二轮降价落地，煤焦弱势运行

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Coke: On May 28, the second - round price cut of coke was implemented. The latest quoted price of quasi - first - grade coke at Rizhao Port was 1340 yuan/ton, a week - on - week decrease of 50 yuan. The supply of coke increased slightly, while the demand decreased. Coke inventory increased significantly at independent coking plants, indicating that steel mills were cautious in purchasing. The coke market was affected by coking coal, with a bearish atmosphere, and the futures main contract fluctuated downward [5][33]. - Coking Coal: On May 29, the main contract of coking coal closed at 759 points, down 3.98% intraday. The supply of coking coal was expected to shrink in late May, and the supply - demand pattern had been somewhat repaired but remained loose. The downstream price cut expectation still suppressed the market atmosphere, and the futures main contract maintained a weak operation [6][34]. 3. Summary by Relevant Catalogs Industry News - The US Federal Court blocked the tariff policy announced by Trump on April 2 from taking effect on May 28, ruling that his act of imposing comprehensive tariffs on countries with more exports to the US than imports was an overstep of power [8]. - On May 29, Mongolia's KH Company held an online auction for thermal coal. The starting price of washed medium coal was 350 yuan/ton, and all 25,600 tons on offer failed to sell [9]. Spot Market | Variety | Current Price | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Change Compared to the Same Period | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (Flat - Price) | 1340 yuan/ton | - 3.60% | - 6.94% | - 20.71% | - 34.31% | | Qingdao Port Quasi - First - Grade Coke (Warehouse - Out Price) | 1230 yuan/ton | - 3.15% | - 8.21% | - 24.07% | - 39.41% | | Ganqimaodu Port Mongolian Coking Coal | 950 yuan/ton | - 2.06% | - 8.21% | - 19.49% | - 40.63% | | Jingtang Port Australian Coking Coal | 1280 yuan/ton | - 0.78% | - 1.54% | - 14.09% | - 41.28% | | Jingtang Port Shanxi Coking Coal | 1320 yuan/ton | 0.00% | - 5.71% | - 13.73% | - 38.60% | [13] Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1332.0 | - 1.62 | 1352.0 | 1322.0 | 28,870 | 7,770 | 56,432 | - 1,050 | | Coking Coal | | 759.0 | - 3.98 | 779.5 | 757.0 | 709,680 | 172,305 | 540,328 | 13,462 | [14] Relevant Charts - Coke Inventory: Charts show the inventory trends of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory from 2019 - 2025 [15][17][18]. - Coking Coal Inventory: Charts display the inventory trends of mine - mouth coking coal, port coking coal, 247 sample steel - mill coking coal, and all - sample independent coking - plant coking coal from 2019 - 2025 [21][24][26]. - Other Charts: Include Shanghai terminal wire rod procurement volume, domestic steel - mill production, coal - washing plant production, coking - plant operation, etc [27][30][31] Market Outlook - Coke: The second - round price cut was implemented, with supply increasing slightly and demand decreasing. Inventory accumulated at coking plants, and the market was expected to remain bearish in the short term [33]. - Coking Coal: The supply was expected to shrink, but the supply - demand pattern was still loose. The downstream price cut expectation suppressed the market, and the futures would maintain a weak operation [34].