Report Industry Investment Rating - Not provided Core Viewpoint - The fundamentals of coking coal and coke temporarily maintain a pattern of strong supply and weak demand. The uncertainty of overseas geopolitical conflicts is relatively high, and the prices in the energy and chemical sector fluctuate sharply, which has a certain impact on the market sentiment of coking coal. Short - term risk control should be noted [2] Summary by Relevant Catalog Market Conditions - Yesterday, the coking coal futures price rebounded slightly and fluctuated violently at night. The overseas geopolitical conflicts have uncertain duration expectations, and the energy and chemical sector strengthened again. On the spot side, the coking price stabilized after the first round of price cuts, and the price of coking coal in some producing areas increased slightly [2] Supply - This week, coal mines increased production further. The daily production of raw coal and clean coal from 523 sample coking coal mines was 1.936 million tons and 777,000 tons respectively, an increase of 108,000 tons and 29,000 tons compared with the previous week, basically returning to the pre - holiday production level. After the Spring Festival, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal returned to a relatively high level, with an average daily customs clearance volume of 186,000 tons last week, and the inventory in the port supervision area continued to increase. According to customs data, China imported a total of 77.222 million tons of coal in the first two months, a year - on - year increase of 1.45% [2] Demand - Recently, due to steel mills implementing emission reduction measures, the average daily hot metal output of blast furnaces dropped to 2.276 million tons last week. After the conclusion of the Two Sessions yesterday, steel mills will gradually resume production. Downstream enterprises mainly consume the raw material inventory in the factory. The impact of environmental protection and production - restriction policies will still exist this week and is expected to gradually recover next week [2]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - The log futures market is expected to remain in a weak and volatile state under the pattern of strong supply and weak demand. Although the supply of logs is increasing and the spot price is falling, the current futures price is at a relatively low level, and the significant inversion of domestic and foreign prices provides certain support for the import cost, limiting the downside space of the futures price [2][3] Group 3: Summary According to Relevant Catalogs Futures and Spot Prices - Among log futures, the price of log 2511 remained unchanged at 742.0 yuan/cubic meter; log 2601 decreased by 0.5 yuan to 778.5 yuan/cubic meter, a decline of 0.06%; log 2603 increased by 1.5 yuan to 792.5 yuan/cubic meter, an increase of 0.19%; log 2605 decreased by 2.0 yuan to 805.5 yuan/cubic meter, a decline of 0.25%. The prices of most spot logs remained unchanged, with only the CFR price of 4 - meter medium - grade A radiata pine increasing by 1 dollar to 116 dollars/JAS cubic meter, an increase of 0.87% [1] Cost: Import Cost Calculation - The RMB - US dollar exchange rate was 7.124 yuan on November 7, remaining unchanged from the previous day. The import theoretical cost increased by 6.48 yuan to 812.22 yuan, an increase of 1% [1] Supply: Monthly - From September 30th to October 31st, the shipping volume from New Zealand to China, Japan, and South Korea increased by 24.7 million cubic meters to 201.3 million cubic meters, a growth rate of 13.99%. The number of ships increased by 8 to 54, a growth rate of 17.39% [1] Inventory: Main Port Inventory (Weekly) - From October 24th to October 31st, the total inventory of coniferous logs in China increased by 40,000 cubic meters to 2.88 million cubic meters, a growth rate of 1.41%. The inventory in Shandong increased by 18,000 cubic meters, and the inventory in Jiangsu increased by 36,000 cubic meters to 822,600 cubic meters, a growth rate of 4.54% [1][2] Demand - From October 24th to October 31st, the average daily outbound volume in China decreased by 0.16 million cubic meters to 6.28 million cubic meters, a decline of 2%. The average daily outbound volume in Shandong decreased by 0.35 million cubic meters to 3.19 million cubic meters, a decline of 10%. The average daily outbound volume in Jiangsu increased by 0.10 million cubic meters to 2.33 million cubic meters, an increase of 4% [2]