乐观氛围主导，煤焦偏强运行

Report Overview - The report is a coal and coke daily report dated August 11, 2025, focusing on the black metal industry, specifically coal and coke [4]. Industry Investment Rating - No industry investment rating is provided in the report. Core Views - Coke: On August 8th week, the combined daily coke output of independent and steel - mill coking plants was 111.9 million tons, up 0.12 million tons week - on - week. Coke price increase was implemented, and raw material coking coal price stabilized, leading to better profit for coke enterprises. The latest independent coking plant's ton - coke profit was - 16 yuan/ton, up 29 yuan/ton week - on - week. The daily average iron - water output of 247 steel mills was 240.32 million tons, down 0.39 million tons week - on - week. The steel mill profit - making rate improved by 3.03 percentage points to 68.4%. Overall, coke supply and demand were stable this week. Due to coking coal supply disruptions and approaching "Golden September and Silver October", the coke futures main contract was expected to oscillate strongly [5][31]. - Coking Coal: The impact of the anti - involution policy in the coal industry was still fermenting, and domestic coking coal output declined this week. The coking coal futures maintained a strong trend. The domestic coking coal spot market was stable, and Mongolian coal prices did not strengthen again after last week's high - level decline. Overall, coking coal supply shrank and demand increased slightly this week. Whether the anti - involution policy would have a long - term and significant impact on supply was the key. Considering the un - falsified supply - shrinkage expectation, coking coal futures were expected to oscillate strongly [6][32]. Summary by Directory 1. Industry News - Automobile Sales: In July, 2.593 million vehicles were sold, a 14.7% year - on - year increase. It was the traditional off - season, with production and sales slowing down month - on - month. However, policies and new models helped the market grow year - on - year. New energy vehicles continued to grow rapidly, and vehicle exports were stable [8]. - Coking Coal Price: On August 11th, coking coal prices in Lvliang Liulin market dropped. Low - sulfur prime coking coal fell 50 yuan/ton to 1350 yuan/ton, and medium - sulfur lean coal fell 100 yuan/ton to 1150 yuan/ton [9]. 2. Spot Market - Coke: The current price of Rizhao Port's quasi - first - grade coke for平仓 was 1470 yuan/ton, up 3.52% week - on - week and month - on - month, down 13.02% year - on - year and 24.23% compared to the same period. Qingdao Port's quasi - first - grade coke for出库 was 1440 yuan/ton, up 1.41% week - on - week, 2.86% month - on - month, down 11.11% year - on - year and 19.10% compared to the same period [10]. - Coking Coal: The price of Mongolian coking coal at Ganqimaodu Port was 1150 yuan/ton, down 0.86% week - on - week, unchanged month - on - month, down 2.54% year - on - year and 20.69% compared to the same period. Australian coking coal at Jingtang Port was 1540 yuan/ton, up 0.65% week - on - week, 3.36% month - on - month and year - on - year, down 22.22% compared to the same period. Shanxi coking coal at Jingtang Port was 1650 yuan/ton, unchanged week - on - week and month - on - month, up 7.84% year - on - year, down 13.16% compared to the same period [10]. 3. Futures Market - Coke: The closing price of the active contract was 1681.0 yuan/ton, up 1.97%. The highest price was 1694.0 yuan/ton, the lowest was 1628.0 yuan/ton. The trading volume was 16,480, down 108, and the open interest was 18,479, down 929 [13]. - Coking Coal: The closing price of the active contract was 1256.0 yuan/ton, up 2.99%. The highest price was 1264.5 yuan/ton, the lowest was 1185.5 yuan/ton. The trading volume was 2,366,892, up 267,012, and the open interest was 690,736, up 30,480 [13]. 4. Related Charts - Coke Inventory: Charts showed the inventory of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory over the years [14][15][18]. - Coking Coal Inventory: Charts presented the inventory of mine - mouth coking coal, port coking coal, 247 sample steel mills, and all - sample independent coking plants over the years [19][22][24]. - Other Charts: Included Shanghai terminal wire rod procurement volume, domestic steel mill production, wash - coal plant production, and coking plant operation charts [25][28][29]