Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The short - term view of coking coal (2509) is oscillation, the medium - term view is oscillation, the intraday view is decline, and the overall view is low - level oscillation due to fundamental concerns [1]. - The short - term view of coke (2509) is oscillation, the medium - term view is oscillation, the intraday view is weakly oscillating, and the overall view is low - level oscillation because of off - season demand suppression [1]. 3. Summary by Variety Coking Coal (JM) - **Price and Cost**: On the night of June 12, the main coking coal contract was weakly running. The latest quotation of Mongolian coal at Ganqimaodu Port was 890.0 yuan/ton, a week - on - week decrease of 1.1%, and the equivalent futures warehouse receipt cost was about 860 yuan/ton [5]. - **Supply**: Since late May, the output of some mines has declined. In June, due to safety production and environmental protection, domestic coking coal output has increased uncertainty. The output data of 523 coking coal producers by Steel Union has decreased year - on - year for 3 consecutive weeks. Political turmoil in Mongolia has also raised concerns about Mongolian coal [5]. - **Market Outlook**: Although the futures market sentiment has slightly improved due to supply disturbances and the expectation of Sino - US trade friction easing, the long - and medium - term supply - demand pattern is still bearish, and the coking coal futures will maintain low - level oscillation [5]. Coke (J) - **Price and Cost**: On the night of June 12, the main coke contract declined slightly, approaching 1300 yuan/ton. The latest quoted price of quasi - first - grade coke at Rizhao Port was 1270 yuan/ton, a week - on - week decrease of 5.22%, and the equivalent futures warehouse receipt cost was about 1401 yuan/ton [6]. - **Supply and Demand**: The supply - demand pattern of coke has not changed much since May, remaining in a situation of both supply and demand decline. Last week, the capacity utilization rate of 230 independent coking plants was 74.93%, a week - on - week decrease of 0.15%; the average daily pig iron output of 247 steel mills was 241.8 tons, a week - on - week decrease of 0.11 tons [6]. - **Market Outlook**: Coking coal cannot provide sufficient cost support, and steel mills still have the intention to lower prices. Although factors such as coking coal supply disturbances and Sino - US relations easing have led to a slight price rebound, the long - short game in the market is intense, and the main coke contract remains at a low level [6].