Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the domestic coking coal and coke markets showed a stable and slightly stronger trend. On Friday, an individual coking enterprise in Inner Mongolia initiated the first round of coke price increase, with the price of wet - quenched coke rising by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, effective from 0:00 on March 23. The price of coking coal at the raw material end was generally strong, market transactions were active, most coal prices increased, and sentiment improved. The cost support for coking enterprises strengthened, and there was a clear growth expectation for molten iron, leading to better coke demand [2]. - The downstream inventory of coking coal is generally high, so the restocking intensity is limited, and the import of Mongolian coal is high. There is still real pressure on the fundamentals of coking coal, and the room for further increase in spot prices is limited. Currently, the futures price is affected by factors such as geopolitical conflicts and delivery pressure. If the geopolitical conflict escalates, the futures may be strong; if the delivery pressure is large, the futures may run weakly. Overall, it is expected to fluctuate widely [2]. Group 3: Summary by Relevant Catalogs Market Review and Outlook - This week, the domestic coking coal and coke markets were stable and slightly stronger. A coking enterprise in Inner Mongolia initiated a price increase for coke, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton from March 23. Coking coal prices were strong, transactions were active, and cost support for coking enterprises strengthened. There was a growth expectation for molten iron and better coke demand [2]. - In the future, due to high downstream coking coal inventory and high Mongolian coal imports, there is pressure on coking coal fundamentals, and the room for spot price increase is limited. The futures price is affected by geopolitical conflicts and delivery pressure, and is expected to fluctuate widely [2]. Fundamental Data Weekly Changes - The total coking coal inventory was 2043.91 million tons, a week - on - week increase of 29.3 million tons (1.45%); the total coke inventory was 981.54 million tons, a week - on - week decrease of 2.82 million tons (- 0.29%); the daily average molten iron output of steel mills was 221.2 million tons, a week - on - week increase of 6.95 million tons (3.14%); the profit per ton of coke for independent coking enterprises was 38 yuan/ton, a week - on - week increase of 41 yuan/ton (- 1366.67%) [4]. Market Review - **Futures Market Review**: There is a 5 - day intraday chart of coking coal and coke main contracts [6]. - **Spot Market Review**: There are charts of the average price of various coking coal types and the self - pick - up price of Mongolian main coking coal [6]. Fundamental Data - There are charts related to coking coal, including daily output of clean coal from mines and coal washing plants, Mongolian coal customs clearance volume at Ganqimaodu Port, coking coal inventory of steel mills, independent coking enterprises and ports, and coking coal inventory available days for steel mills and independent coking enterprises [12][14]. - There are charts related to coke, including daily output of coke from steel mills and independent coking enterprises, daily average molten iron output of 247 steel mills, coke inventory of steel mills, independent coking enterprises and ports, coke inventory available days for steel mills, profit per ton of coke for independent coking enterprises, and the profitability rate of 247 steel mills [18][21][22].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The caustic soda market is mainly in shock with cost support. After the Spring Festival, there is limited room for a sharp short - term rise due to high inventory and large delivery pressure. The market will first deal with delivery pressure and then consider future production cut expectations and improved downstream demand. Overall, caustic soda faces a situation of cost support and expected large - scale production cuts, but inventory and near - month delivery pressure need attention after the holiday [3] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - On February 24, 2026, the 05 - contract futures price was 2243, the cheapest deliverable spot 32 - alkali price in Shandong was 640, the Shandong spot 32 - alkali converted to the futures price was 2000, and the basis was - 243 [1] 3.2 Spot News - During the Spring Festival, there was no change in the caustic soda spot, and liquid chlorine still maintained subsidies [2] 3.3 Market Condition Analysis - During the Spring Festival, liquid chlorine remained weak, with Shandong liquid chlorine prices maintaining subsidies, which supported caustic soda prices. After the Spring Festival, with high caustic soda inventory, the short - term sharp rise space is limited. There are 895 caustic soda warehouse receipts, and the delivery pressure is still large. The market may first trade the delivery pressure and then consider future production cut expectations and improved downstream demand. From the fundamental perspective, the supply - demand structure of alumina is gradually reversing with production cuts, and attention should be paid to the incremental demand brought by large - scale capacity expansion. Non - aluminum downstream is in a seasonal off - season, and the rigid demand will continue to pick up in March, while exports remain strong. On the supply side, the Shandong spot price is close to the cash - flow cost, and the expectation of production cuts and load reduction after March is increasing [3] 3.4 Trend Intensity - The caustic soda trend intensity is 0, with the range of [-2, 2] and classifications of weak,偏弱, neutral, 偏强, and strong, where - 2 means most bearish and 2 means most bullish [4]