Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For both short - term and medium - term, the view on both coking coal and coke is to adopt an oscillatory approach. The short - term and medium - term trends are expected to be oscillatory, while the intraday trends are expected to be oscillatory and weak [1]. 3. Summary by Variety Coking Coal (JM) - **Production Data**: As of the week ending November 21, the daily average output of clean coal from 523 coking coal mines nationwide was 75.8 thousand tons, a week - on - week increase of 0.1 thousand tons and a year - on - year decrease of 3.8 thousand tons. The combined daily average output of coke from downstream coking plants and steel mills was 108.89 thousand tons, a week - on - week decrease of 0.28 thousand tons [5]. - **Demand Outlook**: Although the profits of independent coking plants have improved significantly this week, the port market has already over - anticipated price cuts. There are doubts about the extent and sustainability of the improvement in downstream demand, so the positive factors on the demand side of coking coal are still insufficient [5]. - **Supply Outlook**: The easing of anti - involution expectations and the accelerated clearance of Mongolian coal have weakened the support on the supply side of coking coal. However, considering that coal mine production may decline after reaching the annual production target at the end of the year and the Politburo meeting in December, the sustainability of the downward trend of coking coal futures remains to be observed [5]. Coke (J) - **Market Price**: The spot market of raw material coking coal is weak, and downstream steel mills are in the red. The ex - warehouse price of quasi - first - grade wet - quenched coke at Rizhao Port has dropped to 1470 yuan/ton, 200 yuan/ton lower than the flat - price [6]. - **Supply and Demand**: The latest data shows that both the supply and demand of coke have weakened slightly, and the fundamentals have not changed much. As of the week ending November 21, the combined daily average output of coke from independent coking plants and steel mill coking plants was 108.89 thousand tons, a week - on - week decrease of 0.28 thousand tons; the daily average pig iron output of 247 steel mills was 236.28 thousand tons, a week - on - week decrease of 0.6 thousand tons. The profitability rate of steel mills continued to decline by 1.3 percentage points to 37.66%, indicating that steel mills are in a large - scale loss situation [6]. - **Market Trend**: The strong supply - side expectations of coking coal have cooled down, dragging down the cost support of coke. The main futures contract is expected to maintain a weak oscillatory trend. Continued attention should be paid to the supply situation of coking coal [6].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The domestic thermal coal price strengthened again after a brief stabilization. The supply contraction expectation and downstream restocking expectation support the coal price to run strongly. Attention should be paid to the strength of the peak season for thermal coal from this winter to next spring [4] Group 3: Summary According to the Catalog Price and Market Conditions - As of November 6, the quotation of 5500K thermal coal at Qinhuangdao Port was 799 yuan/ton, with a week-on-week increase of 31 yuan [4] Supply Side - In the first week of November, the production of main - producing area coal mines was generally stable, and the supply was still lower than the same period last year. After the safety production inspection team entered in November, there was still some pressure on the recovery of thermal coal supply. In October, China imported 4173.7 million tons of coal and lignite, a decrease of 426.6 million tons from the previous month [4] Demand Side - As of October 30, the daily coal consumption of power plants in 8 coastal provinces was 1.806 million tons, basically flat week - on - week; the daily coal consumption of power plants in 17 inland provinces was 3.335 million tons, a week - on - week decrease of 192,000 tons per day. The peak season for thermal coal demand has not started [4]

Group 1: Report Investment Ratings - No specific report industry investment ratings are provided in the content. Group 2: Core Views - For the 2601 contract of coking coal, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "decline", and the reference view is "oscillation thinking". The core logic is that the upward driving force is weak, and coking coal will oscillate weakly [1]. - For the 2601 contract of coke, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weak oscillation", and the reference view is "oscillation thinking". The core logic is that there are both long and short factors, and coke will oscillate within a range [1]. Group 3: Summary by Variety Coking Coal (JM) - As of the week of October 10, the daily average output of clean coal from 523 coking coal mines nationwide was 752,000 tons, a week - on - week decrease of 22,000 tons and a year - on - year decrease of 14,000 tons. During the National Day and Mid - Autumn Festival, 10 road ports such as Erenhot and Ganqimaodu between China and Mongolia were closed for 7 days and gradually resumed after the festival. The total daily average output of coke from sample coking plants and steel mills was 1.125 million tons, a slight week - on - week decrease of 1,200 tons. After the holiday, the coking coal inventory of downstream enterprises decreased significantly. As of the week of October 10, the coal inventory of independent coking plants was 9.5906 million tons, a week - on - week decrease of 786,500 tons, and the coal inventory of 247 steel mills was 7.8113 million tons, a week - on - week decrease of 69,300 tons. Due to insufficient fundamental support and the reappearance of US tariff pressure, coking coal futures are expected to operate weakly and oscillate in the short term [5]. Coke (J) - According to Mysteel statistics, as of the week of October 10, the total daily average output of coke from independent coking plants and steel mill coking plants was 1.125 million tons, a slight week - on - week decrease of 1,200 tons. On the demand side, the daily average pig iron output of 247 steel mills was 2.4154 million tons, a week - on - week decrease of 2,700 tons, and the profit rate of steel mills was 56.28%, a week - on - week decrease of 0.43 percentage points. Coke's fundamental upward driving force is insufficient, and there is short - term policy risk as Trump threatened to impose a 100% tariff on China. Coke futures are expected to maintain oscillation in the short term [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For both Jiao Coal 2601 and Coke 2601, the short - term view is "interval oscillation", the medium - term view is "oscillation with a slightly upward trend", and the intraday view is "oscillation with a slightly upward trend", with an overall reference view of "oscillation" [1]. - Jiao Coal: Due to the interplay of multiple and bearish factors, it is expected to maintain interval oscillation in the short - term, and the key lies in the long - term and obvious impact of anti - involution rectification on Jiao Coal supply [1][5]. - Coke: After the sixth round of price increase was implemented, the spot market remains optimistic. With the supply of coking coal at the cost end being disturbed, it is expected that the main contract of coke will maintain interval oscillation in the near future [1][7]. 3. Summary by Relevant Catalogs 3.1 Jiao Coal (JM) - **Price Information**: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1190.0 yuan/ton, with a week - on - week increase of 3.48%, and the equivalent futures warehouse receipt cost is about 1167 yuan/ton [5]. - **Market Situation**: The anti - involution policies in the coal industry are being implemented one after another. As the futures price returns to a high level, market games increase. The short - term trend is interval oscillation [5]. 3.2 Coke (J) - **Price Information**: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1480 yuan/ton, with a week - on - week increase of 4.23% [7]. - **Market Situation**: The sixth round of price increase for coke was implemented this week, and the optimistic atmosphere in the spot market continues. The supply and demand of coke are basically stable recently, and the supply of coking coal at the cost end is disturbed. The futures price has pulled back at the 1750 yuan/ton level. It is expected to maintain interval oscillation in the near future [7].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report anticipates that the price of thermal coal will continue to strengthen this summer as multiple positive factors, including the peak season and anti - involution policies, create a resonance driving the coal price up [5]. 3) Summary by Related Content Price and Trend - As of August 7, 2025, the quoted price of 5500K thermal coal at Qinhuangdao Port was 674 yuan/ton, with a week - on - week increase of 22 yuan/ton, and the increase was larger than the previous week. Since the low point in late June, the cumulative increase in the FOB price of 5500K at the port has reached 64 yuan/ton, a rise of 10.5% [5]. Supply and Demand - This week, the domestic thermal coal supply has been stable. The peak season for thermal coal demand has shown good performance. The capacity utilization rate of non - power cement clinker is significantly higher than the same period last year. The anti - involution rectification work in the coal industry has boosted market sentiment. The coal market atmosphere at mine mouths and ports remains active, with continuous release of downstream power plant replenishment demand and high enthusiasm among traders for haulage [5]. Inventory - As of August 7, according to iFind statistics, the total inventory of thermal coal at 9 ports in the Bohai Rim was 2481.9 million tons, basically flat week - on - week and slightly 22.4 million tons lower than the same period last year. Since this summer, the coal inventory at northern ports has decreased by 834.4 million tons from the inventory peak in May, effectively reducing the inventory in the intermediate links and supporting the coal price to stop falling and rebound [5].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on the futures of coking coal and coke, suggesting a volatile trading approach for both. For coking coal, the supply pressure is emerging again, leading to a volatile downward adjustment. For coke, due to the game between multiple and short positions, it shows low - level volatility. [1][5][6] 3. Summary by Related Catalogs Coking Coal (JM) - **Price and Cost**: The latest quotation of Mongolian coking coal at the Ganqimao Port is 865.0 yuan/ton, with a flat week - on - week change, and the equivalent futures warehouse receipt cost is about 834 yuan/ton. [5] - **Supply**: Coal mines in Changzhi and Qinyuan that were shut down due to safety inspections are gradually resuming production, and concerns about coking coal supply have resurfaced, driving the futures price to adjust downward. The supply side is a key focus of market games, and the actual production in the main producing areas needs to be continuously tracked. [5] - **Demand**: The demand for coking coal is currently stable. [5] - **Market Outlook**: It is expected that the main coking coal contract will maintain a range - bound operation in the short term, and attention should be paid to the production volume of Shanxi coal mines in July. [5] Coke (J) - **Price**: The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1220 yuan/ton, with a flat week - on - week change. The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1160 yuan/ton, with a 1.75% week - on - week increase. [6] - **Cost and Supply**: After the end of the national safety production month in June, the safety inspection pressure in the main coking coal producing areas has gradually eased, and coking coal production may increase, causing supply disturbances at the cost end and driving a slight intraday decline in coke. [6] - **Profit and Production**: After the fourth price cut of coke on June 23, the profit per ton of coke for independent coking enterprises in the latest sample is - 46 yuan/ton, a week - on - week decrease of 23 yuan/ton. The operating pressure of coking plants has increased, and their enthusiasm for increasing production is average. [6] - **Demand**: As of the week of June 27, the average daily pig iron output of 247 steel mills nationwide is 242.29 million tons, a week - on - week increase of 0.11 million tons, and the profitability rate of steel mills is 59.31%, with a flat week - on - week change. [6] - **Market Outlook**: The risk of increased coking coal production in July has started to materialize, and coke may maintain a wide - range volatile operation in the near future. Attention should be paid to the actual production volume of coking coal recently. [6]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The short - term and mid - term trends of both coking coal and coke futures are expected to be in a sideways pattern, with an intraday bias towards a slightly stronger trend, and both are likely to trade in a low - level range - bound manner [1][5][6]. 3. Summary by Variety Coking Coal (JM) - **Price Information**: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 865.0 yuan/ton, with a week - on - week decrease of 2.8%, and the equivalent futures warehouse receipt cost is about 834 yuan/ton [5]. - **Core Logic**: During the safety month, domestic coking coal production has shrunk due to safety inspections, environmental protection, and operational pressure, and the price inversion of imported coal has curbed imports, which has alleviated the pessimistic supply outlook. Geopolitical events have also improved market sentiment, driving the main coking coal futures contract to stop falling and rebound. However, the long - term supply glut situation has not been completely reversed, and there is still a possibility of increased production after the safety month, so there is insufficient driving force for a significant increase in coal prices [5]. Coke (J) - **Price Information**: The latest quotation of quasi - first - grade coke at Rizhao Port is 1270 yuan/ton, with a week - on - week flat, and the equivalent futures warehouse receipt cost is about 1401 yuan/ton [6]. - **Core Logic**: As positive factors accumulate, the previously pessimistic market sentiment has changed, some short positions have taken profits and left the market, and the game between long and short positions has intensified, leading to low - level wide - range fluctuations in coke futures. Looking ahead, although coking coal supply has shrunk in June, production may recover after the safety month, and the long - term export pressure on ferrous metal terminals remains, so the coke futures are expected to continue to trade in a wide - range oscillation in June [6].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - Both coking coal and coke futures are expected to run weakly in the short - term, mid - term, and intraday. For coking coal, there are multiple negative factors such as loose supply and demand, weak domestic demand, and export concerns. For coke, it is dragged down by the loose supply of upstream coking coal and weak downstream demand [1][5][6]. 3. Summary by Related Catalogs Coking Coal - **Short - term, Mid - term, and Intraday Views**: Short - term: oscillating; Mid - term: falling; Intraday: oscillating weakly; Overall view: running weakly [1]. - **Core Logic**: Since 2024, coking coal has had a loose supply - demand situation due to sufficient output, high imports, insufficient domestic demand from real estate and infrastructure, and export concerns from Sino - US trade friction. After the "Golden March and Silver April" this year, the iron - making output of steel mills declined in May, and the second round of coke price cuts was implemented on May 28, transferring pressure to coking coal. The mid - long - term fundamental pressure and short - term building material off - season led to the weak oscillation of the futures main contract [5]. Coke - **Short - term, Mid - term, and Intraday Views**: Short - term: oscillating; Mid - term: falling; Intraday: oscillating weakly; Overall view: running weakly [1]. - **Core Logic**: After the second round of coke price cuts in the spot market, the upstream coal price dropped accordingly, and the downstream still has price - cutting expectations. In the futures market, the loose supply of coking coal drags down the cost of coke, and the weak domestic real estate and infrastructure and international export pressure lead to concerns about medium - and long - term demand. In the short - term, the peak of steel mills' iron - making output and the arrival of the construction off - season are not conducive to the rebound of coke futures [6].