焦炭：底部震荡，焦煤：环保督导组进驻，底部震荡

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The coke market is experiencing a bottom - side oscillation, and the coking coal market is also at the bottom with oscillations due to the inspection by the environmental protection supervision team [1][2] Group 3: Summary According to the Catalog Fundamental Tracking - Futures Prices: JM2509 closed at 799.5 yuan/ton with no change, J2509 closed at 1364 yuan/ton, down 11 yuan/ton or 0.80%. JM2509 had a trading volume of 521,082 lots, an open interest of 521,014 lots with an increase of 1,529 lots. J2509 had a trading volume of 26,256 lots, an open interest of 56,307 lots with an increase of 591 lots [2] - Spot Prices: For coking coal, the prices of some varieties such as Jinquan Meng 5 clean coal decreased, while others remained stable. For coke, all the prices remained unchanged. The coking coal and coke warehouse - receipt costs also showed little change [2] - Basis and Spreads: The basis of JM2509 for Meng 5 decreased by 10 yuan/ton, and for Meng 3 decreased by 5 yuan/ton. The basis of J2509 for Hebei quasi - dry quenched coke and Shanxi quasi - first - grade delivered - to - factory increased by 11 yuan/ton. The spreads of JM2509 - JM2601 and J2509 - J2601 both decreased [2] Price and Position Situation - Northern Port Coking Coal Quotes: The prices of coking coal at different northern ports vary, with Jingtang Port's Shanxi prime coking coal at 1,320 yuan/ton, and the prices of Australian prime coking coal at other ports ranging from 1,160 to 1,385 yuan/ton [2] - May 27th Fenwei CCI Metallurgical Coal Index: The prices of S1.3 G75 prime coking coal from Shanxi, Meng 5, and Meng 3 decreased by 30, 10, and 5 yuan/ton respectively [3] - Position Situation: On May 27th, for the coking coal JM2509 contract, long positions increased by 1,401 lots and short positions decreased by 2,647 lots. For the coke J2509 contract, long positions increased by 593 lots and short positions increased by 288 lots [4] Trend Intensity - The trend intensity of coke and coking coal is both 0 [4]