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 Viewpoints - The report provides a comprehensive analysis of the fundamentals of coking coal and coke, including futures prices, spot prices, basis, spreads, and macro - industry news, but no clear overall core investment view is presented other than the wide - range fluctuation rating [1] Summary According to Relevant Catalogs 1. Fundamental Tracking Futures Prices - JM2605 closed at 1,176 yuan/ton, down 5 yuan/ton or 0.4%. J2605 closed at 1,732 yuan/ton, down 14 yuan/ton or 0.8% [1] - JM2605 had a trading volume of 673,152 lots, an open interest of 391,077 lots, with an open interest change of - 10,167 lots. J2605 had a trading volume of 12,857 lots, an open interest of 33,763 lots, with an open interest change of - 821 lots [1] Spot Prices - Among coking coal, the price of Linfen low - sulfur prime coking coal and Lvliang low - sulfur prime coking coal remained unchanged at 1,450 yuan/ton and 1,483 yuan/ton respectively. Lvliang lean main coking coal rose 30 yuan/ton to 1,210 yuan/ton [1] - Among coke, the prices of Hebei quasi - first - grade dry - quenched coke, Shanxi quasi - first - grade arrival price, and Rizhao Port quasi - first - grade dry - quenched price index remained unchanged [1] Basis and Spreads - The basis of JM2605 in Shanxi increased 5 yuan/ton to 50 yuan/ton, and the basis of J2605 in Shanxi quasi - first - grade arrival price increased 14 yuan/ton to - 200 yuan/ton [1] - The spread of JM2605 - JM2609 decreased 6.5 yuan/ton to - 106 yuan/ton, and the spread of J2605 - J2609 decreased 10 yuan/ton to - 77.5 yuan/ton [1] 2. Macro and Industry News - On March 17, the CCI metallurgical coal index: CCI Shanxi low - sulfur main coking coal S0.7 was 1,443 (+7); CCI Shanxi medium - sulfur main coking coal S1.3 was 1,200 (-); CCI Shanxi high - sulfur main coking coal S1.6 was 1,194 (-) [1] - On March 17, the online auction of coking coal had a total listed volume of 277,000 tons, a non - successful bid rate of 8%, a decrease of 19% compared to the previous day, and an average premium of 53 yuan/ton. Most coal prices showed an upward trend, with an increase of 19 - 120 yuan/ton, and individual resources decreased by 20 - 77 yuan/ton [1] 3. Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [3]