焦炭：市场情绪发酵，宽幅震荡；焦煤：市场情绪发酵，宽幅震荡

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The market sentiment of coke and coking coal is fermenting, and the prices are fluctuating widely. The trend intensity of coke and coking coal is 0 [1][2][5] Group 3: Fundamental Tracking Futures Prices - JM2605 closed at 1,249.5 yuan/ton, down 40 yuan/ton or 3.1%. The trading volume was 1,501,424 lots, and the open interest was 390,957 lots, a decrease of 45,887 lots. - J2605 closed at 1,798 yuan/ton, down 49 yuan/ton or 2.7%. The trading volume was 28,124 lots, and the open interest was 34,384 lots, a decrease of 2,320 lots [2] Spot Prices - For coking coal, the prices of some varieties such as Lvliang low - sulfur main coking coal increased, while others remained unchanged. For example, Lvliang low - sulfur main coking coal rose 135 yuan/ton to 1,603 yuan/ton, and Lvliang medium - sulfur fat coal rose 50 yuan/ton to 1,500 yuan/ton. - For coke, all the spot prices remained unchanged [2] Basis and Spreads - The basis of JM2605 for some varieties increased, such as coking coal No. 5 from Inner Mongolia, which increased by 30 yuan/ton to 87.5 yuan/ton. - The spreads between different contract months of coking coal (JM2605 - JM2609) and coke (J2605 - J2609) decreased. JM2605 - JM2609 decreased by 33 yuan/ton to - 122 yuan/ton, and J2605 - J2609 decreased by 7.5 yuan/ton to - 75.5 yuan/ton [2] Group 4: Macro and Industry News - On March 24, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur main coking coal S0.7 was 1,564 yuan/ton (+97), CCI Shanxi medium - sulfur main coking coal S1.3 was 1,330 yuan/ton (+30), and CCI Shanxi high - sulfur main coking coal S1.6 was 1,324 yuan/ton (+30). - On March 24, the online auction of coking coal had a total listing volume of 339,500 tons, with a 0% failure rate, the same as the previous day. The average premium was 94.64 yuan/ton. Due to the continuous fermentation of macro - news, participants had a strong bullish sentiment, and the coal prices rose significantly, with an increase of 32 - 190 yuan/ton [2]