多空僵持，煤焦震荡运行

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - On September 18, the coke main contract closed at 1,709 yuan/ton, with an intraday decline of 1.10%. The spot market showed that the latest quoted price of Rizhao Port's quasi - first - class wet - quenched coke flat - closing price index was 1,470 yuan/ton, down 3.29% week - on - week, while Qingdao Port's quasi - first - class wet - quenched coke ex - warehouse price was 1,480 yuan/ton, up 6.47% week - on - week. The coke futures market is in a stalemate between bulls and bears, and the J2601 contract is expected to oscillate within a range. Under the background of domestic "anti - involution" rectification, coke futures are expected to be more likely to rise than fall [5][34]. - On September 18, the coking coal main contract closed at 1,203.5 points, with an intraday decline of 2.11%. The latest quoted price of Mongolian coal at Ganqimaodu Port was 1,140.0 yuan/ton, remaining unchanged week - on - week. Coking coal production has gradually recovered after the 9.3 parade but remains at a low level, and Mongolian coal imports have returned to a high for the year. The supply side has no obvious contradictions, and the demand side has not changed significantly. The coking coal market is also in a stalemate, and the main contract is expected to oscillate within a range in the short term, with upward momentum relying on "anti - involution" measures [6][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - In August 2025, China exported 760,000 vehicles, a year - on - year increase of 25.2%, and the cumulative export from January to August was 4.93 million vehicles, a year - on - year increase of 20.5%. In August, China imported 50,000 vehicles, a year - on - year decrease of 40.6%, and the cumulative import from January to August was 320,000 vehicles, a year - on - year decrease of 33.2% [7]. - On September 18, the price of coking coal in the Jinzhong market remained stable, with the ex - factory cash - inclusive price of medium - sulfur main coking clean coal being 1,220 yuan/ton [8]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Class Coke (Flat - Closing) | 1,470 yuan/ton | Down 3.29% | Down 6.37% | Down 13.02% | Down 13.02% | | Qingdao Port Quasi - First - Class Coke (Ex - Warehouse) | 1,480 yuan/ton | Up 6.47% | Unchanged | Down 8.64% | Down 12.43% | | Ganqimaodu Port Mongolian Coking Coal | 1,140 yuan/ton | Unchanged | Down 3.39% | Down 3.39% | Down 18.57% | | Jingtang Port Australian - Produced Coking Coal | 1,610 yuan/ton | Up 5.23% | Up 1.90% | Up 8.05% | Down 3.01% | | Jingtang Port Shanxi - Produced Coking Coal | 1,550 yuan/ton | Unchanged | Down 4.91% | Up 1.31% | Down 10.40% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,709.0 yuan/ton | - 1.10% | 1,754.0 yuan/ton | 1,698.5 yuan/ton | 28,660 | 3,743 | 46,432 | - 271 | | Coking Coal | - | 1,203.5 points | - 2.11% | 1,237.5 points | 1,192.0 points | 1,192,468 | - 199,742 | 724,372 | - 36,154 | [13] 3.4 Relevant Charts - The content mainly includes charts of coke inventory (230 independent coking plants, 247 steel - mill coking plants, port coke total inventory, and total coke inventory), coking coal inventory (mine - mouth coking coal, port coking coal, 247 sample steel - mill coking coal, and all - sample independent coking plant coking coal), and other charts such as domestic steel - mill production, Shanghai terminal wire - rod procurement, coal - washing plant production, and coking plant operation [14][21][26]. 3.5 Market Outlook - The outlook for coke and coking coal is similar to the core views. The markets are in a stalemate between bulls and bears, and the main contracts are expected to oscillate within a range in the short term. The upward momentum of both depends on the "anti - involution" measures in the coal industry [5][6][34][35].