Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - On August 12, the coke main contract closed at 1,812 yuan/ton, with an intraday increase of 4.50%. The spot market prices in Rizhao Port and Qingdao Port showed different trends. Coke supply and demand were basically stable, but the fluctuating coking coal supply at the cost - end supported the coke futures. The 90 - day extension of the tariff exemption period between China and the US and the approaching "Golden September and Silver October" drove the coke main contract to run strongly [3][31]. - On August 12, the coking coal main contract closed at 1,313 points, with an intraday increase of 6.97%. The spot price at the Ganqimaodu Port increased week - on - week. The impact of the anti - involution policy in the coal industry was still fermenting, and domestic coking coal production declined. Considering that the supply contraction expectation has not been falsified in the short term, coking coal futures are expected to maintain a strong and volatile trend [4][32]. 3. Summary by Relevant Catalogs Industry News - China adjusted the tariff measures on imported goods from the US. Starting from 12:01 on August 12, 2025, the 24% additional tariff rate on US goods was suspended for 90 days, while the 10% rate was retained [7]. - On August 12, the coking coal price in Jinzhong market increased by 10 yuan/ton, with the ex - factory price of medium - sulfur primary coking coal being 1,260 yuan/ton [8]. Spot Market - Coke: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, unchanged week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,460 yuan/ton, up 2.82% week - on - week. - Coking coal: The latest quotation of Mongolian coal at the Ganqimaodu Port was 1,190 yuan/ton, up 3.48% week - on - week. The prices of Australian - produced and Shanxi - produced coking coal at Jingtang Port also showed different degrees of change [9]. Futures Market - Coke: The closing price of the main contract was 1,812 yuan/ton, with an increase of 4.50%. The trading volume was 34,602, and the open interest was 36,790, with a difference of +4,726 compared to the previous trading day. - Coking coal: The closing price of the main contract was 1,313 points, with an increase of 6.97%. The trading volume was 2,198,089, and the open interest was 718,946, with a difference of +28,210 compared to the previous trading day [12]. Relevant Charts - The report provides multiple charts related to coke and coking coal inventories, including those of independent coking plants, ports, and steel mills, as well as other charts such as Shanghai terminal wire rod procurement volume, domestic steel mill production, and coking plant operation [13][19][25]. Market Outlook - Coke is expected to maintain a strong trend due to cost - end support and positive market sentiment. Coking coal is expected to maintain a strong and volatile trend considering the supply contraction expectation has not been falsified in the short term [31][32].