双焦：矛盾不突出，关注国际煤炭市场扰动

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report focuses on the double - coking (coking coal and coke) market, stating that the contradictions are not prominent, and attention should be paid to the disturbances in the international coal market [1] 3. Summary by Directory 3.1 Fundamental Situation - Price Charts: There are multiple price charts for coking coal and coke, including the main contract trends of coking coal and coke, price indices of coking coal and coke, prices of different types of coking coal (such as medium - sulfur main coking coal, Mongolian 5 coking coal), and prices of coke (such as coke price index, quasi - first - grade coke ex - factory price, coke export FOB price) [9][11][28] - Production Charts: Charts show the production of national and Shanxi's raw coal, national and Shanxi's coking clean coal, and the capacity utilization rate and raw coal inventory of coking coal mines [38][41][42] - Import Charts: There are charts about the customs clearance of imported Mongolian coal at different ports (Ganqimaodu, Ceke, Mandula) and the total customs clearance of three ports [50][52][54] - Export Charts: Charts display the export volume of coke from China to the world, Indonesia, India, and Malaysia [73][76] - Capacity Utilization and Production Charts: There are charts of the capacity utilization rate and daily output of independent coking enterprises and steel - mill coking plants, as well as the capacity utilization rate, daily output of iron water, and profitability rate of steel mills [79][84][88] - Inventory Charts: There are charts of the inventory of coking coal in mines, washing plants, Mongolian coal at ports, independent coking plants, and the total coking coal inventory, as well as the inventory of coke in coking enterprises, steel mills, ports, and the total coke inventory [96][105][106] 3.2 Indonesia Coal Data - Production Quota Approval: The preliminary RKAB approval results show that for different numbers of companies, the submitted production and approved production vary. For example, 7 companies submitted 2.22 billion tons of production, and all 2.22 billion tons were approved; 31 companies submitted 2.55 billion tons, and 1.19 billion tons were approved [64] - 2025 Production and Export: In 2025, Indonesia's coal production was 7.90 billion tons, the export volume was 5.24 billion tons, accounting for 66.3% of the production, and the export volume to China was 2.11 billion tons, accounting for 40.3% of the total export volume [68] - Export Change Calculation: Under different scenarios (coal quota strictly implemented at 6 billion tons and neutral estimated production at 6.9 billion tons), the reduction in production, export volume, and export volume to China are calculated. For example, when the coal quota is strictly implemented at 6 billion tons and the reduction is mainly in exports, the production is reduced by 1.90 billion tons, the export volume is reduced by 1.90 billion tons, and the export volume to China is reduced by 0.77 billion tons [70]