焦炭：二轮提涨落地，震荡偏强，焦煤：供给政策预期约束强化，震荡偏强

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The second round of price increase for coke has been implemented, and the market is oscillating with an upward trend; for coking coal, the expected constraints on supply policies are strengthening, and the market is also oscillating with an upward trend [2]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: On July 22, 2025, the closing price of JM2509 (coking coal) was 1048.5 yuan/ton, up 42.5 yuan/ton or 4.22%; the closing price of J2509 (coke) was 1697.5 yuan/ton, up 94.5 yuan/ton or 5.90% [2]. - Trading Volume and Open Interest: The trading volume of JM2509 was 1,636,160 lots, with an open interest of 442,089 lots, a decrease of 62,782 lots; the trading volume of J2509 was 58,919 lots, with an open interest of 40,527 lots, a decrease of 3,388 lots [2]. - Spot Prices: The price of Linfen low - sulfur primary coking coal increased by 20 yuan/ton to 1320 yuan/ton; the self - pick - up price of Jinquan Meng 5 clean coal increased by 21 yuan/ton to 1029 yuan/ton; the price of Rizhao Port's quasi - first - grade coke price index increased by 100 yuan/ton to 1350 yuan/ton [2]. - Basis and Spreads: The basis of JM2509 for different types of coking coal and J2509 for different types of coke showed various changes, and the spreads between different contract months (JM2509 - JM2601 and J2509 - J2601) also changed [2]. 3.2 Price and Position Status - Northern Port Coking Coal Quotes: The ex - warehouse prices of Shanxi primary coking coal at Jingtang Port, Australian primary coking coal at Qingdao Port, Lianyungang Port, Rizhao Port, and Tianjin Port were 1420 yuan/ton, 1425 yuan/ton, 1425 yuan/ton, 1310 yuan/ton, and 1415 yuan/ton respectively [2]. - July 22 Fenwei CCI Metallurgical Coal Index: The price of S1.3 G75 primary coking coal (Shanxi coal) in Jiexiu was 1100 yuan/ton (+50); the price of S1.3 G75 primary coking coal (Meng 5) in Shaheyi was 1018 yuan/ton (+27); the price of S1.3 G75 primary coking coal (Meng 3) in Shaheyi was 998 yuan/ton (+26) [3]. - Position Status: On July 22, from the position of the top 20 members of the Dalian Commodity Exchange, for the coking coal JM2509 contract, long positions decreased by 26,180 lots, and short positions decreased by 42,062 lots; for the coke J2509 contract, long positions decreased by 2,834 lots, and short positions decreased by 2,295 lots [4]. - Trend Intensity: The trend intensity of coke is 1, and that of coking coal is also 1 [4].