Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint This week, the domestic coking coal and coke markets were weak. The first price cut was implemented on Friday, with a reduction of RMB 50 - 55 per ton. Steel mills limited production this week due to environmental protection issues, resulting in a significant decrease in molten iron output, and the post - holiday restocking enthusiasm of downstream enterprises was average. The intermediate trading sector mainly adopted a wait - and - see attitude, and the overall online transactions showed mixed results. In terms of production areas, the coal mine output gradually increased after the post - holiday resumption, and the resumption accelerated after the Lantern Festival, with a slight increase in inventory. Although the resumption of coal mines is still restricted, the fundamental pressure of coking coal remains due to the high import of Mongolian coal. The current futures price is greatly affected by domestic and foreign macro expectations and geopolitical conflicts, and coking coal is expected to remain volatile and slightly stronger in the short term [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - This week, the domestic coking coal and coke markets were weak, and the first price cut of RMB 50 - 55 per ton was implemented on Friday [2]. - Steel mills' production was limited due to environmental protection, leading to a significant decrease in molten iron output. The post - holiday restocking enthusiasm of downstream enterprises was average, and the intermediate trading sector was wait - and - see. Online transactions were mixed [2]. - After the post - holiday resumption, coal mine output gradually increased, and the resumption accelerated after the Lantern Festival, with a slight increase in inventory [2]. - The resumption of coal mines is restricted, but the fundamental pressure of coking coal remains due to high Mongolian coal imports. The futures price is affected by macro and geopolitical factors, and coking coal is expected to be volatile and slightly stronger in the short term [2]. Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Total coking coal inventory | 10,000 tons | 1992.79 | 2063.29 | -363.36 | -17.61% | Weekly | | Total coke inventory | 10,000 tons | 984.67 | 980.03 | -7.92 | -0.81% | Weekly | | Average daily molten iron output of steel mills | 10,000 tons | 227.59 | 233.28 | -5.69 | -2.44% | Weekly | | Profit per ton of coke for independent coking enterprises | RMB/ton | 17 | -7 | 1 | -14.29% | Weekly | [4]

Group 1: Report Overview - The report is a weekly report on coking coal and coke, released on February 24, 2026 [1] - The market is expected to be stable but weak after the Spring Festival, with overall supply and demand basically balanced [2] Group 2: Market Review and Outlook - During the Spring Festival, the domestic coking coal market showed a pattern of weak supply and demand, with prices lacking a clear one - way driver and trading atmosphere at a low level [2] - After the holiday, the resumption of work is expected to be slow. Steel mills may plan to lower coke prices, and if downstream demand recovers slowly, it will increase upstream inventory pressure, which is bearish for coal - coke prices [2] Group 3: Weekly Data Changes - The total inventory of coking coal increased by 27.3 tons to 2426.65 tons, a week - on - week increase of 1.14% [4] - The total inventory of coke increased by 9.08 tons to 985.3 tons, a week - on - week increase of 0.93% [4] - The daily average pig iron output of steel mills increased by 1.91 tons to 230.49 tons, a week - on - week increase of 0.84% [4] - The profit per ton of coke for independent coking enterprises increased by 2 yuan to - 8 yuan/ton, a week - on - week decrease of 20% [4] Group 4: Data Sources and Graphs - The data sources of the report are Steel Union Terminal and Ningzheng Futures [7] - The report includes graphs on futures and spot markets, as well as fundamental data such as production, inventory, and profit [6][8][14][15]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the coking coal and coke markets experienced a rise followed by a fall. After the first round of price increases, coke enterprises' profits have been restored, and overall production has remained stable. Regional coal mine production has been generally stable. As the Spring Festival approaches, some coal mines have gradually started to shut down for holidays, leading to a contraction in production. Meanwhile, downstream coke enterprises have basically completed their winter storage replenishment, and their purchasing enthusiasm has weakened. On the downstream side, due to poor profit conditions in steel mills and the gradual shutdown of downstream construction sites, steel sales volume has significantly decreased, increasing market supply - demand pressure and slowing down the resumption of hot metal production [2]. - Looking ahead, domestic coal mine production will gradually decline as the holiday approaches, and imported coal is also expected to decline due to the Spring Festival. However, there is still support on the demand side. It is expected that the fundamentals will remain healthy, and the futures market is expected to fluctuate widely under the influence of capital sentiment [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - Market performance: This week, the coking coal and coke markets rose first and then fell. Coke enterprises' profits were restored after the first - round price increase, and production was stable. Coal mine production was stable, but some mines shut down for the holiday, reducing output. Downstream coke enterprises' winter storage was basically over, and their purchasing enthusiasm declined. Steel mills had poor profits, construction sites shut down, steel sales decreased, and hot metal production resumed slowly [2]. - Outlook: Domestic coal mine production will decline, and imported coal will also fall during the Spring Festival. There is demand support, and the fundamentals are expected to be healthy. The futures market will fluctuate widely due to capital sentiment [2]. Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Week | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Total coking coal inventory | 10,000 tons | 2399.35 | 2335.53 | 63.82 | 2.73% | Weekly | | Total coke inventory | 10,000 tons | 976.22 | 960.65 | 15.57 | 1.62% | Weekly | | Average daily hot metal production of steel mills | 10,000 tons | 228.58 | 227.98 | 0.6 | 0.26% | Weekly | | Profit per ton of coke for independent coke enterprises | Yuan/ton | - 10 | - 55 | 45 | - 81.82% | Weekly | [4]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - This week, news of Indonesian coal exports disturbed the market, but the impact was short - lived, causing the prices of coking coal and coke to rise and then fall. With domestic coal mines starting to shut down for the holiday, daily production has significantly declined. Coal mine clean coal inventories are being depleted, and downstream enterprises are restocking as needed [4]. - Indonesia has denied the market's rumor of production cuts. In the short term, about 6.16 million tons of monthly imported Indonesian coal are affected, accounting for 15.1% of China's monthly imports, but the actual impact is limited. In the long term, if Indonesia cuts production, China can make up for the gap by increasing domestic production and imports from Russia and Mongolia, but the cost - effectiveness of Indonesian coal is hard to replace. Future attention should be paid to the RKAB approval results [5]. - With only one week left until the Lunar New Year, downstream pre - holiday restocking is almost over. As the impact of the news weakens, the futures market has been reducing positions and declining since Thursday. With relatively limited supply - demand contradictions, the market is expected to fluctuate within a range in the next week, and a cautious bearish attitude is recommended [5]. 3. Summary by Relevant Catalogs 3.1. Coking Coal Market 3.1.1. Coking Coal Warehouse Receipt Cost | Variety | Location | Date | Spot Price | Warehouse Receipt Cost | | --- | --- | --- | --- | --- | | Meng 5 | Tangshan | 2026 - 02 - 06 | 1430 | 1203 | | Meng 5 | Inner Mongolia | 2026 - 02 - 06 | 1230 | 1225 | | Anze Main Coking Coal | Shanxi | 2026 - 02 - 05 | 1570 | 1310 | | Gujiao Main Coking Coal | Shanxi | 2026 - 02 - 05 | 1491 | 1231 | | Pingmei No.1 | Pingdingshan | 2026 - 02 - 06 | 1630 | 1145 | | Shan Jiao Rizhao No.1 | Rizhao | 2026 - 02 - 06 | 1600 | 1150 | | Xiang Jiao No.1 | Linfen | 2026 - 02 - 06 | 1400 | 1120 | | Kaijia No.1 | Jiexiu | 2026 - 02 - 06 | 1500 | 1200 | [10] 3.1.2. Basis | Contract | Basis | Weekly Change | Basis Rate | One - Month Average | Seasonal Deviation | | --- | --- | --- | --- | --- | --- | | January | - 72 | 2 | - 5.85% | - 99 | - 162 | | May | 170 | - 11 | 13.82% | 145 | - 23 | | September | 94 | - 9 | 7.64% | 67 | - 60 | [12] 3.1.3. Coking Coal Supply - **Mines**: The average daily output of raw coal from 523 mines this week was 1.9253 million tons, a decrease of 52,900 tons compared to the previous week; the average daily output of clean coal was 754,500 tons, a decrease of 16,200 tons compared to the previous week [19]. - **Coal Washeries**: The average daily output of sample coal washeries was 263,100 tons, a decrease of 46,000 tons compared to the previous week; the capacity utilization rate was 35.54%, a decrease of 1.26% compared to the previous week [22]. 3.1.4. Coking Coal Imports - In 2025, China's cumulative coking coal imports decreased by 2.7% year - on - year. In December 2025, imports from Mongolia increased by 7.6% month - on - month and 59.1% year - on - year [23][26]. | Country | As of 2025 - 12 - 31 | Cumulative Value | Monthly MoM | Monthly YoY | Cumulative YoY | | --- | --- | --- | --- | --- | --- | | Mongolia | 672 | 6007 | 7.6% | 59.1% | 5.8% | | Russia | 360 | 3276 | 31.3% | 55.0% | 8.4% | | Canada | 110 | 1080 | 109.9% | 8.4% | 19.8% | | Australia | 178 | 886 | 109.3% | 10.5% | - 14.0% | | Other Countries | 57 | 613 | 54.3% | - 62.8% | - 60.6% | | Total | 1377 | 11863 | 28.3% | 28.6% | - 2.7% | [25] 3.1.5. Coking Coal Auction Data | Coking Coal Auction Data | 2026 - 01 - 30 | 2026 - 01 - 23 | Weekly Change | | --- | --- | --- | --- | | Listing Volume (10,000 tons) | 154.43 | 137.735 | 16.70 | | Transaction Rate (%) | 70.22 | 88.02 | - 17.8 | | Unsold Rate (%) | 29.78 | 11.98 | 17.8 | [29] 3.2. Coke Market 3.2.1. Coke Warehouse Receipt Cost | Variety | Location | Date | Spot Price | Warehouse Receipt Cost | | --- | --- | --- | --- | --- | | Rizhao Port Wet - Quenched Coke | Shandong | 2026 - 02 - 05 | 1480 | 1736 | | Rizhao Port Dry - Quenched Coke | Shandong | 2026 - 02 - 06 | 1680 | 1725 | | Lvliang Dry - Quenched (Pengfei Group) | Shanxi | 2026 - 02 - 06 | 1530 | 1700 | | Lvliang Dry - Quenched (Hengfeng Group) | Shanxi | 2026 - 02 - 06 | 1570 | 1740 | | Lvliang Dry - Quenched (Shanxi Jinhui) | Shanxi | 2026 - 02 - 06 | 1570 | 1690 | | Jinzhong Wet - Quenched (Zhongjin Taihang) | Shanxi | 2026 - 02 - 06 | 1310 | 1697 | | Jinzhong Wet - Quenched (Jiexiu Changsheng) | Shanxi | 2026 - 02 - 06 | 1330 | 1719 | | Handan Dry - Quenched (Xinsheng Coal Chemical) | Hebei | 2026 - 02 - 06 | 1550 | 1650 | [39] 3.2.2. Coking Profit | Region | 2026 - 01 - 29 | 2026 - 01 - 22 | Weekly Change | Same - Period Difference | | --- | --- | --- | --- | --- | | National | - 55 | - 66 | 11 | - 28 | | Shanxi | - 41 | - 51 | 10 | - 41 | | Hebei | 0 | - 11 | 11 | - 11 | | Inner Mongolia | - 92 | - 103 | 11 | 4 | | Shandong | 2 | - 8 | 10 | - 1 | [41] 3.2.3. Basis | Contract | Basis | Weekly Change | Basis Rate | One - Month Average | Seasonal Deviation | | --- | --- | --- | --- | --- | --- | | January | - 262 | - 1 | - 17.68% | - 258 | - 174 | | May | - 69 | 39 | - 4.63% | - 56 | - 129 | | September | - 135 | 41 | - 9.09% | - 122 | - 164 | [44] 3.2.4. Coke Inventory Distribution | Coke Inventory Distribution | 2026 - 02 - 06 | 2026 - 01 - 30 | Weekly MoM | YoY | | --- | --- | --- | --- | --- | | Steel Mills | 6923,800 tons | 6781,900 tons | 141,900 tons | 0.21% | | Steel Mill Inventory Usable Days | 12.76 days | 12.54 days | 0.22 days | - 3.8% | | Independent Coking Enterprises | 827,400 tons | 843,900 tons | - 16,500 tons | - 47.18% | | Ports | 2.011 million tons | 1.98065 million tons | 30,350 tons | 13.49% | | Tianjin Port | 820,000 tons | 770,000 tons | 50,000 tons | 39.0% | | Qingdao Port | 740,000 tons | 780,000 tons | - 40,000 tons | 4.23% | | Rizhao | 450,000 tons | 430,000 tons | 20,000 tons | - 4.26% | | Total | 9.7622 million tons | 9.60645 million tons | 155,750 tons | - 4.74% | [56]

Core Viewpoint - The market for coke and coking coal is experiencing a shift towards a tight balance due to improved demand and limited supply, with a focus on the recovery of steel production and environmental policy enforcement in the coming period [3][8]. Supply Analysis - As of last week, the coke 2605 contract closed at 1683 CNY/ton, and the coking coal 2605 contract closed at 1130.5 CNY/ton [7]. - The capacity utilization rate for independent coke enterprises is reported at 72.20%, an increase of 0.34% [7]. - The average daily production of coke is 631,400 tons, which is an increase of 3,000 tons [7]. Demand Analysis - The operating rate of blast furnaces in 247 surveyed steel mills is 79.53%, up by 0.53 percentage points week-on-week and up by 1.55 percentage points year-on-year [7]. - The capacity utilization rate for ironmaking is 85.69%, with a week-on-week increase of 0.22 percentage points and a year-on-year decrease of 0.07 percentage points [7]. - The profit margin for steel mills stands at 39.39%, unchanged from the previous week but down by 12.13 percentage points compared to last year [7]. - The average daily pig iron production is 2.2858 million tons, an increase of 6,000 tons week-on-week and an increase of 1,400 tons year-on-year [7]. Inventory Analysis - The coke inventory for the surveyed steel mills is 6.9374 million tons, an increase of 155,000 tons week-on-week [7]. - The coking coal inventory for the same steel mills is 8.3532 million tons, also up by 155,000 tons week-on-week [7]. - The total coking coal inventory for independent coke enterprises is 12.9187 million tons, with a week-on-week increase of 570,800 tons [7]. Market Strategy - The market outlook for coking coal is expected to be volatile, while the coke market is also anticipated to experience fluctuations [9].

Report Industry Investment Rating - No relevant content provided Core View of the Report - This week, the prices of coking coal and coke in the domestic market remained stable. After the first round of coke price increase was implemented, the profits of coking enterprises improved, and their enthusiasm for production increased. Some steel mills with low inventories still had demand for coke procurement. Currently, coking enterprises are actively shipping, and there is no obvious contradiction between coke supply and demand. Entering February, the coking coal market will enter the Spring Festival holiday period, with market activity dropping to zero. Mines will be on holiday and stop production, and traders will close, leading the market to gradually turn cold. The fundamentals of coking coal remain healthy, and prices may fluctuate before the Spring Festival [2] Summary According to the Directory Market Review and Outlook - This week, the prices of coking coal and coke in the domestic market remained stable. After the first round of coke price increase was implemented, the profits of coking enterprises improved, and their enthusiasm for production increased. Some steel mills with low inventories still had demand for coke procurement. Currently, coking enterprises are actively shipping, and there is no obvious contradiction between coke supply and demand. Entering February, the coking coal market will enter the Spring Festival holiday period, with market activity dropping to zero. Mines will be on holiday and stop production, and traders will close, leading the market to gradually turn cold. The fundamentals of coking coal remain healthy, and prices may fluctuate before the Spring Festival [2] Weekly Changes in Fundamental Data - The total inventory of coking coal was 23.3553 million tons, a week-on-week increase of 652,000 tons or 2.87%. The total inventory of coke was 9.6065 million tons, a week-on-week increase of 215,000 tons or 2.29%. The daily average pig iron output of steel mills was 2.2798 million tons, a week-on-week decrease of 1,200 tons or 0.05%. The profit per ton of coke for independent coking enterprises was -55 yuan/ton, a week-on-week increase of 11 yuan/ton or -16.67% [4] Futures Market Review - The report provides a 5-day intraday chart of the main contracts of coking coal and coke, with data sources from Steel Union Terminal and Ningzheng Futures [6] Spot Market Review - The report provides charts of the average price of various coking coal types, the self-pickup price of Mongolian coking coal, the summary price of quasi-primary metallurgical coke, the first-grade arrival price of Hebei Iron and Steel for metallurgical coke, the basis of coking coal, and the basis of coke, with data sources from Steel Union Terminal and Ningzheng Futures [8][11][15] Fundamental Data - The report provides charts of the daily average output of clean coal from mines and coal washing plants, the customs clearance volume of Mongolian coal at the Ganqimaodu Port, the inventory of coking coal in steel mills, independent coking enterprises, and ports, the available days of coking coal inventory in steel mills and independent coking enterprises, the daily average output of coke from steel mills and independent coking enterprises, the daily average pig iron output of 247 steel mills, the inventory of coke in steel mills, independent coking enterprises, and ports, the available days of coke inventory in steel mills, the profit per ton of coke for independent coking enterprises, and the profitability rate of 247 steel mills, with data sources from Steel Union Terminal and Ningzheng Futures [19][21][24]

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it discusses various performance metrics and market conditions that may influence investment decisions [96]. Core Insights - The steel industry is currently in a raw material stocking phase, with steel mills increasing iron ore imports while steel inventories remain low, indicating a cautious approach to production amid weak price differentials and expectations of low post-holiday activity [1][11]. - Raw material prices have remained stable, with external prices driven higher by export policies while domestic prices face downward pressure, leading to a current loss of 37.9 yuan per ton for steel mills [1][11]. - The profitability of steel companies has slightly decreased to 39.4%, reflecting the impact of rising raw material costs on financial performance [1][11]. - The CITIC Steel Index has decreased by 2.0% this week, underperforming the broader market by 1.6%, although the performance of general steel stocks has remained relatively stable [1][11]. Summary by Sections 1. Steel Industry Overview & Index Performance - Steel mills are in a raw material stocking phase, with increasing iron ore imports and low steel inventories [1][11]. - The domestic steel price differential has decreased by 2.9 yuan, indicating financial strain on steel mills [1][11]. - The CITIC Steel Index has shown a decline, reflecting broader market trends [1][11]. 2. Sub-Industry Fundamentals - Hot-rolled coil prices have slightly decreased, with the average price for 3.0mm hot-rolled coil at 3355 yuan per ton, down 1 yuan from last week [2][12]. - Social inventory of hot-rolled coils has decreased, with a total of 278.33 million tons, down 2.82 million tons week-on-week [2][12]. 3. Black Industry Chain Price Data Update - The price index for metallurgical coke has remained stable, with trade-out prices for first-grade coke at 1470 yuan per ton [3][13]. - The average daily production of iron concentrate has increased slightly to 469,500 tons, with iron ore prices showing mixed trends [4][14]. 4. Black Industry Chain Supply and Demand Data Update - Iron ore inventory at ports continues to rise, indicating a supply-side pressure on prices [4][14]. - The report highlights the need to monitor the recovery speed of coal mines and its impact on coke prices post-holiday [3][13].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, domestic coking coal and coke prices fluctuated. At the end of the week, the mainstream market planned to increase coke prices, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton, effective from 0:00 on January 19. Supported by costs, this price increase is likely to be implemented next week [1]. - As the Spring Festival approaches, downstream winter storage efforts are increasing, and coal mine supply will gradually decrease due to the holiday. The fundamental situation of coking coal will continue to improve marginally, and spot prices still have upward momentum, but the futures market is affected by other varieties in the sector and is expected to fluctuate in the short term [1]. Summary by Relevant Catalogs Market Review and Outlook - This week, domestic coking coal and coke prices fluctuated. The planned price increase of coke in the mainstream market is likely to be implemented next week. In the future, the fundamental situation of coking coal will improve marginally, with spot prices having upward momentum and the futures market expected to fluctuate [1]. Weekly Changes in Fundamental Data - Coking coal total inventory was 2233.95 million tons, up 64.74 million tons (2.98%) from the previous week [3]. - Coke total inventory was 920.21 million tons, up 4.31 million tons (0.47%) from the previous week [3]. - Steel mills' average daily hot metal output was 228.01 million tons, down 1.49 million tons (-0.65%) from the previous week [3]. - Independent coking enterprises' profit per ton of coke was - 65 yuan/ton, down 20 yuan/ton (44.44%) from the previous week [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint This week, the domestic coking coal and coke markets continued to operate weakly, with the third round of price cuts of 50 - 55 yuan/ton expected to be implemented next Monday. Affected by heavy pollution, some coking enterprises further limited production, resulting in a narrowing of short - term coke supply. Downstream steel mills had many overhauls and had not started large - scale restocking, with overall inventory slightly increasing and market transactions remaining sluggish. In the future, the low - valued futures market has rebounded at a low level, and the procurement enthusiasm at the spot end has increased. As the year - end approaches and the winter storage intensity gradually increases, the fundamentals of coking coal continue to improve marginally, and there is still room for the futures market valuation to recover [2]. 3. Summary by Directory Market Review and Outlook - This week, the domestic coking coal and coke markets continued to operate weakly, with the third - round price cut of 50 - 55 yuan/ton expected to be implemented next Monday. Some coking enterprises further limited production due to heavy pollution, and downstream steel mills had many overhauls and had not started large - scale restocking. The overall inventory slightly increased, and market transactions were still sluggish [2]. - The low - valued futures market has rebounded at a low level, and the procurement enthusiasm at the spot end has increased. As the year - end approaches and the winter storage intensity gradually increases, the fundamentals of coking coal continue to improve marginally, and there is still room for the futures market valuation to recover [2]. Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Total coking coal inventory | 10,000 tons | 2127.45 | 2139.45 | - 12 | - 0.56% | Weekly | | Total coke inventory | 10,000 tons | 900.48 | 903.8 | - 3.32 | - 0.37% | Weekly | | Daily average hot metal output of steel mills | 10,000 tons | 226.55 | 229.2 | - 2.65 | - 1.16% | Weekly | | Profit per ton of coke for independent coking enterprises | yuan/ton | 16 | 44 | - 28 | - 63.64% | Weekly | [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the prices of coking coal and coke in the domestic market showed a weak trend. The production of coal mines at the origin was stable, the supply of coking coal was sufficient, and prices were under downward pressure. The second - round price cut of coke was implemented. Coke - steel enterprises slowed down the procurement of raw coal and replenished stocks as needed, with raw coal inventories at a medium - low level. The fundamentals of coking coal have marginally improved. With the settlement of deliveries and the gradual start of winter storage and replenishment by mid - and downstream enterprises, market sentiment will gradually recover, and the futures valuation is expected to repair upward [2] 3. Summary by Relevant Catalog 3.1 Market Review and Outlook - **Market review**: The prices of coking coal and coke in the domestic market were weak this week. Coal mine production at the origin was stable, coking coal supply was sufficient, and prices declined under pressure. The second - round price cut of coke was implemented, and coke - steel enterprises slowed down raw coal procurement, with raw coal inventories at a medium - low level [2] - **Outlook**: The fundamentals of coking coal have marginally improved. After the settlement of deliveries and the start of winter storage and replenishment by mid - and downstream enterprises, market sentiment will gradually recover, and the futures valuation is expected to repair upward [2] 3.2 Weekly Changes in Fundamental Data - **Inventory**: The total coking coal inventory was 2139.45 million tons, a week - on - week increase of 35.48 million tons (1.69%); the total coke inventory was 903.8 million tons, a week - on - week increase of 20.81 million tons (2.36%) [4] - **Production**: The daily average pig iron output of steel mills was 229.2 million tons, a week - on - week decrease of 3.1 million tons (- 1.33%) [4] - **Profit**: The profit per ton of coke for independent coke enterprises was 44 yuan/ton, a week - on - week increase of 14 yuan/ton (46.67%) [4] 3.3 Futures Market Review - The report presents the 5 - day intraday charts of coking coal and coke's main contracts, but no specific analysis is provided [6] 3.4 Spot Market Review - The report shows the aggregated average prices of various coking coal types, the self - pick - up price of Mongolian main coking coal, the aggregated price of quasi - first - class metallurgical coke, the first - class arrival price of metallurgical coke at Hebei Iron and Steel, the basis of coking coal, and the basis of coke, but no specific analysis is provided [8][11][14] 3.5 Fundamental Data - The report shows data on the daily average production of clean coal in mines and coal washing plants, the customs clearance volume of Mongolian coal at the Ganqimaodu Port, the coking coal inventory of steel mills, independent coke enterprises, and ports, the available days of coking coal inventory for steel mills and independent coke enterprises, the daily average coke production of steel mills and independent coke enterprises, the daily average pig iron output of 247 steel mills, the coke inventory of steel mills, independent coke enterprises, and ports, the available days of coke inventory for steel mills, the profit per ton of coke for independent coke enterprises, and the profitability rate of 247 steel mills, but no specific analysis is provided [17][19][23]