Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The coking coal supply pressure remains due to the slowdown in coking coal production growth and high Mongolian coal customs clearance volume. The iron - water production increases, providing incremental demand for coking coal and coke. The coking coal auction transaction rate is close to 100%, reflecting downstream purchasing enthusiasm. Considering the increase in rigid demand and the impact of geopolitical conflicts on coal prices, coal prices are still supported. Future focus should be on changes in iron - water production, mine operation rhythm, and geopolitical situation [2] Group 3: Summary by Related Catalog Price and Trading Volume Information - **Futures prices**: The previous day's closing prices of different contract months for coking coal and coke are 1543.5, 1214.0, 1352.5, 1923.0, 1753.5, 1842.0 respectively, with price changes of -6.5, -5.0, -4.5, -3.0, 1.5, 2.5 and percentage changes of -0.33%, -0.42%, -0.41%, -0.16%, 0.09%, 0.14% compared to the day before [2] - **Trading volume**: The trading volumes are 5125, 756767, 215978, 13198, 2989 [2] - **Open interest**: The open interests are 21604, 399980, 204487, 2236, 29837, 13772, with changes of 610, -1113, 6417, 20, -436, 707 [2] - **Price spreads**: The current price spreads between different contract months and their changes are as follows: 1 - 5 month spread is 240 with an increase of 306; 5 - 9 month spread is -79.5 with an increase of 2.5; 9 - 1 month spread is -160.5 with a decrease of 308.5; for another set, 1 - 5 month spread is 160.5 with an increase of 429.5; 5 - 9 month spread is -77.5 with an increase of 2; 9 - 1 month spread is -83 with a decrease of 431.5 [2] - **Spot prices**: The current spot prices of different types of coking coal are 1600, 1308, 1529, 1800, 1280, 1490, and the change of the last one is -10 [2] Policy Information - Hangzhou optimizes the housing provident fund use policy. The maximum housing provident fund loan amount is increased from 1.3 million yuan to 1.8 million yuan. The individual loan - eligible amount is no more than 900,000 yuan. The calculation multiple of the individual loan - eligible amount is adjusted from 15 times to 20 times. The loan amount for multi - child families can be increased by 50% based on the calculated eligible amount [2]

Group 1: Market Views 1. Coking Coal Fundamentals - Supply: The operating rate of 523 sample mines was 89.16% (+0.57%), and the daily average output of clean coal was 78.6 tons (-1.21). The capacity utilization rate of 314 coal washing plants was 34.78% (+1.77%), and the daily average output of clean coal was 25.89 tons (+1.58). The Mongolian coal customs clearance volume at the Ganqimaodu Port remained high, and the overall supply increased [3]. - Demand: The daily output of molten iron from 247 steel mills was 231.09 tons (+2.94), and the blast furnace operating rate was 81.03% (+1.25%). The available days of coking coal for 247 steel mills were 12.44 days (+0.14), and those for 230 independent coking plants were 12.95 days (+0.4). The procurement sentiment of downstream coking and steel plants improved [3]. - Inventory: The clean coal inventory of 523 sample mines was 222.83 tons (-31.26), the inventory of all - sample independent coking plants was 1047.54 tons (+42.51), the steel mill inventory was 782.41 tons (+8.48), the clean coal inventory of 314 sample coal washing plants was 349.18 tons (+16.67), and the inventory at major ports was 269.44 tons (+4.49). The inventory structure was being transferred to the middle and downstream [3]. - Summary: Last week, the coking coal market supply remained high. Demand from downstream coking and steel plants increased. The inventory structure improved. In the short term, it will maintain a slightly stronger oscillation [3]. 2. Coke Fundamentals - Supply: The average profit per ton of coke in coking plants was 21 yuan/ton (-17). The capacity utilization rate of all - sample independent coking plants was 74.86% (+0.55%), and the daily average output was 64.76 tons (+0.52). The daily output of coke from 247 steel mills was 47.28 tons (-0.03). The overall supply was relatively stable [4]. - Demand: The daily output of molten iron from 247 steel mills was 231.09 tons (+2.94), and the blast furnace operating rate was 81.03% (+1.25). The available days of coke for 247 steel mills were 12.75 days (+0.01). The rigid demand support was strong [4]. - Inventory: The inventory of all - sample independent coking plants was 90.05 tons (-4.18), the inventory at major ports was 216.11 tons (+16.98), and the inventory of 247 steel mills was 691.67 tons (+3.49). The overall social inventory of coke increased slightly [4]. - Summary: The supply and demand of coke both increased, and the market sentiment was positive. It is expected that the futures price will oscillate slightly stronger [4]. Group 2: Macro - real Estate Tracking - The report includes data on the cumulative year - on - year growth rate of national fixed asset investment, the cumulative year - on - year growth rate of new construction, construction, completion, and sales area of national real estate, the weekly commercial housing transaction area in 30 large and medium - sized cities, the purchasing managers' index (PMI) of the steel industry, and the manufacturing PMI [6][10][14][18] Group 3: Coking Coal Supply and Demand Tracking - It includes data on the purchase price of medium - sulfur main coking coal in Jiexiu, Jinzhong, Shanxi, the comparison of mainstream coking coal spot prices nationwide, the basis tracking of coking coal contracts, the daily average output and operating rate of 523 sample coal mines, the daily average output and capacity utilization rate of 314 sample coal washing plants, the daily output of molten iron and blast furnace operating rate of 247 steel mills, the inventory of 314 sample coal washing plants and 523 sample mines, the coking coal inventory of 247 steel mills and all - sample independent coking plants, the inventory of imported coking coal at ports, the available days of coking coal inventory for 247 steel mills and 230 independent coking plants, and the customs clearance vehicles of Mongolian coal at the Ganqimaodu Port [21][26][33][38][40][42][45][48][54][57] Group 4: Coke Supply and Demand Tracking - It includes data on the ex - factory price of quasi - first - grade metallurgical coke in Lvliang, the spot price adjustment schedule of coke, the comparison of coke spot prices, the basis of coke contracts, the profit per ton of coke in independent coking enterprises, the daily output and capacity utilization rate of all - sample independent coking enterprises and 247 steel mills, the inventory of all - sample independent coking enterprises and 247 steel mills, the inventory of coke at ports, and the available days of coke inventory for 247 steel mills [61][63][65][69][76][79][82][87][91]

Report Title - "Double Coking Coal and Coke: Geopolitical Disturbance Blunted, Focus on Substantive Fundamental Changes" [1] Core Viewpoint - The report is mainly about the fundamental situation of double coking coal and coke in April 2026, including price trends, production, imports, and inventory, but does not explicitly state a core view [12] Fundamental Situation Price Trends - The report presents multiple price trend charts, including those of coking coal (such as coking coal price index, medium - sulfur primary coking coal price, Mongolian 5 coking coal, etc.) and coke (such as coke price index, quasi - first - grade coke ex - factory price, etc.) from 2021 to 2026 [18][28] Production - National and Shanxi's raw coal and coking fine coal production data from 2021 - 2025 are shown, along with the capacity utilization rate and raw coal inventory of coking coal mines [52][58] Imports - In February 2026, China imported a total of 19.83 million tons of coking coal, a 5.2% year - on - year increase. Mongolia was the largest source, with 11.07 million tons (55.8%), a 71.8% year - on - year increase. Russia, Canada, the US, Australia, Indonesia, and others also had respective import volumes and changes [60] Inventory - As of March 27, 2026, the total coking coal inventory (converted to fine coal) was 38.207 million tons, an increase of 82,960 tons month - on - month and a decrease of 426,000 tons year - on - year. The total coke inventory was 10.712 million tons, an increase of 26,590 tons month - on - month and an increase of 11,100 tons year - on - year [104] Future Outlook and Strategy Recommendation - The report does not provide specific future outlook and strategy recommendation content

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, all black - series commodities rose, with raw material prices outperforming finished products. The weekly increase of the iron ore main contract was 5.1%, coking coal 4.9%, and coke 2.5%. The domestic coal mine production has recovered to the pre - holiday level, and the online auction transaction rate has remained high recently. Downstream replenishment and speculative demand have increased. In the short term, the fundamentals are improving marginally. The market is expected to be volatile and bullish in the coming week, and attention should be paid to the pressure at the previous high points [4][5]. 3. Summary by Relevant Catalogs 3.1 Market Overview - Black - series commodities all rose this week, with raw material price performance stronger than that of finished products. The iron ore main contract rose 5.1% weekly, coking coal 4.9%, and coke 2.5%. Domestically, coal mine production has returned to pre - holiday levels, online auction transaction rates remain high, and downstream replenishment and speculative demand have increased [4]. 3.2 Coking Coal Market 3.2.1 Coking Coal Warehouse Receipt Cost - Different varieties of coking coal have different warehouse receipt costs in different locations. For example, on March 13, 2026, the warehouse receipt cost of Meng 5 in Tangshan was 1163 yuan/ton, and the spot price was 1390 yuan/ton [10]. 3.2.2 Basis - The basis, weekly change, basis rate, one - month average, and seasonality of different contracts are different. For example, the basis of the January contract was - 188, with a weekly change of - 50 and a basis rate of - 15.98% [15]. 3.2.3 Coking Coal Supply - **Mine**: This week, the daily average output of raw coal from 523 mines was 1.9361 million tons, a week - on - week increase of 107,500 tons; the daily average output of clean coal was 777,000 tons, a week - on - week increase of 29,200 tons [22]. - **Coal Washery**: The daily average output of sample coal washeries was 230,800 tons, a week - on - week increase of 31,800 tons; the capacity utilization rate was 31%, a week - on - week increase of 4.43% [25]. 3.2.4 Coking Coal Import - In 2025, China's cumulative coking coal imports decreased by 2.7% year - on - year. In December 2025, the import volume from Mongolia increased by 7.6% month - on - month and 59.1% year - on - year [26][29]. 3.2.5 Coking Coal Auction Data - From February 27 to March 6, 2026, the coking coal listing volume decreased by 529,200 tons week - on - week to 1.4653 million tons, the transaction rate decreased by 4.79 percentage points to 77.14%, and the non - transaction rate increased by 4.79 percentage points to 22.86% [32]. 3.3 Coke Market 3.3.1 Coke Warehouse Receipt Cost - Different varieties of coke have different warehouse receipt costs in different locations. For example, on March 12, 2026, the warehouse receipt cost of Rizhao Port wet - quenched coke was 1726 yuan/ton, and the spot price was 1470 yuan/ton [42]. 3.3.2 Coking Profit - As of March 13, 2026, the national coking profit was - 3 yuan, a week - on - week decrease of 20 yuan. Profits in different regions also showed a downward trend [44]. 3.3.3 Basis - The basis, weekly change, basis rate, one - month average, and seasonality of different coke contracts are different. For example, the basis of the January contract was - 280, with a weekly change of - 56 and a basis rate of - 19.07% [48]. 3.3.4 Coke Supply - Not detailed enough in the content 3.3.5 Coke Demand - Not detailed enough in the content 3.3.6 Coke Total Inventory and Distribution - As of March 13, 2026, the total coke inventory decreased slightly week - on - week. The inventory of steel mills increased by 162,900 tons to 6.8755 million tons, the inventory of independent coke enterprises decreased by 98,700 tons to 1.0043 million tons, and the inventory of ports decreased by 67,300 tons to 1.9638 million tons [60].

Report Title - "Demand Gradually Recovers, Market Expected to Oscillate and Rise - Coking Coal and Coke Weekly Report 20260302" [1] Report Author - Zhou Guisheng, with qualification certificate F3036194 and investment consulting certificate Z0015986 [1] Market Views Coking Coal Fundamentals - Supply: The operating rate of 523 sample mines is 68.24% (+19.35%), and the daily output of clean coal is 64.9 million tons (+19.02). The capacity utilization rate of 314 coal washing plants is 22.73% (-9.55%), and the daily output of clean coal is 16.91 million tons (-7.43). After the Spring Festival, coal mine复产 increased, but the speed is slower than the lunar year. The import of Mongolian coal at the Ganqimaodu Port has returned to a high level [3]. - Demand: The daily output of hot metal from 247 steel mills is 223.28 million tons (+2.79), the blast furnace operating rate is 80.22% (+0.09%), the available days of coking coal in steel mills are 12.65 days (-0.41), and in 230 independent coking plants are 12.28 days (-1.08). The downstream mainly consumes existing inventory, and replenishment is postponed [3]. - Inventory: The clean coal inventory of 523 sample mines is 257.66 million tons (+6.04), the inventory of all - sample independent coking plants is 998.86 million tons (-80.23), the inventory of steel mills is 796.24 million tons (-27.89), the inventory of 314 sample coal washing plants is 298.93 million tons (-10.08), and the inventory of major ports is 271.97 million tons (+13.56). Currently, the inventory of mines and ports has slightly accumulated, while the inventory of coking plants, coal washing plants, and steel mills has decreased [3]. - Summary: Last week, the coking coal market was weak in both supply and demand. With the gradual recovery of hot metal output, downstream demand will increase, and there are still policy expectations during the Two Sessions. It is expected to oscillate strongly. Pay attention to the demand recovery [3]. Coke Fundamentals - Supply: The average profit per ton of coke in coking plants is - 7 yuan/ton (-1), the capacity utilization rate of all - sample independent coking plants is 74.36% (+1.47%), the daily output is 64.29 million tons (+0.55), and the daily output of coke from 247 steel mills is 47.1 million tons (-0.13). The loss of coking plant profits has narrowed, and the resumption of production is optimistic [4]. - Demand: The daily output of hot metal from 247 steel mills is 223.28 million tons (+2.79), the blast furnace operating rate is 80.22% (+0.09%), and the available days of coke in 247 steel mills are 12.41 days (-0.05). As the hot metal output gradually recovers, the demand for coke replenishment increases [4]. - Inventory: The inventory of all - sample independent coking plants is 107.82 million tons (+7.54), the inventory of major ports is 197.1 million tons (-1.96), and the inventory of 247 steel mills is 675.11 million tons (-1.35). The overall social inventory of coke has increased [4]. - Summary: In terms of supply, the output of coking enterprises has increased after the Spring Festival, and the overall supply has slightly increased. In terms of demand, the steel mills mainly consume existing inventory, and as the hot metal output recovers, the demand for coke replenishment is expected to increase. The current supply - demand situation of coke is weak, but it is expected to oscillate strongly. Pay attention to the demand recovery [4] Macro - Real Estate Tracking - The report includes data on the year - on - year cumulative growth rate of national fixed asset investment, the year - on - year cumulative growth rate of new construction, construction, completion, and sales area of national real estate, the weekly commercial housing transaction area in 30 large - and medium - sized cities, the purchasing manager index (PMI) of the steel industry, and the manufacturing PMI [6][10][14][18] Coking Coal Supply - Demand Tracking - Coking coal spot prices are oscillating. The basis of the main 05 contract warehouse receipts has rebounded slightly. It also tracks the daily output, operating rate, inventory, and the number of customs - cleared vehicles at the Ganqimaodu Port of Mongolian coal of sample mines and coal washing plants, as well as the hot metal output and blast furnace operating rate of steel mills [21][26][31] Coke Supply - Demand Tracking - It shows the ex - factory price of quasi - first - grade metallurgical coke in Lvliang, the spot price adjustment schedule and comparison of coke, and the basis of different contracts. The profit per ton of coke in coking enterprises has slightly recovered. It also tracks the output, capacity utilization rate, and inventory of coke in coking enterprises and steel mills [59][61][74]

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - This week, the coal and coke market showed a pattern of weak supply and demand, with prices oscillating weakly. On the supply side, state - owned mines resumed production quickly after the Spring Festival, while private mines and coal washing plants were not fully operational, and the Mongolian coal port resumed customs clearance on the 23rd with a steadily increasing clearance volume, putting downward pressure on coal prices. On the demand side, coke was stable, steel mill demand recovered slowly, there were strong expectations of environmental protection control before major meetings, the start - up of coke and steel enterprises increased limitedly, and the recovery strength of the real estate and infrastructure sectors was unclear, so the release of steel demand was uncertain, which restricted the demand for coking coal. In the future, the resumption of production in coal mines will accelerate after the Spring Festival, but the supply level is still restricted by policies. Downstream enterprises are mainly digesting inventory. Although the coking coal fundamentals are under pressure, the overall contradiction is not prominent. Spot prices are expected to be weakly stable, and the futures market is expected to fluctuate widely due to capital sentiment [2] 3. Summary by Relevant Catalogs Market Review and Outlook - This week, the coal - coke market had weak supply and demand and prices oscillated weakly. After the Spring Festival, state - owned mines resumed production faster, but private mines and coal - washing plants were not fully back in operation. Mongolian coal ports resumed customs - clearance on the 23rd, with a steadily increasing clearance volume, which put pressure on coal prices. Coke demand from steel mills recovered slowly, and environmental protection control was expected to be strict before major meetings. The real - estate and infrastructure recovery was uncertain, restricting coking - coal demand. In the future, coal - mine production resumption will speed up, but supply is policy - restricted. Downstream is mainly digesting inventory. Coking - coal fundamentals are under pressure but the overall contradiction is not significant. Spot is expected to be weakly stable, and the futures market will fluctuate widely due to capital sentiment [2] Weekly Changes in Fundamental Data - The total coking - coal inventory was 2063.29 tons this week, a decrease of 363.36 tons from last week, a week - on - week change rate of - 14.97%. The total coke inventory was 980.03 tons this week, a decrease of 7.92 tons from last week, a week - on - week change rate of - 0.80%. The daily average pig - iron output of steel mills was 233.28 tons this week, an increase of 2.79 tons from last week, a week - on - week change rate of 1.21%. The profit per ton of coke for independent coke enterprises was - 7 yuan/ton this week, an increase of 1 yuan/ton from last week, a week - on - week change rate of - 12.5% [4] 1. Futures Market Review - The report provides a 5 - day intraday chart of the main contracts of coking coal and coke, but no specific data analysis is given. The data source is the Steel Union Terminal and Ningzheng Futures [6][7] 2. Spot Market Review - The report presents charts of the average price of various coking - coal types, the self - pick - up price of Mongolian main coking coal, and the arrival price of first - grade and quasi - first - grade metallurgical coke. The data sources are the Steel Union Terminal and Ningzheng Futures [8][11] 3. Fundamental Data - The report includes charts of the daily output of clean coal from mines and coal - washing plants, the customs - clearance volume of Mongolian coal at the Ganqimaodu Port, the coking - coal inventory of steel mills, independent coke enterprises and ports, the available days of coking - coal inventory for steel mills and independent coke enterprises, the daily output of coke from steel mills and independent coke enterprises, the daily average pig - iron output of 247 steel mills, the coke inventory of steel mills, independent coke enterprises and ports, the available days of coke inventory for steel mills, the profit per ton of coke for independent coke enterprises, and the profit - making rate of 247 steel mills. The data sources are the Steel Union Terminal and Ningzheng Futures [15][18][22]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The night session of the main contracts of coking coal and coke showed a weak trend yesterday, and the total position of coking coal continued to increase. Affected by the Spring Festival holiday, the output of clean coal from mines decreased week - on - week in recent weeks, and the customs clearance volume of Mongolian coal dropped from the high level, alleviating the supply - side pressure of coking coal. On the demand side, the pig iron output did not change significantly, and the output of downstream coke remained basically flat, lacking obvious incremental demand. After the Spring Festival, with the resumption of work and production, the pig iron output is expected to rise, which will drive the improvement of the rigid demand for coking coal and coke. The further implementation of real - estate stimulus policies will strongly support coal prices. The future focus should be on the trend of pig iron output, mine operation, and import - end policy trends [2] Group 3: Summary According to the Directory Futures Price and Trading Volume - The closing prices of different contracts of coking coal and coke on the previous day and the day before, along with their price changes and price change rates, are presented. For example, the previous - day closing price of a certain contract was 1674.0, with a price increase of 37.0 and a price increase rate of 2.22%. The trading volume and open interest of different contracts are also provided, such as the trading volume of a contract being 725337 and the open interest being 38231. The changes in open interest and price spreads between different contracts are also given [2] Spot Price - The current prices and price changes of different types of coking coal and coke in different regions are shown. For example, the current ex - factory price of a certain type of coking coal is 1197, with a price decrease of 30 [2] Policy Information - On February 25, 2026, five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies. The policies include shortening the social security or individual income tax payment period for non - Shanghai residents to buy housing within the outer ring to at least one consecutive year, allowing non - Shanghai resident families or single adults who have paid social security or individual income tax in the city for at least three years to purchase an additional housing unit within the outer ring, and allowing non - Shanghai resident families or single adults holding a Shanghai Residence Permit for at least five years to purchase a housing unit in the city without providing social security or individual income tax certificates [2]

Report Title and Information - Report Title: "Pre - holiday Market Sluggish, Disk Oscillates and Adjusts - Double - coking Weekly Report 20260209" [1] - Author: Zhou Guisheng [1] Report Industry Investment Rating - Not mentioned in the report. Core Viewpoints - **For Coking Coal**: Last week, the coking coal market had weak supply and demand, and market sentiment turned weak. With more coal mines shutting down near the Spring Festival, domestic supply tightened. Mongolian coal imports declined slightly. Although the daily average iron - water output on the demand side increased, it basically remained stable, and coke production remained stable. Downstream purchasing enthusiasm weakened. Overall, pre - holiday market sentiment was weak, coking coal supply and demand were relatively balanced, and it would maintain an oscillating trend in the short term. Attention should be paid to post - holiday demand recovery [3]. - **For Coke**: In terms of supply, most coke enterprises maintained normal production, coke production remained stable, and steel mill coke production increased, with overall supply increasing slightly. On the demand side, terminal steel consumption was still in the off - season, steel mill profits were poor, iron - water production remained stable, and with steel mill coke inventories at a medium - high level, they mainly replenished stocks as needed. Currently, coke supply and demand were relatively balanced, inventory levels remained high, and the disk was expected to follow and maintain low - level oscillations. Attention should be paid to post - holiday demand recovery [4]. Summary by Directory Part One: Market Views Coking Coal - **Supply**: The开工率 of 523 sample mines was 86.67% (-2.46%), and the daily average output of clean coal from 523 sample mines was 75.45 tons (-1.62). The capacity utilization rate of 314 coal - washing plants was 35.54% (-1.26%), and the daily average output of clean coal was 26.31 tons (-0.46). The customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly last week, and overall supply continued to tighten [3]. - **Demand**: The daily iron - water output of 247 steel mills was 228.58 tons (+0.6), the blast - furnace开工率 was 79.53% (+0.53%), the available days of coking coal in 247 steel mills were 13.12 days (+0.09), and the available days of coking coal in 230 independent coking plants were 16.51 days (+0.79). Downstream purchasing enthusiasm declined [3]. - **Inventory**: The clean - coal inventory of 523 sample mines was 264.65 tons (-2.53), the inventory of all - sample independent coking plants was 1302.39 tons (+67.6), the steel mill inventory was 824.2 tons (+9.84), the clean - coal inventory of 314 sample coal - washing plants was 334.46 tons (+22.89), and the inventory at major ports was 272.76 tons (-13.62). Downstream inventories were relatively high, and purchasing enthusiasm declined [3]. Coke - **Supply**: The average profit per ton of coke for coking plants was - 10 yuan/ton (+45), the capacity utilization rate of all - sample independent coking plants was 72.2% (+0.34%), the daily output of all - sample independent coking plants was 63.14 tons (+0.3), and the daily coke output of 247 steel mills was 47.24 tons (+0.23). The profit situation improved, but there was still price pressure [4]. - **Demand**: The daily iron - water output of 247 steel mills was 228.58 tons (+0.6), the blast - furnace开工率 was 79.53% (+0.53%), and the available days of coke in 247 steel mills were 12.76 days (+0.22). Steel mills maintained on - demand procurement [4]. - **Inventory**: The inventory of all - sample independent coking plants was 82.74 tons (-1.65), the inventory at major ports was 201.1 tons (-3.04), and the steel mill inventory was 692.38 tons (+14.19). The overall social inventory of coke increased [4]. Part Two: Macroeconomic and Real Estate Tracking - The report presents data on national fixed - asset investment cumulative year - on - year, national real - estate new construction, construction, completion, and sales area cumulative year - on - year, 30 - large - city weekly commercial housing transaction area, steel industry PMI, and manufacturing PMI, but no specific data analysis is provided [6][10][14][17] Part Three: Coking Coal Supply and Demand Tracking - The report shows data on Shanxi Jinzhong Jiexiu medium - sulfur main coking coal purchase price, national mainstream coking coal spot price comparison, coking coal spread tracking, 523 sample coal mines' clean - coal daily output and开工率, 314 sample coal - washing plants' clean - coal daily output and capacity utilization rate, 247 steel mills' daily iron - water output and blast - furnace开工率, inventory data of various parties, and Ganqimaodu Port Mongolian coal customs clearance vehicle numbers, but no specific data analysis is provided [20][25][30][35] Part Four: Coke Supply and Demand Tracking - The report provides data on Lvliang quasi - first - grade metallurgical coke ex - factory price, coke spot price adjustment schedule, coke spot price comparison, coke contract basis, coking enterprise ton - coke profit, independent coking enterprise coke daily output and capacity utilization rate, inventory data of various parties, and 247 steel mills' coke available days, but no specific data analysis is provided [58][60][62][65]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The core view of coking coal is that it will fluctuate. The spot market transactions are fair, and the mine - end quotes are relatively stable. The supply is expected to shrink before the Spring Festival, and the demand side maintains on - demand procurement. The supply pressure is still high, and it may maintain range - bound fluctuations [4]. - The core view of coke is also that it will fluctuate. The first - round price increase of coke has been implemented. The supply side has stable production, and the demand side has limited driving force. Before the Spring Festival, it mainly follows the weakening of raw coal [6]. 3. Summary According to Relevant Catalogs Coking Coal Spot Market - The spot market transactions are fair, with an increasing online auction non - sale rate. Mines are mainly transporting pre - sold orders. The price of low - sulfur main coking coal in Anze, Shanxi remains at a high of 1,640 yuan/ton, and that of medium - sulfur main coking coal in Jinzhong is 1,400 yuan/ton, both unchanged week - on - week [10]. - The actual transactions of Mongolian coal are light, with downstream buyers mainly bargaining for lower prices and having a low acceptance of high prices. The price of Mongolian No. 5 raw coal is stable at 1,030 - 1,040 yuan/ton [13]. - The import profit of Australian coking coal remains inverted [15]. Spread - The calculated warehouse - receipt price of Mongolian coal is about 1,170 yuan/ton, and that of medium - sulfur coal in Shanxi is about 1,300 yuan/ton. The futures price has risen to a premium range [34]. Supply - The coal mine capacity utilization rate has rebounded to 87.3%, a week - on - week increase of 1%. As the Spring Festival approaches, coal mines mainly focus on safe and stable production and will gradually arrange holidays [47]. - The weekly average daily customs clearance of Ganqimaodu Port last week was 1,329 vehicles. The customs clearance of Mongolian coal was briefly disturbed this week but has now returned to a high level [4]. Inventory - Upstream mines have few new orders, and downstream buyers maintain on - demand procurement, with relatively sufficient inventory [4]. Coke Spot Market - The first - round price increase of coke has been implemented. The price of quasi - first - grade coke at Rizhao Port is 1,470 yuan/ton, unchanged week - on - week. The price of quasi - first - grade dry - quenched coke in Shanxi is about 1,520 - 1,535 yuan/ton [88]. - The wet - quenched warehouse - receipt price of coke at the port is 1,600 yuan/ton, and the quasi - first - grade dry - quenched warehouse - receipt price is 1,720 yuan/ton [88]. Spread - Recently, the futures price has rebounded and is at a premium to the dry - quenched warehouse - receipt price. The 5 - 9 month spread fluctuates [93]. Supply - After the price increase, coke enterprises have good profits and stable production [6]. Demand - The daily average pig iron output of 247 steel mills is 228 tons, basically unchanged week - on - week. The blast furnace operating rate of 247 steel mills is 79%, a slight week - on - week increase. Steel mills have poor profits, and the demand driving force is not strong [6][97]. Profit - After the first - round price increase, the profit of coke enterprises has improved, and the current estimated overall profit of coking is about 60 yuan/ton [6]. Inventory - Coke enterprises have smooth shipments, and steel mills have low pig iron output and general procurement enthusiasm for raw materials [6]. Balance Sheet Coking Coal - The production, import, consumption, surplus, and inventory of coking coal from June 2025 to June 2026 are presented in the balance sheet, along with year - on - year changes in production and consumption [131]. Coke - The production, import, export, consumption, surplus, and inventory of coke from June 2025 to June 2026 are presented in the balance sheet, along with year - on - year changes in production and consumption [133].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, domestic coking coal and coke prices remained stable. On the supply side, coal mines in Linfen and Lüliang that were previously shut down or restricted are gradually resuming production, and the overall supply of coking coal is increasing steadily. Due to strict safety inspections recently, most coal mines are maintaining their previous production rhythms, and the supply of the main coal types without obvious inventory is in a tight balance. The coke market continues to be in a game situation, with continuous voices for the first round of price increase for coke, but there is still no clear implementation time [2]. - Looking ahead, the winter storage of downstream coking coal enterprises is still ongoing, and there is an expectation that the production of supply - side coal mines will decline approaching the holiday. The fundamentals of coking coal will continue to improve marginally, and the spot price still has a small upward momentum. However, the upward driving force of the futures market is limited after the previous concentrated trading on the restocking logic, so it is expected to fluctuate [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - **Price Trend**: This week, domestic coking coal and coke prices remained stable. The supply of coking coal is increasing steadily, and the coke market is in a game over the first - round price increase [2]. - **Future Outlook**: The winter storage of downstream coking coal enterprises continues, and the production of coal mines is expected to decline approaching the holiday. The fundamentals of coking coal will improve marginally, with a small upward momentum for spot prices, while the futures market is expected to fluctuate [2]. Fundamental Data Weekly Changes - **Inventory**: The total coking coal inventory is 2270.33 million tons, a week - on - week increase of 36.38 million tons (1.63%); the total coke inventory is 939.15 million tons, a week - on - week increase of 18.94 million tons (2.06%) [4]. - **Production**: The daily average pig iron production of steel mills is 228.1 million tons, a week - on - week increase of 0.09 million tons (0.04%); the daily average coke production of steel mills and independent coking enterprises is not specifically given in text data but presented in figures. The daily average production of refined coal from mines and coal washing plants is also presented in figures [4]. - **Profit**: The profit per ton of coke for independent coking enterprises is - 66 yuan/ton, a week - on - week decrease of 1 yuan/ton (1.54%); the profitability rate of 247 steel mills is presented in figures [4]. Market Data Presentation - **Futures Market**: The 5 - day intraday chart of coking coal and coke's main contracts is presented, but no specific data analysis is given [6]. - **Spot Market**: The aggregated average price of various coking coal types, the self - pick - up price of Mongolian main coking coal, the aggregated price of quasi - first - class metallurgical coke, and the first - class arrival price in Hebei Iron and Steel are presented in figures, with no specific data analysis [8][11]. - **Fundamental Data**: Multiple data on production, inventory, and profit are presented in figures, including the daily average production of refined coal, Mongolian coal customs clearance volume, coking coal and coke inventory and available days, etc. [18][20]