焦炭：一轮提降落地，震荡偏强焦煤：能源属性持续发酵，震荡偏强

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The coke market has seen a round of price cuts and is expected to be volatile and moderately strong. The coking coal market has its energy - related attributes continuously developing and is also expected to be volatile and moderately strong [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Prices - JM2605 closed at 1123 yuan/ton, up 17.5 yuan/ton or 1.6%. J2605 closed at 1695.5 yuan/ton, up 19 yuan/ton or 1.1% [2] - JM2605 had a trading volume of 876,475 lots, an open interest of 496,857 lots, and an open - interest change of 8,364 lots. J2605 had a trading volume of 18,895 lots, an open interest of 37,714 lots, and an open - interest change of 891 lots [2] 3.1.2 Spot Prices - For coking coal, the price of Linfen low - sulfur main coking coal decreased by 20 yuan/ton to 1460 yuan/ton, while other types of coking coal such as Lvliang low - sulfur main coking coal remained unchanged. For coke, the price of Hebei quasi - dry quenched coke decreased by 55 yuan/ton to 1525 yuan/ton, and the price of Shanxi quasi - first - grade coke delivered to the factory decreased by 50 yuan/ton to 1395 yuan/ton [2] 3.1.3 Basis and Spreads - The basis of JM2605 in Shanxi decreased by 17.5 yuan/ton to 42 yuan/ton; in Meng5, it decreased by 11.5 yuan/ton to 52 yuan/ton. The basis of J2605 for Shanxi quasi - first - grade coke delivered to the factory decreased by 69 yuan/ton to - 163.5 yuan/ton [2] - The spread of JM2605 - JM2609 increased by 1 yuan/ton to - 93.5 yuan/ton, and the spread of J2605 - J2609 increased by 2 yuan/ton to - 66.5 yuan/ton [2] 3.2 Macro and Industry News - On March 6, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur main coking coal S0.7 was 1459 (unchanged), CCI Shanxi medium - sulfur main coking coal S1.3 was 1170 (down 20), and CCI Shanxi high - sulfur main coking coal S1.6 was 1164 (down 20) [2] - On March 6, the online auction of coking coal had a total listed volume of 246,800 tons, a non - successful bid rate of 1% (down 29% from the previous day), and an average premium of 35.57 yuan/ton. The listed resources were mainly primary coking coal, lean coking raw coal, and fat raw coal. The auction results showed mixed price changes. The downstream was willing to accept cost - effective resources, but with the first - round price increase of coke, most market participants were cautious and some were bearish on the future market, resulting in insufficient demand and a continuous decline in high - priced resources. Most of the auction resources had a price increase within 20 yuan/ton, a few had an increase of over 80 yuan/ton, and the price decrease was between 3 - 69 yuan/ton [2] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [4]