焦炭：底部震荡，焦煤，环保督导组进驻，底部震荡

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The report indicates that both coke and coking coal are in a bottom - oscillating state. Coke is in a bottom - oscillating state, and coking coal is also in a bottom - oscillating state with the environmental protection supervision team stationed [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The closing price of JM2509 was 799.5 yuan/ton, down 2 yuan/ton (-0.25%); the closing price of J2509 was 1375 yuan/ton, down 8 yuan/ton (-0.58%). The trading volume of JM2509 was 592,256 lots, with a position of 519,485 lots and a decrease of 2,392 lots; the trading volume of J2509 was 21,477 lots, with a position of 55,716 lots [2]. - Spot Prices: For coking coal, the prices of some varieties remained unchanged, while the peak - view converted to RMB increased by 41 yuan/ton. For coke, the price of Hebei quasi - dry quenched coke remained unchanged, the price of Shanxi quasi - first - grade coke to the factory remained unchanged, and the Rizhao Port quasi - first - grade price index decreased by 30 yuan/ton [2]. - Basis and Spreads: The basis of JM2509 and J2509 showed different changes. The spread between JM2509 - JM2601 increased by 5.5 yuan/ton, and the spread between J2509 - J2601 increased by 8.0 yuan/ton [2]. 3.2 Price and Position Situation - Northern Port Coking Coal Quotes: The warehouse - pick - up price of Shanxi main coking coal at Jingtang Port was 1,350 yuan/ton, and the warehouse - pick - up prices of Australian main coking coal at Qingdao Port, Lianyungang Port, Rizhao Port, and Tianjin Port were 1,305 yuan/ton, 1,305 yuan/ton, 1,190 yuan/ton, and 1,295 yuan/ton respectively [2]. - May 26th Fenwei CCI Metallurgical Coal Index: The price of S1.3 G75 main coking coal (Shanxi coal) in Jiexiu was 1,030 yuan/ton; the price of S1.3 G75 main coking coal (Meng 5) in Shaheyi was 925 yuan/ton, down 10 yuan/ton; the price of S1.3 G75 main coking coal (Meng 3) in Shaheyi was 957 yuan/ton, down 21 yuan/ton [3]. - Position Situation: On May 26th, from the position situation of the top 20 members of the Dalian Commodity Exchange, the long positions of the coking coal JM2509 contract increased by 5,096 lots, and the short positions decreased by 7,463 lots; the long positions of the coke J2509 contract increased by 100 lots, and the short positions increased by 185 lots [4]. 3.3 Trend Intensity - The trend intensity of coke was 0, and the trend intensity of coking coal was 0 [4].