The drop in spot prices may further amplify bearish expectations in the futures market, putting additional pressure on the main contract price, especially under high open interest, which could easily trigger selling pressure.