The QHD price dropped to RMB930/t in the first week of November due to higher than normal temperatures. However, several cold snaps kept prices from falling further during the rest of the month. Additionally, seaborne imports dropped significantly month-on-month in October, which also supported coal prices. The geopolitical changes and the newly allocated special bond brought hope for a possible demand surge for steel and coal this winter through to the spring. Market sentiment brightened and the procurement of coking coal intensified, but mine output was constrained after several fatal accidents. Then, inevitably, prices spiked. Entering December, what will be the key factors for thermal and metallurgical coal markets? How long will the coking coal sentiment last? And what will the prices look like in December?