焦炭：宽幅震荡；焦煤：宽幅震荡

Report Industry Investment Rating - The investment ratings for coke and coking coal are both "wide - range fluctuations" [1] Core View - The report presents the latest data on the fundamentals of coking coal and coke, including futures prices, trading volumes, positions, spot prices, and price differences. It also mentions the CCI metallurgical coal index and the results of coking coal online auctions, indicating that the trading atmosphere has improved [1] Summary by Directory Fundamental Tracking - Futures Prices: The closing price of JM2605 was 1121.5 yuan/ton, down 46.5 yuan/ton (-4.0%); the closing price of J2605 was 1680.5 yuan/ton, down 59.5 yuan/ton (-3.4%). The trading volume of JM2605 was 1,369,668 lots, with a position of 421,519 lots, a decrease of 75,338 lots; the trading volume of J2605 was 25,515 lots, with a position of 35,998 lots, a decrease of 3,437 lots [1] - Spot Prices: Among coking coal, the price of Linfen low - sulfur primary coking coal and Lvliang low - sulfur primary coking coal remained unchanged at 1460 yuan/ton and 1483 yuan/ton respectively; the price of Lvliang lean primary coking coal increased by 30 yuan/ton to 1190 yuan/ton, and the price of Lvliang medium - sulfur fat coal increased by 100 yuan/ton to 1400 yuan/ton. Among coke, the prices of Hebei quasi - first - class dry - quenched coke, Shanxi quasi - first - class delivered - to - factory price, and Rizhao Port quasi - first - class dry - quenched price index remained unchanged [1] - Price Differences: The basis of JM2605 in Shanxi increased by 46.5 yuan/ton to 34.5 yuan/ton; the basis of J2605 in Shanxi quasi - first - class delivered - to - factory increased by 59.5 yuan/ton to - 148.5 yuan/ton. The price difference between JM2605 - JM2609 decreased by 13.5 yuan/ton to - 97.0 yuan/ton; the price difference between J2605 - J2609 decreased by 12.5 yuan/ton to - 76.0 yuan/ton [1] Macro and Industry News - On March 10, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur primary coking coal S0.7 was 1442 (-17) [1] - On March 10, the total online auction listing volume of coking coal was 220,000 tons, with a non - successful bid rate of 5%, an increase of 5% compared to the previous day, and an average premium of 52.13 yuan/ton. The trading atmosphere improved, with most transaction prices rising by 3 - 47 yuan/ton and a few resources having price cuts of 2 - 50 yuan/ton [1] Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [4]