Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary of Key Information SP Main Contract Closing Price - On August 8, 2025, the SP main contract closing price was 5162.00, with a -0.46278% change from the previous day [3]. - The closing prices from August 4 - 8, 2025, were 5168.00, 5160.00, 5170.00, 5186.00, and 5162.00 respectively, with corresponding percentage changes of -0.34709%, -0.15480%, 0.19380%, 0.30948%, and -0.46278% [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, and that of Lion was -392.78; for Chilean Silver Star, it was -76.65 [4]. - The port dollar prices of Golden Lion, Lion, and Silver Star were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5600, and 5835 respectively [4]. National and Regional Pulp Price Averages - From August 4 - 8, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin Information - From August 5 - 8, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The profit margins of double - offset, double - copper, white card, and living paper on August 8, 2025, were 6.4302%, 24.2360%, -11.9756%, and 7.9481% respectively, with the living paper profit margin changing by -0.3820 compared to previous days [4]. Pulp Price Spreads - On August 8, 2025, the softwood - hardwood, softwood - natural, softwood - chemimechanical, and softwood - wastepaper price spreads were 1700.00, 435, 2010, and 4259 respectively [4].

Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: August 11, 2025 [1] Price and Inventory Information Coal Prices - The latest price of Liulin Main Coking Coal is 1404.00, with a weekly increase of 92.00 and a monthly increase of 254.00, and an annual decrease of 14.91% [2]. - The latest price of Raw Coal Port Delivery Price is 973.00, with a daily decrease of 27.00, a weekly increase of 93.00, a monthly increase of 216.00, and an annual decrease of 21.53% [2]. - The latest price of Shaheyi Mongolian No. 5 is 1380.00, with a weekly increase of 160.00, a monthly increase of 300.00, and an annual decrease of 22.47% [2]. - The latest price of Anze Main Coking Coal is 1470.00, with a daily and weekly decrease of 30.00, a monthly increase of 270.00, and an annual decrease of 18.33% [2]. Inventory - The total inventory is 3296.08, with a weekly decrease of 13.62, a monthly decrease of 273.67, and an annual decrease of 1.43% [2]. - The coal mine inventory is 245.66, with a weekly decrease of 2.60, a monthly decrease of 131.52, and an annual decrease of 15.49% [2]. - The port inventory is 282.11, with a weekly decrease of 10.23, a monthly decrease of 22.16, and an annual decrease of 9.00% [2]. - The steel mill coking coal inventory is 803.79, with a weekly increase of 4.28, a monthly increase of 14.19, and an annual increase of 10.98% [2]. - The coking coking coal inventory is 992.73, with a weekly increase of 7.35, a monthly increase of 144.55, and an annual increase of 11.05% [2]. - The coking coke inventory is 86.30, with a weekly decrease of 0.32, a monthly decrease of 0.72, and an annual decrease of 0.98% [2]. Coking Capacity and Utilization - The coking capacity utilization rate is 74.03, with a weekly increase of 0.34, a monthly increase of 1.16, and an annual increase of 0.42% [2]. Futures Information - The latest price of Futures Contract 05 is 1255.00, with a daily decrease of 2.50, a weekly increase of 113.00, a monthly increase of 294.50, and an annual decrease of 16.05% [2]. - The latest price of Futures Contract 09 is 1066.50, with a daily decrease of 18.50, a weekly increase of 84.00, a monthly increase of 157.00, and an annual decrease of 23.96% [2]. - The latest price of Futures Contract 01 is 1219.50, with a daily decrease of 1.50, a weekly increase of 114.00, a monthly increase of 278.00, and an annual decrease of 17.99% [2]. - The 05 basis is -47.30, with a daily increase of 2.50, a weekly decrease of 113.00, a monthly decrease of 38.18, and an annual decrease of 311.72 [2]. - The 09 basis is 141.20, with a daily increase of 18.50, a weekly decrease of 84.00, a monthly increase of 99.32, and an annual decrease of 0.60 [2]. - The 01 basis is -11.80, with a daily increase of 1.50, a weekly decrease of 114.00, a monthly decrease of 21.68, and an annual decrease of 1.04 [2]. - The 5 - 9 spread is 188.50, with a daily increase of 16.00, a weekly increase of 29.00, a monthly increase of 137.50, and an annual increase of 1.04 [2]. - The 9 - 1 spread is -153.00, with a daily decrease of 17.00, a weekly decrease of 30.00, a monthly decrease of 121.00, and an annual increase of 0.81 [2]. - The 1 - 5 spread is -35.50, with a daily increase of 1.00, a weekly increase of 1.00, a monthly decrease of 16.50, and an annual increase of 3.44 [2].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The report mainly focuses on the European line shipping market, including the supply - demand situation, freight quotes, and relevant shipping indices. In August, the European line supply pressure is increasing, and freight quotes are showing a downward trend [24]. 3. Summary by Related Catalogs 3.1 EC Futures Contracts - EC2508 had a closing price of 0.07, a volume of 3579, and an open interest change of - 121 [24]. - EC2510 had a closing price of 1420.4, a volume of 877.5, and an open interest change of - 765 [24]. - EC2512 had a closing price of 1763.2, a volume of 534.7, and an open interest change of - 0.26% [24]. - EC2602 had a closing price of 1505.4, a volume of 792.5, and an open interest change of 28 [24]. - EC2604 had a closing price of 1346.8, a volume of 951.1, and an open interest change of - 69 [24]. - EC2606 had a closing price of - 0.77, a volume of 809.9, and an open interest change of - 11 [24]. 3.2 Shipping Indices - SCFIS (European line) on 2025/8/4 was 2297.86 points, with a week - on - week decrease of 0.81% and a two - week decrease of 3.50% [24]. - SCFI (European line) on 2025/8/1 was 2051 JT/TEU, with a week - on - week decrease of 1.87% and a week - on - two - week increase of 0.53% [24]. - CCFI on 2025/8/1 was 1803.42, with a week - on - week decrease of 0.90% and a two - week decrease of 3.53% [24]. - NCFI on 2025/8/1 was 1440.25, with a week - on - week decrease of 1.20% [24]. 3.3 European Line Supply - Demand and Quotes - In week 32 of August, the European line had good cargo collection but almost no cargo rejection. In week 33, the cargo collection of different alliances varied. MSK was better, OA was average, and PA was poor. MSK's freight dropped by $100, and OA and PA's shipping companies gradually cut prices by about $200 [24]. - Starting from late August, the supply pressure on the European line is very high. Week 34's capacity is 340,000 TEU, and week 35's capacity is revised down to 330,000 TEU due to the cancellation of EMC's independent - operation ship. The average weekly capacity in September 2025 (tentatively) is 340,000 TEU, and 320,000 TEU without considering TBN [24]. - For week 33, the European line quote dropped to $2800 - $3200, with an average of $3000 (equivalent to about 2100 points on the futures market). For week 34, the current average quote is $2900, equivalent to about 2000 points on the futures market. On Tuesday, MSK opened the week 34 booking at $2600, a week - on - week drop of $200, and then the price rose to $2640. CMA and COSCO/OOCL lowered their prices to $2920 and $3000 respectively, and HMM cut its price to $2700 [24]. 3.4 Other Information - On 8/6, the Israeli Prime Minister announced plans to implement military control over the entire Gaza Strip, which was strongly condemned by Hamas [24]. - The release of the XSI - CJ index is postponed by three working days [24].

1. Report core view - This report presents the latest data on the thermal coal market as of August 8, 2025, including prices at different ports and regions, consumption, inventory, and shipping index data, and their changes over different time periods [1] 2. Summary according to relevant catalogs Coal price - The price of Qinhuangdao 5500 is 677.0, with a daily change of 4.0, a weekly change of 24.0, a monthly change of 52.0, and an annual change of -173.0 [1] - The price of Qinhuangdao 5000 is 615.0, with a daily change of 4.0, a weekly change of 27.0, a monthly change of 56.0, and an annual change of -140.0 [1] - The price of Guangzhou Port 5500 is 755.0, with a daily change of 5.0, a weekly change of 15.0, a monthly change of 45.0, and an annual change of -160.0 [1] - The price of Ordos 5500 is 465.0, with a daily change of 5.0, a weekly change of 20.0, a monthly change of 55.0, and an annual change of -165.0 [1] - The price of Datong 5500 is 545.0, with a daily change of 5.0, a weekly change of 25.0, a monthly change of 75.0, and an annual change of -145.0 [1] - The price of Yulin 6000 is 592.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of 25.0, and an annual change of -224.0 [1] - The price of Yulin 6200 is 620.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of 25.0, and an annual change of -223.0 [1] Consumption and inventory - The daily consumption of 25 provinces' terminals is 666.4, with a daily change of 6.8, a weekly change of 23.2, a monthly change of 20.4, and an annual change of 12.0 [1] - The inventory of 25 provinces' terminals is 12017.8, with a daily change of -7.7, a weekly change of -802.7, a monthly change of -1486.7, and an annual change of 500.3 [1] - The available days of 25 provinces' terminals is 18.0, with a daily change of -0.2, a weekly change of -1.9, a monthly change of -2.9, and an annual change of 0.4 [1] - The coal supply of 25 provinces' terminals is 599.2, with a daily change of 17.4, a weekly change of -9.3, a monthly change of -40.8, and an annual change of -23.6 [1] Port data - The inventory of northern ports is 2484.0, with a daily change of -2.0, a weekly change of -5.0, a monthly change of -238.0, and an annual change of -1.5 [1] - The number of ships at anchor in northern ports is 54.0, with a daily change of -1.0, a weekly change of -42.0, a monthly change of -31.0, and an annual change of -1.0 [1] - The inbound volume of northern ports is 129.6, with a daily change of -22.1, a weekly change of -4.7, a monthly change of -26.9, and an annual change of -19.7 [1] - The throughput of northern ports is 132.5, with a daily change of 11.1, a weekly change of -36.0, a monthly change of -14.0, and an annual change of -16.8 [1] Shipping index - The CBCFI shipping index is 760.2, with a daily change of 3.1, a weekly change of 35.8, a monthly change of 35.4, and an annual change of 188.1 [1] - The shipping price from Qinhuangdao to Shanghai (4 - 5DWT) is 29.9, with a daily change of 0.0, a weekly change of 0.4, a monthly change of 1.1, and an annual change of 8.5 [1] - The shipping price from Qinhuangdao to Guangzhou (5 - 6DWT) is 43.9, with a daily change of 0.6, a weekly change of 1.2, a monthly change of 2.0, and an annual change of 9.5 [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Related Catalogs SP Main Contract Information - On August 7, 2025, the SP main contract closed at 5186.00, with a daily increase of 0.30948%. The converted US dollar price was 630.76. The basis of Shandong Yinxing was 624, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 714 [3]. Import Pulp Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was 51.55, while that of Canadian Lion pulp was -392.78, and that of Chilean Silver Star pulp was -101.65. The exchange rate on the previous day was 7.18 [4]. Pulp Price Averages - From August 1 to August 7, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong region also remained unchanged [4]. Paper Product Index and Profit Margin - From August 4 to August 7, 2025, the indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged. The profit margins of double - offset paper, double - copper paper, white card paper, and living paper also remained unchanged on August 7 compared to previous days [4]. Pulp Price Differences - On August 7, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp were 1700.00, 410, 1985, and 4234 respectively [4].

焦炭日报 研究中心黑色团队 2025/8/8 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2021 2022 2023 2024 2025 230家焦化产能利用率 230家焦炭产量 全样本焦化焦炭库存 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 70.00 75.00 80.00 85.00 90.00 95.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 247家高炉产能利用率 2021 2022 2023 2024 2025 190.00 200.00 210.00 220.00 230.00 240.00 250.00 260.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 铁水产量 2021 2022 2 ...

| 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | 15748.06 | 1161.84 | 955.94 | 15044.48 | 1312.02 | 2 | 1 | | 变化 | 0.00 | 4.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 贵 金 属 比 价 研究中心宏观团队 2025/08/07 | 价 格 表 现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 3375.30 | 37.35 | 1319.00 | 1181.00 | 65.16 | 9665.00 | | 变化 | 0.00 | 0.00 | ...

主力合约前20席位中，多头增仓前三名分别是：中信期货、持仓33507、增仓15147，国泰君安、持仓44285、增仓8613，招商期 货、持仓13992、增仓6553；多头减仓前三名分别是：海通期货、持仓15130、减仓-4062，永安期货、持仓21528、减仓-1676，东 证期货、持仓24953、减仓-1377； 主力合约前20席位中，空头增仓前三名分别是：中信期货、持仓80621、增仓19323，东证期货、持仓59458、增仓19140，海通期 货、持仓10594、增仓6860；空头减仓前三名分别是：融达期货、持仓10963、减仓-1496，方正中期、持仓20767、减仓-1398，国 泰君安、持仓86897、减仓-1026。 新浪期货 根据交易所数据，截至8月06日收盘主力合约纯碱2601,涨跌+1.78%,成交量168.01万手，持仓数据显示前20席位呈现净 空，差额头寸为171531手。 纯碱期货全合约总计成交272.26万手，比上一日新增21.36万手。全合约前20席位多头持仓107.35万手，比上一日减少1.78万手。全 合约前20席位空头持仓137.70万手，比上一日减少3860手。 根据合 ...

Core Insights - The main focus of the article is on the trading performance and positioning of coking coal futures as of August 6, 2025, highlighting significant changes in both long and short positions among major market participants [1][3][4]. Group 1: Market Performance - As of the close on August 6, the main coking coal futures contract (2601) increased by 6.45%, with a trading volume of 2.622 million contracts [1]. - The total trading volume for all coking coal futures contracts reached 3.4576 million contracts, an increase of 223,400 contracts from the previous day [1]. Group 2: Positioning Data - The top 20 positions in the coking coal futures market showed a net short position, with a difference of 73,126 contracts [1]. - Among the top 20 positions, long positions totaled 446,400 contracts, an increase of 37,300 contracts, while short positions totaled 541,100 contracts, an increase of 31,100 contracts [1]. Group 3: Major Participants - The top three long positions were held by Guotai Junan (47,553 contracts), CITIC Futures (46,396 contracts), and Founder Futures (35,660 contracts) [1][4]. - The top three short positions were also led by Guotai Junan (67,162 contracts), CITIC Futures (63,194 contracts), and Yong'an Futures (36,849 contracts) [1][4]. Group 4: Changes in Positions - The largest increase in long positions was seen in Guotai Junan (5,134 contracts), followed by Chuangyuan Futures (3,865 contracts) and Founder Futures (3,839 contracts) [1][3]. - The largest increase in short positions was also in Guotai Junan (7,708 contracts), followed by Yong'an Futures (5,304 contracts) and Shenwan Hongyuan (4,010 contracts) [1][3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - No relevant content provided Group 3: Summary According to Related Catalogs Price and Profit - The report presents the spot prices of various steel products from July 30, 2025, to August 5, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, as well as Tianjin, Shanghai, and Lecong's hot - rolled and cold - rolled coils, and shows their price changes [1]. Basis and Spread - No relevant content provided Output and Inventory - No relevant content provided