Coking coal rises 3.2% in night session; coke up 2.4%

The split within the steel chain is the notable signal: coking coal and coke gaining while iron ore stayed flat suggests the move is concentrated in the coke side rather than a broad restocking story across steel inputs. That distinction matters for anyone tracking Chinese industrial demand, since iron ore is the cleaner read on steel output while coking coal and coke are more exposed to coking margins and supply-side constraints. Whether iron ore follows the coal complex higher is the open question; a persistent gap would point to something narrower than a demand recovery.