焦炭：下游事故扰动，高位震荡，焦煤：高位震荡

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report indicates that coke will experience high - level fluctuations due to downstream accident disturbances, while coking coal will remain in a high - level oscillation state [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - Futures Prices: For the JM2605 contract of coking coal, the closing price was 1,171 yuan/ton, down 16.5 yuan/ton or 1.4%. For the J2605 contract of coke, the closing price was 1,717 yuan/ton, down 28 yuan/ton or 1.6%. The trading volume of JM2605 was 1,088,719 lots, and the open interest was 497,710 lots, with a decrease of 8,127 lots. The trading volume of J2605 was 25,494 lots, the open interest was 38,727 lots, with an increase of 1,479 lots [1] - Spot Prices: Most spot prices of coking coal and coke remained stable, with only a 3 - yuan/ton decrease in the price of Mongolian 5 coking coal in Tangshan. For example, the price of Linfen low - sulfur prime coking coal was 1,620 yuan/ton, unchanged from the previous day [1] - Basis and Spreads: The basis of JM2605 in Shanxi increased by 16.5 yuan/ton to 120 yuan/ton, and the basis of J2605 in Shanxi's quasi - first - class coke delivered to the factory increased by 28 yuan/ton to - 185 yuan/ton. The spread between JM2605 and JM2609 decreased by 3.5 yuan/ton to - 82 yuan/ton, and the spread between J2605 and J2609 decreased by 5 yuan/ton to - 79.5 yuan/ton [1] 3.2 Macro and Industry News - CCI Index: On January 16, the China Coal Resource Network's CCI metallurgical coal index showed that CCI Shanxi low - sulfur prime coking coal (S0.7) was 1,608 yuan/ton, CCI Shanxi medium - sulfur prime coking coal (S1.3) was 1,260 yuan/ton, and CCI Shanxi high - sulfur prime coking coal (S1.6) was 1,249 yuan/ton, all unchanged [1] - Imported Australian Coal: Excessive rainfall in Australia has caused floods, affecting the production of some local coal mines. Two major secondary coking coal mines, Stanmore and Fitzroy, have issued force majeure notices. Coupled with the previous shutdowns of Curragh and Dendrobium mines, the supply of Australian coal has tightened, and coal prices are rising rapidly. The inquiry price of Goonyella has reached FOB231 US dollars, up 10 US dollars from last Friday's transaction, with a short - term upward trend expected [1] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is also 0 [4]