焦炭：一轮提降开启，宽幅震荡焦煤：宽幅震荡

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View - The report indicates that a round of price cuts for coke has begun, and both coke and coking coal are in a wide - range shock state [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: For JM2605, the closing price was 1,127 yuan/ton, up 33 yuan/ton (3.0%); for J2605, it was 1,694 yuan/ton, up 42 yuan/ton (2.5%). JM2605 had a trading volume of 1,151,632 lots, a position of 506,242 lots, with a decrease of 39,301 lots; J2605 had a trading volume of 25,286 lots, a position of 39,194 lots, with a decrease of 1,180 lots [1]. - Spot Prices: Among coking coal, the prices of Linfen low - sulfur main coking coal, Lvliang low - sulfur main coking coal, Lvliang lean main coking coal, and Lvliang medium - sulfur fat coal remained unchanged; the self - pick - up price of Jinquan Meng 5 clean coal decreased by 17 yuan/ton, and the price of Meng 5 Tangshan clean coal increased by 29 yuan/ton. Among coke, the prices of Hebei quasi - first - grade blast furnace coke, Shanxi quasi - first - grade delivered price, and Rizhao Port quasi - first - grade dry - quenched price index remained unchanged [1]. - Basis and Spreads: The basis of JM2605 in Shanxi decreased by 33 yuan/ton, and that of Meng 5 decreased by 4 yuan/ton; the basis of J2605 in Shanxi quasi - first - grade delivered price decreased by 42 yuan/ton, and that of Rizhao Port quasi - first - grade flat - price index decreased by 42 yuan/ton. The spread of JM2605 - JM2609 increased by 5.5 yuan/ton, and the spread of J2605 - J2609 increased by 3 yuan/ton [1]. 3.2 Macro and Industry News - On March 4, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur main coking coal S0.7 was 1,459 yuan/ton (-34 yuan/ton), CCI Shanxi medium - sulfur main coking coal S1.3 was 1,190 yuan/ton (unchanged), and CCI Shanxi high - sulfur main coking coal S1.6 was 1,184 yuan/ton (unchanged) [1]. - On March 4, the online auction of coking coal had a total listing volume of 407,500 tons, with a non - successful bid rate of 28%, a decrease of 13% compared to the previous day, and an average premium of 24.1 yuan/ton. The auction was mainly for coking coal, fat coal, and lean coal. Coke started the first round of price cuts, and the sentiment in the double - coking market was weak. The non - successful bid rate remained high, and the transaction prices showed mixed changes, with price increases ranging from 5 - 88 yuan/ton and price decreases ranging from 3 - 50 yuan/ton [1]. 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [4].