Report Overview - The report is the Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) on March 4, 2026, released by Shenwan Hongyuan Futures [1] Core View - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total position of coking coal remained basically flat compared with the previous period. The suspension of operations at Qatar Energy's facilities due to geopolitical conflicts led to a reduction in natural gas supply, prompting the power industry to switch fuels and causing the futures market to strengthen significantly. After the Spring Festival, with the resumption of work and production, there is an expectation of an increase in hot metal production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy commodities. The future focus should be on the trend of hot metal production, mine operation, import - related policies, and geopolitical trends [2] Key Data Futures Market | Contract Month | 1st Month | 5th Month | 9th Month | 1st Month | 5th Month | | --- | --- | --- | --- | --- | --- | | Previous Day's Closing Price | 1420.0 | 1127.0 | 1222.0 | 1856.0 | 1694.0 | | Two Days Ago's Closing Price | 1392.5 | 1094.0 | 1194.5 | 1818.0 | 1652.0 | | Change | 27.5 | 33.0 | 27.5 | 38.0 | 42.0 | | Change Rate | 1.97% | 3.02% | 2.30% | 2.09% | 2.54% | | Trading Volume | 5280 | 1151632 | 99633 | 65 | 25286 | | Open Interest | 13462 | 506242 | 108527 | 1211 | 39194 | | Change in Open Interest | 662 | - 39301 | 1655 | 3 | - 1180 | | Spread (Current Value) | 240 | - 79.5 | - 160.5 | 160.5 | - 77.5 | | Spread Change | 306 | 2.5 | - 308.5 | 429.5 | 2 | [2] Spot Market | Coal Type | Mongolian No. 5 Main Coking Coal | Low - Sulfur Main Coking Coal | Low - Sulfur Main Coking Coal | Tangshan First - Grade Coke | Jinzhong Quasi - First - Grade Coke | Rizhao Port Quasi - Grade Coke | | --- | --- | --- | --- | --- | --- | --- | | Current Price | 1373 | 1180 | 1520 | 1855 | 1330 | 1470 | | Price Change | - 17 | - 50 | 32 | 0 | - 10 | 0 | [2]

Group 1: Report Information - The report is the Shenwan Futures Variety Strategy Daily - Coking Coal and Coke (JI&J) dated March 4, 2026, issued by Shenwan Futures [1] Group 2: Market Data Futures Market - For coking coal futures, the previous day's closing prices for different contract months were 1420.0, 1127.0, 1222.0, 1856.0, 1694.0, and 1770.0, with price increases of 27.5, 33.0, 27.5, 38.0, 42.0, and 39.0 respectively, and price increase rates of 1.97%, 3.02%, 2.30%, 2.09%, 2.54%, and 2.25% [2] - Trading volumes were 5280, 1151632, 99633, 65, 25286, and 1482, and open interests were 13462, 506242, 108527, 1211, 39194, and 2864, with open interest changes of 662, -39301, 1655, 3, -1180, and 53 [2] - Spreads and their changes for different contract month combinations are provided, such as 1 - 5 month spread with a current value of 240 and a change of 306 [2] Spot Market - Spot prices for different types of coking coal, including Mongolian 5 main coking coal, low - sulfur main coking coal, etc., are given. For example, the current prices are 1373, 1180, 1520, 1855, 1330, and 1470, with price changes of -17, -50, 32, 0, -10, and 0 [2] Group 3: Core Views - The night session of the main coking coal and coke contracts showed a weak trend, and the total open interest of coking coal was basically flat compared to the previous period [2] - Qatar Energy Company's facility shutdown due to geopolitical conflicts led to a reduction in natural gas supply, prompting fuel substitution in the power industry and a significant strengthening of the futures market [2] - After the holiday, with the progress of resuming work and production, there is an upward expectation for molten iron production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy - related commodities [2] - Future focus should be on the trend of molten iron production, mine operation, import - end policy trends, and geopolitical trends [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - 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 showed that last week, both the iron - making 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 an improvement in coking coal demand. After the Spring Festival, with the progress of resuming work and production, there is an upward expectation for iron - making output, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. The escalation of the conflict between the US and Iran over the weekend and the geopolitical turmoil can also boost the valuation of energy - related commodities. In the future, attention should be paid to the trend of iron - making output, the start - up situation of mines, the policy trends of the import side, and the geopolitical situation [2] 3. Summary According to Relevant Catalogs Futures Market Data - **Closing Prices**: The closing prices of different contracts on the previous day and the day before were as follows: 1093.5, 1635.5, 1382.0, 1189.0, 1806.0, 1714.5 (previous day); 1368.0, 1090.0, 1183.5, 1803.5, 1644.0, 1721.0 (day before). The price changes were 5.5, 14.0, 3.5, 2.5, - 8.5, - 6.5, with changes of 1.02%, 0.32%, 0.46%, 0.14%, - 0.52%, - 0.38% respectively [2] - **Trading Volume**: The trading volumes of different contracts were 3418, 734084, 48212, 119, 13104, 903 respectively [2] - **Open Interest**: The open interests of different contracts were 11856, 549747, 103786, 40144, 2656, 1170 respectively, with changes of 1406, - 9360, 3989, 97, 1371, 313 respectively [2] - **Price Spreads**: The current price spreads (e.g., 9 - 1 month) were - 79.5, - 160.5, 160.5, - 77.5, - 83, with changes of 306, 2.5, - 308.5, 429.5, 2, - 431.5 respectively [2] Spot Market Data - **Prices**: The current prices of different types of coking coal (such as Mongolian No. 5 main coking coal) were 1855, 1330, 1570, 1391, 1470, and the price of Rizhao Port decreased by 10, while others remained unchanged [2]