1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 16, the coking coal 2509 contract closed at 897.0, down 1.48%. The spot price of Meng 5 raw coal was reported at 783, up 1 yuan/ton. With the overall decline in mine inventories, improved market confidence, and better downstream purchasing willingness, coking coal should be treated with a bullish bias in a volatile market [2]. - On July 16, the coke 2509 contract closed at 1494.5, down 1.45%. The spot price was raised in some regions. With the improvement of raw - material supply and a slight decline in hot - metal production, coke should also be treated with a bullish bias in a volatile market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价为897.00元/吨，环比下跌14.50元；J主力合约收盘价为1494.50元/吨，环比下跌19.50元 [2]. - JM期货合约持仓量为845462.00手，环比增加30539.00手；J期货合约持仓量为55177.00手，环比增加492.00手 [2]. - 焦煤前20名合约净持仓为 - 60314.00手，环比增加1256.00手；焦炭前20名合约净持仓为 - 3642.00手，环比增加392.00手 [2]. - JM1 - 9月合约价差为46.50元/吨，环比下跌4.00元；J1 - 9月合约价差为44.00元/吨，环比下跌2.50元 [2]. - 焦煤仓单为1600.00张，无环比变化；焦炭仓单为90.00张，无环比变化 [2]. 3.2 Spot Market - 干其毛都蒙5原煤价格为783.00元/吨，环比上涨3.00元；俄罗斯主焦煤远期现货（CFR）为120.00美元/湿吨，环比上涨2.00美元 [2]. - 唐山准一级冶金焦价格为1390.00元/吨，无环比变化；日照港准一级冶金焦价格为1220.00元/吨，无环比变化 [2]. - JM主力合约基差为33.00元/吨，环比上涨14.50元；J主力合约基差为 - 104.50元/吨，环比上涨19.50元 [2]. 3.3 Upstream Situation - 110家洗煤厂原煤库存为298.69万吨，环比下降2.08万吨；110家洗煤厂精煤库存为191.54万吨，环比下降5.53万吨 [2]. - 110家洗煤厂开工率为62.85%，环比上涨0.52%；原煤产量为42107.00万吨，环比增加1778.60万吨 [2]. - 煤及褐煤进口量为3303.70万吨，环比下降300.30万吨；523家炼焦煤矿山原煤日均产量为191.80万吨，环比增加3.80万吨 [2]. 3.4 National Industry Situation - 16个港口进口焦煤库存为553.79万吨，环比增加29.08万吨；焦炭18个港口库存为255.68万吨，环比增加13.66万吨 [2]. - 独立焦企全样本炼焦煤总库存为892.35万吨，环比增加44.17万吨；独立焦企全样本焦炭库存为93.08万吨，环比下降9.02万吨 [2]. - 247家钢厂炼焦煤库存为782.93万吨，环比下降6.67万吨；全国247家样本钢厂焦炭库存为637.80万吨，环比增加0.31万吨 [2]. - 独立焦企全样本炼焦煤可用天数为12.48天，环比下降0.03天；247家样本钢厂焦炭可用天数为11.64天，环比增加0.12天 [2]. - 炼焦煤进口量为738.69万吨，环比下降150.65万吨；焦炭及半焦炭出口量为0.00万吨，环比下降68.00万吨 [2]. - 炼焦煤产量为4070.27万吨，环比增加144.11万吨；独立焦企产能利用率为72.87%，环比下降0.30% [2]. - 独立焦化厂吨焦盈利情况为 - 63.00元/吨，环比下降11.00元；焦炭产量为4170.00万吨，环比下降67.60万吨 [2]. 3.5 National Downstream Situation - 247家钢厂高炉开工率为83.13%，环比下降0.31%；247家钢厂高炉炼铁产能利用率为89.87%，环比下降0.40% [2]. - 粗钢产量为8318.00万吨，环比下降336.50万吨 [2]. 3.6 Industry News - On July 15, some steel mills in Hebei and Tianjin raised the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, to be implemented at 0:00 on July 17, 2025 [2]. - Trump said that an agreement was reached with Indonesia, where Indonesian goods exported to the US will pay a 19% tariff, while US exports are tariff - free [2]. - Sheng Laiyun, deputy director of the National Bureau of Statistics, said that relevant departments are formulating measures to strengthen the regulation of market order, which is conducive to improving market supply - demand relations and promoting a reasonable price rebound [2]. - From January to June, infrastructure investment increased by 4.6% year - on - year; manufacturing investment increased by 7.5% year - on - year; real estate development investment decreased by 11.2% year - on - year [2]. - Sheng Laiyun said that domestic demand was the main driving force for China's economic growth in the first half of the year. Consumption policies will be further strengthened in the second half of the year. There is still great potential for fixed - asset investment, and prices will rise moderately at a low level [2].