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Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, the coking coal and coke futures showed a volatile trend. With weak demand and supply contraction, the fundamental driving force was not strong. The terminal demand was at a low level. Steel mills maintained their coke production, with a slight increase in the daily average coke output and a month - on - month increase in inventory. Coking enterprises turned from profit to loss, with a significant contraction in profits mainly due to the strong coking coal prices. Coking coal inventory continued to increase due to poor demand and enhanced year - end safety repairs. Overall, with marginal contraction in supply and demand and weak fundamental drivers, it is expected that coking coal and coke will mainly fluctuate [1][5][6] Summary by Relevant Catalogs Transaction Data - SHFE rebar closed at 3118 yuan/ton, down 1 yuan or 0.03%, with a total trading volume of 4,998,891 lots and a total open interest of 2,309,982 lots - SHFE hot - rolled coil closed at 3283 yuan/ton, up 14 yuan or 0.43%, with a total trading volume of 1,750,294 lots and a total open interest of 1,238,912 lots - DCE iron ore closed at 783.0 yuan/ton, up 3.0 yuan or 0.38%, with a total trading volume of 1,134,250 lots and a total open interest of 567,104 lots - DCE coking coal closed at 1115.5 yuan/ton, up 7.5 yuan or 0.68%, with a total trading volume of 6,630,132 lots and a total open interest of 660,689 lots - DCE coke closed at 1720.0 yuan/ton, down 20.0 yuan or 1.15%, with a total trading volume of 107,944 lots and a total open interest of 34,179 lots [3] Market Review - Downstream: Terminal demand was at a low level. Steel mills maintained coke production. The daily average coke output increased slightly, and inventory increased month - on - month. The profitability rate of steel mills last week was 37.23%, a month - on - month increase of 1.30 percentage points and a year - on - year decrease of 12.55 percentage points. The daily average pig iron output was 226.58 tons, a month - on - month increase of 0.03 tons and a year - on - year decrease of 1.29 tons. The daily average coke output was 46.8 (month - on - month + 0.31) tons, with a capacity utilization rate of 85.52% (- 0.21). Coke inventory was 642.2 (+ 847) tons, and the available days of coke were 12.01 (+ 0.29) days [5] - Mid - stream: Coking enterprises turned from profit to loss, with a significant contraction in profits mainly due to the strong coking coal prices, adjustment of coke output, and a significant increase in inventory. The national average profit per ton of coke was - 18 (month - on - month - 34) yuan/ton. Last week, the capacity utilization rate was 71.66% (- 0.39); the daily average coke output was 62.67 (- 0.31) tons, and the coke inventory was 92.4 (+ 1.14) tons [1][5] - Upstream: At the year - end, safety repairs were enhanced, and mine production declined. Due to poor demand, coking coal inventory continued to increase. The approved capacity utilization rate of 523 coking coal mine samples was 84.2%, a month - on - month decrease of 2.4%. The daily average raw coal output was 187.4 tons, a month - on - month decrease of 5.4 tons, and the raw coal inventory was 483.1 tons, a month - on - month increase of 4.2 tons. The daily average clean coal output was 74 tons, a month - on - month decrease of 1.8 tons, and the clean coal inventory was 282.9 tons, a month - on - month increase of 10.1 tons [1][6] Industry News - Premier Li Qiang chaired a meeting of the leading group for the preparation of the "15th Five - Year Plan" Outline Draft, emphasizing the need to plan major projects, carriers, etc., to accumulate new momentum for future development and support current economic operations - Beijing further optimized and adjusted the housing purchase restriction policy, including relaxing the conditions for non - local households, reducing the social security or individual income tax payment years, allowing multi - child families to buy an additional house, and adjusting mortgage interest rates and down - payment ratios - Some cities such as Handan, Baoding, Xingtai, and Xi'an launched heavy - pollution weather emergency responses, and Anhui issued a provincial orange warning for heavy - pollution weather - The National Fiscal Work Conference was held, stating that a more proactive fiscal policy would be continued in 2026, with an expansion of fiscal expenditure and optimization of government bond tools. Six key tasks were required for fiscal work in 2026, including boosting consumption and increasing investment in key areas [7][11] Relevant Charts - The report includes multiple charts such as the basis trend of coke and coking coal, the futures and monthly spread trends of steel products, and the trends of production, capacity utilization, inventory, and profit - related indicators of coking coal and coke [10][13][17]