1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - After the positive effects of tariff negotiations are digested by the market, the black - series products still face pressure from weak fundamentals. Steel will enter the consumption off - season, with prices expected to fluctuate within a narrow range. Steel mills' profits are acceptable, supporting high - level operation of hot metal production, so the rigid demand for coke is strong. It is expected that the first round of coke price cuts will likely be implemented. Coke supply tends to be loose, and its futures price is expected to fluctuate. For coking coal, the overall production of main - producing area mines is normal with sufficient supply. The coking coal spot market is running weakly, and the futures market is also expected to fluctuate [6]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Market Data - **Coke Futures**: For example, J2601 opened at 1508.0 and closed at 1475.0, up 33.0; J2505 opened at 1587.5 and had a certain change; J2508 opened at 1482.0 and closed at 1447.0. The spread between different contracts also changed, such as J09 - J01 changing from - 26.0 to - 28.0, up 2.0 [2]. - **Coking Coal Futures**: JM2601 opened at 911.0 and closed at 881.5, down 29.5; JM2505 opened at 850.5 and had a small change. The spreads between different coking coal contracts also had corresponding changes, like JM01 - JM05 changing from 60.5 to 31.5, down 29.0 [2]. - **Spot Market**: For coke, the ex - factory prices in places like Xingtai, Lvliang, and Heze remained unchanged. For coking coal, the prices of Australian low - volatile and medium - volatile coal, and the prices of different coking coal warehouse receipts had different changes. The coking profit of different contracts also changed, for example, the 01 contract's coking profit decreased by 2.0 yuan/ton [2]. 3.2 Night - session Review - JM2509 closed at 888.5 yuan/ton, J2509 closed at 1478 yuan/ton. The coking profit of the 2509 contract was 234.2 yuan/ton, up 7.5 yuan/ton compared with the previous day. The prices of different spot warehouse receipts were also provided [3]. 3.3 Important Information - China's social financing scale increment from January to April was 16.34 trillion yuan, 3.61 trillion yuan more than the same period last year; new RMB loans were 10.06 trillion yuan. The M2 money supply in April increased by 8% year - on - year, 1 percentage point higher than last month [4]. - China's first full - scale reserve requirement ratio cut in 2025 was officially implemented on May 15, with a 0.5 - percentage - point cut for financial institutions (excluding those already implementing a 5% reserve requirement ratio) [4]. - The US adjusted tariffs on Chinese goods, revoking 91% of the additional tariffs, implementing a 34% reciprocal tariff measure, suspending 24% of the tariffs for 90 days, and retaining 10% of the tariffs. It also adjusted the ad - valorem tax rate for small Chinese parcels and cancelled a planned increase in the specific tax [4]. - China and the US agreed to significantly reduce bilateral tariff levels, leading to a "rush - shipping tide" in foreign trade enterprises, with a significant increase in shipping space bookings and freight rates [4]. - China's Ministry of Commerce decided to suspend export control measures on 28 US entities and measures on 17 US entities on the unreliable entity list for 90 days starting from May 14 [4]. - The construction of the second cross - border railway between China and Mongolia, the China Ganqimaodu - Mongolia Gashuun Sukhait Railway, started on May 14, with a total length of 9.91 kilometers [5]. - On May 14, the iron ore trading volume at major ports was 123.30 million tons, a 65.1% increase; the trading volume of construction steel by 237 mainstream traders was 11.98 million tons, a 22.4% increase [5]. - The average cost of steel billets for mainstream sample steel mills in Tangshan this week was 2902 yuan/ton, 4 yuan/ton lower than last week. Compared with the ex - factory price of 2980 yuan/ton on May 14, the average profit of steel mills was 78 yuan/ton [5]. 3.4 Trading Strategies - For coke, the first - round price cut has started, with wet - quenched coke down 50 yuan/ton and dry - quenched coke down 55 yuan/ton. The ex - factory price of Tangshan Qian'an common billet increased by 30 yuan/ton. The futures price of coke is expected to fluctuate. For coking coal, the main - producing area mines have normal production and sufficient supply. The coking coal spot market is weak, and the futures market is expected to fluctuate [6].

智通财经5月8日电，黑色系期货跳水，焦煤、焦炭主力合约跌近3%，铁矿主力合约跌近2%，螺纹、热 卷主力合约跌近1%。 ...

Group 1 - The black commodity futures prices have declined, with coking coal and coke main contracts dropping nearly 2% [1] - Iron ore has decreased by nearly 1% [1] - Hot-rolled and rebar have both fallen by nearly 0.5% [1]