China International Capital Corporation believes that the current pattern of low coking coal inventory and the weak profit level of downstream coking plants and steel mills means that the game of profit distribution between coal and coking steel may intensify in the short term. At present, the active production reduction of steel enterprises is slightly less than expected. The fundamental support of coking coal is still strong in the short term, but we expect that the pattern of strong coking coal and weak moving coal in the second half of the year may be reversed.