The main reasons for the decline in coking coal futures are: the purchase price of steel mills has fallen; The outsourcing price of thermal coal is lower than expected, and the ratio of coking coal to thermal coal is restored. Due to the backflow of cross-border coal, the marginal supply of coking coal is expected to increase; Incremental customs clearance of Mongolian coal is expected to return to the market; Domestic coal rebounded, overseas coal stabilized weakly, and the marginal profit of imports improved.

The main reasons for the decline of urea are: poor delivery of finished products in compound fertilizer plant, high inventory pressure, shutdown of the plant, and weak demand for urea; The international market price is upside down around 500-600 yuan/ton in China, which lacks export benefits in the short term; Domestic urea production is too high, and the sales volume is lower.