Report Investment Rating - No information provided on the industry investment rating Core View - The short - term trend of coking coal and coke is expected to be range - bound. The spot price of coking coal is rising, and some coking enterprises have initiated the first price increase. After the replenishment is completed, the tight supply - demand situation may ease, and the upside space of the short - term futures market is limited [1] Summary by Catalog Market Review - The main contract of coking coal Jm2601 closed at 1224.5, up 1.24% compared with the opening of the day session; the main contract of coke J2601 closed at 1730.0, up 0.73%. At night, Jm2601 closed at 1223.5, down 0.08% from the day - session close, and J2601 closed at 1726.0, down 0.23% from the day - session close [1] Important Information - In mid - September, key steel enterprises produced 2073 million tons of crude steel, with an average daily output of 207.3 million tons, a 0.6% decrease. Steel inventory was 1529 million tons, a 3.4% decrease [1] - On September 24, some coking enterprises proposed a price increase of 50 - 55 yuan/ton, and mainstream coking enterprises planned to raise the coke price on the 25th, intensifying the game between coking and steel enterprises [1] - From the settlement on September 29, the daily price limit of iron ore futures contracts will be adjusted to 11%, and the trading margin to 13%; for coke futures contracts, the daily price limit will be 11% with the margin unchanged; for coking coal futures contracts, the daily price limit will be 11% and the margin will be 15% [1] - From the settlement on September 29, the trading margin for apple, glass, and soda ash futures contracts at Zhengzhou Commodity Exchange will be 12%, and the daily price limit 10%; for rapeseed meal, red dates, ferrosilicon, silicomanganese, and caustic soda futures contracts, the margin will be 10% and the daily price limit 9% [1] - On September 24, the auction prices of coking coal in Linfen market increased significantly. Among 14 auction results, 13 increased and 1 had a 8% non - successful bid rate, with an average increase of about 92 yuan/ton [1] Market Logic - The spot price of coking coal is rising, and the cost of coking coal for coke has increased. Some coking enterprises have initiated the first price increase. The supply of coking coal is expected to shrink during the National Day holiday, but the supply - demand situation may improve after the replenishment [1] Trading Strategy - Coking coal and coke are expected to move in a range in the short term [1]