According to monitoring data from SunSirs, the average spread for coking coal on May 11 stood at 14.75 RMB/ton (calculated as: Average Spread = M10 - M20 = 1533.50 - 1518.75). On that day, the positive spread continued to widen, and the M10 and M20 moving averages diverged further, indicating that short-term upward momentum in the coking coal market remains intact.

When analyzed within the context of its 5-tier price positioning, the current price level sits at a one-year high—specifically within the upper range of its 90-day high. This suggests that further upside potential is limited and that the pace of appreciation has slowed significantly; consequently, market participants should remain alert to the risk of a short-term price correction.

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