1. Report Industry Investment Rating - The investment ratings for both coking coal and coke are "Oscillation". There are no specific ratings for cross - varieties, spot - futures, and options [3]. 2. Core View of the Report - Coking coal and coke present a situation where short - term improvement and long - term pressure coexist. The short - term marginal situation has improved due to inventory reduction and supply disruptions, but the medium - and long - term pattern of loose supply and demand remains unchanged [2]. 3. Summary According to Related Catalogs Price and Spread - As of the close this Friday, the coke 2509 contract closed at 1,379.0 yuan/ton, up 26.5 yuan/ton from last week, a rise of 1.96%. The coking coal 2509 contract closed at 795.0 yuan/ton, up 7.6 yuan/ton from last week, a rise of 0.95%. The futures prices showed a range - bound oscillation influenced by the marginal improvement in spot supply and demand [1][5]. Supply - This week, the total daily average output of steel mill coking and independent coking was 112.10 million tons, a decrease of 0.18 million tons from last week. The capacity utilization rate of the full sample of independent coking enterprises was 73.57%, a decrease of 0.39%; the daily average coke output was 64.70 million tons, a decrease of 0.34 million tons. For the 247 steel mill samples, the daily average coke output was 47.39 million tons, an increase of 0.15 million tons, and the capacity utilization rate was 87.39%, an increase of 0.27% [1][24][27]. Demand - According to Mysteel statistics, the blast furnace operating rate of 247 steel mills reached 83.82%, an increase of 0.41% from last week; the blast furnace iron - making capacity utilization rate was 90.79%, an increase of 0.21% from last week; the steel mill profitability rate was 59.31%, an increase of 0.87 percentage points from last week; the daily average pig iron output was 242.18 million tons, an increase of 0.57 million tons from last week [1][37]. Inventory - According to Mysteel research data, the coke inventory of 247 steel mills was 634.2 million tons this period, a decrease of 8.64 million tons from last week; the total inventory of the full sample was 1,006.0 million tons, a decrease of 21.25 million tons from last week. The coking coal inventory of 247 steel mills was 7,747 million tons, an increase of 0.72 million tons from last week; the total inventory of the full - caliber was 3,391.95 million tons, a decrease of 85.63 million tons from last week [2][38].

Group 1: Report Investment Rating - There is no information about the report's industry investment rating in the provided content Group 2: Core Views - The short - term and medium - term views of both coking coal and coke are "oscillation", and the intraday view is "oscillation with a slight upward bias", with a reference view of "low - level oscillation" [1] - For coking coal, the market sentiment change is due to supply - side disturbances and macro - positive expectations from international events. It has stopped falling and rebounded, but the supply - easing pattern may return, and the impact of geopolitics on coal prices needs further assessment [5] - For coke, it maintains a pattern of both supply and demand decline in the off - season. The cost support from coking coal has strengthened, driving the price to stop falling and rebound slightly [7] Group 3: Summary by Variety Coking Coal - **Price**: On the night of June 17, the main coking coal contract oscillated around 790 yuan/ton. The latest quotation of Mongolian coal at the Ganqimaodu Port is 865.0 yuan/ton, a week - on - week decrease of 2.8%, and the equivalent futures warehouse receipt cost is about 834 yuan/ton [5] - **Core Logic**: Supply - side disturbances and macro - positive expectations have led to a short - and medium - term adjustment. But it will take time to reverse the supply - easing pattern, and the supply pressure may return after July. The impact of geopolitics on coal prices needs further assessment [5] Coke - **Price**: On the night of June 17, the main coke contract oscillated narrowly. After three rounds of price cuts, the price has been stable this week. The latest quotation of quasi - first - grade coke at Rizhao Port is 1270 yuan/ton, week - on - week unchanged, and the equivalent futures warehouse receipt cost is about 1401 yuan/ton [7] - **Core Logic**: It maintains a pattern of both supply and demand decline in the off - season. The marginal decline in coking coal production and international events have strengthened the cost support, driving the price to stop falling and rebound slightly [7]