1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The night session of the previous day saw the main contracts of coking coal and coke perform strongly, with the total positions of coking coal increasing compared to the previous period. This week's data from the Steel Union showed that the output of the five major steel products increased, mainly contributed by rebar. The overall inventory continued to increase, but the growth rate narrowed significantly compared to the previous period. The apparent demand increased significantly, mainly from rebar. Affected by environmental protection restrictions, the hot metal output continued to decline this week. It is expected that with the end of environmental protection restrictions and the advancement of resumption of work and production, the hot metal output will significantly rebound, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy commodities. In the future, focus should be placed on the trend of hot metal output, the start - up situation of mines, and the geopolitical trend [1] 3. Summary According to the Catalog Futures Price Information - **Previous Day's Closing Price**: For coking coal, the previous day's closing prices for January, May, and September contracts were 1466.0, 1153.0, and 1254.5 respectively; for coke, they were 1896.0, 1727.0, and 1801.5 respectively. The previous two - day closing prices for coking coal were 1461.5, 1144.5, and 1247.5 respectively; for coke, they were 1887.5, 1718.0, and 1793.5 respectively [1] - **Price Changes and Ranges**: The price changes for coking coal were 4.5, 8.5, and 7.0 respectively, with price decline ranges of 0.31%, 0.74%, and 0.56%; for coke, they were 8.5, 9.0, and 8.0 respectively, with price decline ranges of 0.45%, 0.52%, and 0.45% [1] - **Trading Volume and Open Interest**: The trading volumes of coking coal for January, May, and September contracts were 5060, 1002451, and 108346 respectively; for coke, they were 156, 166991, and 1679. The open interests of coking coal were 15140, 393876, and 111895 respectively; for coke, they were 1614, 35867, and 4214. The changes in open interests of coking coal were 239, - 13407, and 1126 respectively; for coke, they were 96, 379, and 248 [1] - **Price Spreads**: For coking coal, the price spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5; for coke, they were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 [1] Spot Price Information - **Spot Prices**: The spot prices of Mongolian 5 coking coal (port self - pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan wagon - board price), Tangshan first - grade coke (ex - factory price), Jinzhong quasi - first - grade coke (ex - factory price), and Rizhao Port quasi - first - grade coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively, with no changes [1] Automobile Industry Data - In February, China's automobile sales were 1.04 million, a year - on - year decrease of 25.9%. Among them, the retail sales of new energy vehicles were 464,000, a year - on - year decrease of 32% and a month - on - month decrease of 22.1% [1]

Report Industry Investment Rating - The investment ratings for coke and coking coal are both "wide - range fluctuations" [1] Core View - The report presents the latest data on the fundamentals of coking coal and coke, including futures prices, trading volumes, positions, spot prices, and price differences. It also mentions the CCI metallurgical coal index and the results of coking coal online auctions, indicating that the trading atmosphere has improved [1] Summary by Directory Fundamental Tracking - **Futures Prices**: The closing price of JM2605 was 1121.5 yuan/ton, down 46.5 yuan/ton (-4.0%); the closing price of J2605 was 1680.5 yuan/ton, down 59.5 yuan/ton (-3.4%). The trading volume of JM2605 was 1,369,668 lots, with a position of 421,519 lots, a decrease of 75,338 lots; the trading volume of J2605 was 25,515 lots, with a position of 35,998 lots, a decrease of 3,437 lots [1] - **Spot Prices**: Among coking coal, the price of Linfen low - sulfur primary coking coal and Lvliang low - sulfur primary coking coal remained unchanged at 1460 yuan/ton and 1483 yuan/ton respectively; the price of Lvliang lean primary coking coal increased by 30 yuan/ton to 1190 yuan/ton, and the price of Lvliang medium - sulfur fat coal increased by 100 yuan/ton to 1400 yuan/ton. Among coke, the prices of Hebei quasi - first - class dry - quenched coke, Shanxi quasi - first - class delivered - to - factory price, and Rizhao Port quasi - first - class dry - quenched price index remained unchanged [1] - **Price Differences**: The basis of JM2605 in Shanxi increased by 46.5 yuan/ton to 34.5 yuan/ton; the basis of J2605 in Shanxi quasi - first - class delivered - to - factory increased by 59.5 yuan/ton to - 148.5 yuan/ton. The price difference between JM2605 - JM2609 decreased by 13.5 yuan/ton to - 97.0 yuan/ton; the price difference between J2605 - J2609 decreased by 12.5 yuan/ton to - 76.0 yuan/ton [1] Macro and Industry News - On March 10, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur primary coking coal S0.7 was 1442 (-17) [1] - On March 10, the total online auction listing volume of coking coal was 220,000 tons, with a non - successful bid rate of 5%, an increase of 5% compared to the previous day, and an average premium of 52.13 yuan/ton. The trading atmosphere improved, with most transaction prices rising by 3 - 47 yuan/ton and a few resources having price cuts of 2 - 50 yuan/ton [1] Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [4]

Group 1: Report Overview - The report is a daily research report on coking coal and coke in the ferrous metals industry, dated March 3, 2026 [1][2] Group 2: Market Information Futures Prices - Coking coal futures prices (JM01: 1420, up 27.5; JM05: 1127, up 33; JM09: 1222, up 27.5). Coke futures prices (J01: 1856, up 38; J05: 1694, up 42; J09: 1770, up 39) [4] Spot Prices - Coking coal spot prices: low - sulfur primary coking coal is 1520, down 50; medium - sulfur primary coking coal is 1270, unchanged. Coke spot prices: port quasi - first - grade (wet - quenched) is 1480, unchanged [4] Warehouse Receipts - Coking coal warehouse receipts: Shanxi coal is 1190, unchanged; Meng 5 is 1197, up 32. Coke warehouse receipts: port spot (wet - quenched) is 1591, unchanged [4] Basis - Coking coal basis: for Shanxi coal, 01 contract is - 150, 05 contract is 63, 09 contract is - 32. Coke basis: for port spot (wet - quenched), 01 contract is - 155, 05 contract is 7, 09 contract is - 69 [4] Transportation Prices - Transportation prices of coking coal and coke remain unchanged, such as Jiexiu to Fengnan District is 140, unchanged [4] Group 3: Market Judgment Trading Strategy - The current coking coal and coke futures prices have risen significantly. Affected by the escalation of geopolitical conflicts, the price of thermal coal has increased, which supports coking coal. In the short - term, the double - coking futures are expected to be volatile and bullish, and in the medium - term, they are expected to continue wide - range fluctuations. It is recommended to focus on the prices of oil, gas and thermal coal [6] Specific Trading Suggestions - Unilateral: Long positions can be held; in the medium - term, it is recommended to focus on band trading [7] - Arbitrage: Wait and see [8] - Options: The short position of out - of - the - money put options can be held [9] Related Prices - Coke warehouse receipts: Rizhao Port quasi - first - grade (wet - quenched) is 1591 yuan/ton, etc. Coking coal warehouse receipts: Shanxi coal is 1190 yuan/ton, etc. [10] Important Information - In the coking coal production area, most mines in Linfen have basically resumed normal production, but the demand is weak, and the low - sulfur primary coking coal price in Anze and Qinyuan is under pressure. The imported coal market is running at a high level, with high costs and narrowing price increases [11] Group 4: Related Attachments - The report provides multiple charts, including the comprehensive absolute price index of coke, the price of Meng 5 coking coal, the basis of coking coal and coke, etc., covering data from 2021 to 2026 [13][15][17]

Report Information - Report Name: 20260302 Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) [1] - Analyst: Shen Jifeng (Employee ID: F03148029, Trading Consultation ID: Z0022842) [2] - Contact: shenyb@sywggh.com.cn, 021 - 50582113 [2] Industry Investment Rating - Not provided Core View - Last Friday night, the main contracts of coking coal and coke showed a weak trend, and the total position of coking coal was basically flat compared with the previous period. Steel Union data shows that last week, both the iron - making water output and the profit of steel mills increased slightly month - on - month, and the coking coal inventories of coking plants and steel mills decreased significantly month - on - month, indicating improved demand for coking coal. After the Spring Festival, with the advancement of resumption of work and production, there is an upward expectation for iron - making water output, which will drive the improvement of the rigid demand for coking coal and coke and strongly support coal prices. The escalation of the US - Iran conflict over the weekend and the turmoil in the geopolitical situation can also push up the valuation of energy - related commodities. In the future, focus on the trend of iron - making water output, mine operation, import policies, and geopolitical trends [2] Summary by Relevant Catalog Futures Market Data - **Prices and Changes**: The previous day's closing prices for different contract months of coking coal were 1093.5, 1635.5, 1382.0, 1189.0, 1806.0, 1714.5, with price changes of 5.5, 14.0, 3.5, 2.5, - 8.5, - 6.5 respectively, and percentage changes of 1.02%, 0.32%, 0.46%, 0.14%, - 0.52%, - 0.38% [2] - **Trading Volume and Open Interest**: The trading volumes were 3418, 734084, 48212, 119, 13104, 903 respectively, and the open interests were 11856, 549747, 103786, 40144, 2656, 1170 respectively. The changes in open interest were 1406, - 9360, 3989, 97, 1371, 313 respectively [2] - **Spreads**: The current spreads for different contract combinations were - 79.5, - 160.5, 160.5, - 77.5, - 83, and the spread changes were 306, 2.5, - 308.5, 429.5, 2, - 431.5 respectively [2] Spot Market Data - **Prices and Changes**: The current prices of different types of coking coal were 1855, 1330, 1570, 1391, 1470, and the price changes were 0, 0, 0, 0, 0, - 10 respectively [2]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The night session of the previous day saw the main contracts of coking coal and coke showing a volatile trend, and the total position of coking coal remained basically flat compared to the previous period. The supply of coking coal is still relatively loose, and the demand - side indicators such as hot metal output and steel mill coking coal inventory show no obvious changes, but the coking plant's coking coal inventory continues to increase. The current coking coal auction transaction rate of nearly 90% reflects the support of downstream pre - holiday rigid demand restocking for the spot market. Therefore, it is judged that the short - term market will show a volatile trend. Future focus should be on the trend of hot metal output, downstream inventory changes, and the volume of imported coal customs clearance [3] Group 3: Summary by Related Catalogs Futures Market Data - **Previous Day Closing Prices**: For coking coal, the previous day closing prices were 1373.0 (January), 1116.5 (May), 1195.0 (September); for coke, they were 1842.0 (January), 1668.0 (May), 1736.5 (September) [3] - **Price Changes**: Coking coal prices decreased by -30.0 (January), -43.0 (May), -42.5 (September); coke prices decreased by -45.0 (January), -51.0 (May), -52.0 (September), with decline rates of -2.14% (January coking coal), -3.71% (May coking coal), -3.43% (September coking coal), -2.38% (January coke), -2.97% (May coke), -2.91% (September coke) [3] - **Trading Volume**: Coking coal trading volumes were 6182 (January), 832838 (May), 41697 (September); coke trading volumes were 122 (January), 19620 (May), 837 (September) [3] - **Open Interest**: Coking coal open interests were 5009 (January), 513166 (May), 79492 (September); coke open interests were 265 (January), 38429 (May), 1594 (September), with open interest changes of 330 (January coking coal), 20760 (May coking coal), 1740 (September coking coal), 89 (January coke), 6888 (May coke), 105 (September coke) [3] - **Spread**: For coking coal, the January - May spread was 240, May - September was -79.5, September - January was -160.5; for coke, the January - May spread was 160.5, May - September was -77.5, September - January was -83, with spread changes of 306 (January - May coking coal), 2.5 (May - September coking coal), -308.5 (September - January coking coal), 429.5 (January - May coke), 2 (May - September coke), -431.5 (September - January coke) [3] Spot Market Data - **Current Spot Prices**: The current prices of Mongolian 5 main coking coal (port pick - up price) were 1234, low - sulfur main coking coal (Linfen ex - factory price) was 1640, low - sulfur main coking coal (Taiyuan rail - side price) was 1530, Tangshan first - grade coke was 1800, Jinzhong quasi - first - grade coke (ex - factory price) was 1280, and Changjiang Port quasi - first - grade coke (warehouse - out price) was 1450 [3] - **Spot Price Changes**: The spot price of Changjiang Port quasi - first - grade coke decreased by -10, while other spot prices remained unchanged [3] Industrial Profit Data - In 2025, the total profit of industrial enterprises above designated size in the country was 7398.2 billion yuan, a year - on - year increase of 0.6%. Among them, state - holding enterprises achieved a total profit of 2056.1 billion yuan, a decrease of 3.9%; joint - stock enterprises achieved a total profit of 5540.83 billion yuan, a decrease of 0.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 1744.74 billion yuan, an increase of 4.2%. The manufacturing industry achieved a total profit of 5691.57 billion yuan, an increase of 5.0% [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The night session of the main contracts of coking coal and coke showed a volatile trend yesterday. The total position of coking coal was basically flat compared with the previous period. The supply of coking coal remains relatively loose, while the demand side shows no obvious changes in hot metal production and steel mill coking coal inventory. However, the coking coal inventory of coking plants continued to increase. The current nearly 90% coking coal auction transaction rate reflects the support of downstream pre - holiday rigid demand replenishment for the spot market. Therefore, it is judged that the short - term market will show a volatile trend. Future focus should be on the trend of hot metal production, downstream inventory changes, and the volume of imported coal clearance [3] Group 3: Summary According to the Directory Futures Market Data - **Coking Coal Futures**: The previous day's closing prices for January, May, and September contracts were 1373.0, 1116.5, and 1195.0 respectively, with price drops of - 30.0, - 43.0, and - 42.5, and decline rates of - 2.14%, - 3.71%, and - 3.43% respectively. Trading volumes were 6182, 832838, and 41697, and open interests were 5009, 513166, and 79492, with open interest increases of 330, 20760, and 1740 respectively. The current spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5, with spread changes of 306, 2.5, and - 308.5 respectively [3] - **Coke Futures**: The previous day's closing prices for January, May, and September contracts were 1842.0, 1668.0, and 1736.5 respectively, with price drops of - 45.0, - 51.0, and - 52.0, and decline rates of - 2.38%, - 2.97%, and - 2.91% respectively. Trading volumes were 122, 19620, and 837, and open interests were 265, 38429, and 1594, with open interest increases of 89, 6888, and 105 respectively. The current spreads of January - May, May - September, and September - January were 160.5, - 77.5, and - 83, with spread changes of 429.5, 2, and - 431.5 respectively [3] Spot Market Data - The current prices of Mongolian No.5 coking coal (port pick - up price), low - sulfur coking coal (Linfen ex - factory price, Taiyuan rail - side price), Tangshan Grade - 1 coke, Jinzhong quasi - Grade - 1 coke, and Changjiang Port quasi - Grade - 1 coke were 1234, 1640, 1530, 1800, 1280, and 1450 respectively. The price of Changjiang Port quasi - Grade - 1 coke decreased by 10, while the others remained unchanged [3] National Industrial Profit Data - In 2025, the total profit of industrial enterprises above the designated size in China was 7398.2 billion yuan, a year - on - year increase of 0.6%. Among them, state - owned holding enterprises achieved a total profit of 2056.1 billion yuan, a decrease of 3.9%; joint - stock enterprises achieved a total profit of 5540.83 billion yuan, a decrease of 0.1%; foreign - invested and Hong Kong, Macao, and Taiwan - invested enterprises achieved a total profit of 1744.74 billion yuan, an increase of 4.2%. The manufacturing industry achieved a total profit of 5691.57 billion yuan, an increase of 5.0% [3]

Group 1 - Domestic coking coal futures declined, with the main contract falling by 2.95% to 1117 yuan/ton [1] - Coking futures also saw a decrease, with the main contract dropping by 2.24% to 1677 yuan/ton [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - This week, domestic coking coal and coke prices fluctuated. On the 31st, leading steel mills in Hebei, Shandong and other places lowered the tender price of coke by 50 - 55 yuan/ton, and the fourth round of coke price cut was implemented at 0:00 on the 1st. Recently, the rise of the double - coking futures market has repaired market sentiment, with mixed results in online auctions, improved trading volume, and prices stabilizing and rebounding slightly. Looking ahead, the impulse behavior of Mongolian coal imports has improved. Coupled with the Spring Festival holiday of domestic coal mines, the overall supply pressure will be relieved. The demand side is expected to further improve during the downstream replenishment. The fundamentals of coking coal will continue to improve marginally, and there is still upward momentum in both futures and spot prices [2] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - This week, domestic coking coal and coke prices fluctuated. Steel mills in Hebei and Shandong lowered the tender price of coke by 50 - 55 yuan/ton, and the fourth round of coke price cut was implemented. The rise of the double - coking futures market repaired market sentiment, with improved trading volume and prices stabilizing and rebounding slightly. The impulse behavior of Mongolian coal imports has improved, and the supply pressure will be relieved. The demand side is expected to improve during downstream replenishment, and coking coal fundamentals will improve marginally with upward price momentum [2] 3.2 Weekly Changes in Fundamental Data - Coking coal total inventory was 2169.21 million tons, up 10.13 million tons or 0.47% week - on - week. Coke total inventory was 915.9 million tons, up 3.04 million tons or 0.33% week - on - week. Steel mills' daily average hot metal output was 229.5 million tons, up 2.07 million tons or 0.91% week - on - week. Independent coking enterprises' profit per ton of coke was - 45 yuan/ton, down 4 yuan/ton or 28.57% week - on - week [4] 3.3 Futures Market Review - The report provides a 5 - day intraday chart of coking coal and coke's main contracts, with data from Steel Union Terminal and Ningzheng Futures [6] 3.4 Spot Market Review - The report shows charts of the average price of various coking coal types, the self - pick - up price of Mongolian main coking coal, the aggregated price of quasi - first - grade metallurgical coke, the first - grade arrival price of Hebei Iron and Steel's metallurgical coke, coking coal basis, and coke basis, with data from Steel Union Terminal and Ningzheng Futures [8][11][14] 3.5 Fundamental Data - The report presents charts of the daily average output of clean coal from mines and coal washing plants, the customs clearance volume of Mongolian coal at 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 hot metal 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 of independent coking enterprises, and the profitability rate of 247 steel mills, with data from Steel Union Terminal and Ningzheng Futures [18][20][23]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Downstream steel mills' hot metal production is falling, leading to a slowdown in coal and coke demand. Steel mills' coke production has changed little, with a slight increase in daily average coke output, a decline in inventory, and a decrease in available days. The profitability of coking enterprises in the middle - stream has improved due to the weakening of coking coal prices, but production remains poor with a month - on - month decrease in coke output. Upstream mines have accelerated production, increasing coking coal output. Overall, coking profits have rebounded significantly month - on - month. The demand side has limited support, while the supply side has a marginal increase. After continuous adjustments of coking coal and coke, attention should be paid to the previous low support, and the futures prices are expected to show a volatile trend [1][5][6]. Summary by Directory 1. Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3057 | 4 | 0.13 | 6165476 | 2619983 | Yuan/ton | | SHFE Hot - Rolled Coil | 3270 | 14 | 0.43 | 1916372 | 1152598 | Yuan/ton | | DCE Iron Ore | 785.5 | 13.0 | 1.68 | 1401911 | 477486 | Yuan/ton | | DCE Coking Coal | 1103.0 | - 89.0 | - 7.47 | 5157690 | 912017 | Yuan/ton | | DCE Coke | 1614.5 | - 55.0 | - 3.29 | 114086 | 49628 | Yuan/ton | [3] 2. Market Review - Last week, coking coal and coke futures were weak. The mine start - up rate increased month - on - month, with continuous increases in coking coal production and supply. Downstream coking enterprises had high coking coal inventories and reduced purchasing willingness. Steel mills' hot metal was in a downward cycle, with limited demand support, leading to a weakening of futures prices [5]. - Downstream: Steel mills' hot metal production decreased, and the demand for coal and coke slowed down. The daily average coke output increased slightly, inventory declined, and available days decreased. The profitability rate of steel mills last week was 82.19%, a decrease of 0.62 percentage points month - on - month and an increase of 0.26 percentage points year - on - year. The daily average hot metal output was 236.28 tons, a decrease of 0.60 tons month - on - month and an increase of 0.48 tons year - on - year. The daily average coke output was 46.22 (month - on - month + 0.05) tons, with a capacity utilization rate of 85.23% (+0.09). Coke inventory was 622.34 (- 0.06) tons, and the available days of coke were 11.05 (- 0.01) days [5]. - Middle - stream: The profitability of coking enterprises improved due to the weakening of coking coal prices, but production remained poor with a month - on - month decrease in coke output. The national average profit per ton of coke was 19 (month - on - month + 53) Yuan/ton. Last week, the capacity utilization rate was 71.71% (+0.07%), and the daily average coke output was 62.67 (- 0.33) tons [6]. - Upstream: Mine production accelerated, and coking coal output increased. The utilization rate of the approved production capacity of 523 coking coal mine samples was 86.9%, a month - on - month increase of 0.7%. The daily average output of raw coal was 193.4 tons, a month - on - month increase of 1.5 tons. Raw coal inventory was 434.5 tons, a month - on - month decrease of 0.1 tons. The daily average output of clean coal was 75.8 tons, a month - on - month increase of 0.1 tons, and clean coal inventory was 185.9 tons [6]. 3. Industry News - In October, the total social electricity consumption was 857.2 billion kWh, a year - on - year increase of 10.4%, the first single - month increase of over 10% this year [15]. - The third round and fifth batch of central ecological and environmental protection inspections have been fully launched, targeting Beijing, Tianjin, Hebei, and several central enterprises, with an on - site inspection period of one month [15]. - Vice - Premier He Lifeng emphasized promoting the improvement of foreign trade quality and efficiency, improving the high - standard logistics system, supporting the high - quality development of the manufacturing industry, and building a unified national market during his research in Hubei and Hunan [15]. 4. Related Charts - The report provides multiple charts, including the basis trend of coke, the futures and monthly spread trend of steel, the daily average output of independent coking plants and steel mills, capacity utilization rates, daily average hot metal output, various inventory charts, and ton - coke profit charts [9][10][11]

Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - This week, the coking coal market showed a strong trend, while the coke price remained stable. The second round of coke price increase was implemented, and the third round was initiated [2][4]. - On the supply side, production was affected by factors such as the completion of annual tasks in some mines, safety and environmental inspections, and the structural adjustment of imported Mongolian coal, resulting in a significant reduction in supply. On the demand side, macro - favorable factors pushed up the market price, and the steel inventory decreased significantly. The probability of the third round of coke price increase of 50 - 55 yuan/ton being implemented was relatively high [2]. - Overall, the domestic coking coal supply was subject to continuous disturbances, the import supplement was limited, and the spot transactions still showed more increases than decreases. The coking coal spot market was stable with a strong trend, and the coking coal fundamentals were still healthy. It was expected that the coking coal price would fluctuate in the short term [30]. 3. Summary by Directory 3.1 This Week's Market Review - The coking coal market was strong, and the coke price was stable. The second round of coke price increase by mainstream steel mills in Hebei, Shandong and other places was implemented on Monday, with a range of 50 - 55 yuan/ton. The third round was initiated on Wednesday, and the steel mills had not responded yet [2][4]. 3.2 Macro and Industry News - On October 28, the "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" was released, aiming to optimize and upgrade traditional industries [6]. - The upgraded protocol of the China - ASEAN Free Trade Area 3.0 was officially signed, expanding cooperation in emerging fields and promoting regional trade facilitation [6]. - China's manufacturing PMI in October was 49%, a decrease of 0.8 percentage points from the previous month. From January to September, the total profit of industrial enterprises above designated size was 5373.2 billion yuan, a year - on - year increase of 3.2%. The ferrous metal smelting and rolling processing industry turned from loss to profit, with a profit of 97.34 billion yuan [6]. - The Federal Reserve cut interest rates by 25 basis points, and the inventory of iron ore in seven major ports in Australia and Brazil continued to decline [7]. - The "Action Plan for Quality Improvement and Upgrading of the Iron and Steel Industry in Henan Province" was issued, setting goals for the iron and steel industry in Henan Province by the end of 2025 and 2027 [7]. 3.3 Fundamental Analysis - On the supply side, production was affected by factors such as the completion of tasks in some mines, safety and environmental inspections, and the structural adjustment of imported Mongolian coal, resulting in a significant reduction in supply. Although the customs clearance of imported Mongolian coal recovered this week, the main coking coal resources in the market were still in short supply [2]. - On the demand side, macro - favorable factors pushed up the market price, and the steel inventory decreased significantly. The coke initiated the third round of price increase, and the probability of the increase of 50 - 55 yuan/ton being implemented was relatively high [2]. 3.4 Market Outlook and Investment Strategies - Supply: Due to frequent inspections in the main production areas and production reduction in some coal mines, the supply was difficult to increase [30]. - Demand: The coke production was basically flat month - on - month, the procurement enthusiasm of downstream and intermediate links remained, and the inventory of upstream coal mines had decreased to a low level in recent years [30]. - Investment Strategies: For single - side trading, it was mainly range - bound operation; for inter - period arbitrage, it was mainly to wait and see; for coking profit, it was also mainly to wait and see [2][30].