Report Industry Investment Rating - No information provided Core View of the Report - Recent domestic coal production has stabilized, Mongolian coal imports are at a high level, domestic hot metal production is declining, and the weak delivery logic is dragging down near - month contracts with the futures price trading at a discount to the spot price. The market may remain weak in the short term [3] Summary by Relevant Catalog Market Performance - Yesterday, the coking coal and coke futures prices oscillated weakly, and the prices dropped further during the night session. The position of the coking coal 01 contract is gradually shifting to the 05 contract. The weak delivery logic is dragging down the near - month prices, and the futures price is trading at a discount to the spot price. The spot market is generally weak, with coal prices回调 in some regions. After four rounds of price increases, coke prices are stable for now, but there are expectations of price cuts in the market [3] Fundamental Analysis - Supply: Mysteel research shows that this week, multiple coal mines in Linfen and Lvliang, Shanxi, have shut down, leading to a decline in production. Most of the shutdowns are for a long time, and there is little room for a significant increase in coal mine production in the short term. Entering December, some coal mines say they are close to completing their annual production tasks, face high safety production pressure, and with weakening downstream purchasing willingness, there is a slight increase in self - controlled production cuts by coal mines [3] - Demand: The procurement pace of downstream coal - using enterprises has slowed down recently, leading to inventory accumulation at upstream mines. Coking production is normal, but the profitability of steel mills has shrunk, the blast furnace operating rate has decreased, and the daily average hot metal production has dropped to 234.68 million tons, a decrease of 1.6 million tons from the previous week and an increase of 0.81 million tons compared to last year [3]

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - Recently, the high-level customs clearance of Mongolian coal and the domestic coal supply guarantee policy have impacted market sentiment. Additionally, the weak delivery logic has dragged down the near-month contracts, and the futures price is trading at a discount to the spot price. The market may remain weak in the short term [4]. Summary by Relevant Catalog Market Performance - Yesterday, the coking coal futures price continued its weak trend and further declined during the night session. The position of the 01 contract is gradually shifting to the 05 contract. The weak delivery logic has dragged down the near-month price, and the futures price is trading at a discount to the spot price. The spot market is generally weak, with coal prices in some regions experiencing corrections. After four rounds of price increases, coke prices have temporarily stabilized [3]. Import Data - In October, China imported 10.5932 million tons of coking coal, a month-on-month decrease of 3.03% and a year-on-year increase of 6.39%, remaining at a relatively high level. From January to October, the cumulative import volume was 94.1244 million tons, a year-on-year decrease of 5.1231 million tons, or a decline of 5.16% [3]. - In terms of different countries, in October, Mongolia exported 5.3653 million tons of coking coal to China, a decrease of 635,200 tons from September, mainly due to the port closure during the National Day holiday. In November, the customs clearance volume of Mongolian coal has recovered to a relatively high level, and there are recent market rumors that the port will test a daily customs clearance of 2,000 trucks, so the actual customs clearance volume needs to be monitored [3]. - In October, the import volume of Australian coking coal was 1.0469 million tons, with a significant month-on-month increase. The import volumes of Russian and Canadian coking coal in October both decreased slightly compared to September [3]. Domestic Production and Demand - The domestic clean coal production is generally stable. On the demand side, the profit of steel mills continues to shrink. Last week, the average daily pig iron output decreased to 2.3628 million tons, a decrease of 60,000 tons from the previous week and an increase of 4,800 tons compared to the same period last year. During the off - season demand period, pig iron output tends to decline, and the demand for raw materials is under pressure [3].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Recent high-level Mongolian coal customs clearance and domestic supply guarantee policies have impacted market sentiment. The weak delivery logic has dragged down near-month contracts, causing the futures price to trade at a discount to the spot price. The price of the main coking coal contract is approaching the lower limit of the oscillation range (1100 - 1300), testing the lower support [3] 3. Summary According to Relevant Catalogs Coal and Coke Market Conditions - Last week, the futures prices of coal and coke continued to decline in an oscillatory manner, with coking coal leading the decline. The positions of the 01 contract were gradually transferred to the 05 contract. The futures price traded at a discount to the spot price, and the weak delivery logic dragged down the near-month prices. The spot market was generally weak and stable, with coal prices in some regions adjusting downward. After four rounds of price increases, coke prices remained stable [2] Import Data - In October, China imported 10.5932 million tons of coking coal, a month-on-month decrease of 3.03% and a year-on-year increase of 6.39%, remaining at a relatively high level. From January to October, the cumulative import volume was 94.1244 million tons, a year-on-year decrease of 5.1231 million tons, or 5.16% [2] - In October, 5.3653 million tons of Mongolian coking coal were imported, a decrease of 635,200 tons from September, mainly due to the port closure during the National Day holiday. In November, the customs clearance volume of Mongolian coal has rebounded to a relatively high level, and there are rumors in the market that the port will test 2000 trucks of customs clearance. Attention should be paid to the actual customs clearance volume [2] - In October, 1.0469 million tons of Australian coking coal were imported, with a significant month-on-month increase. The import volumes of Russian and Canadian coking coal in October decreased slightly compared with September [2] Domestic Production and Demand - The domestic clean coal production was generally stable. On the demand side, the profit of steel mills continued to shrink. Last week, the daily average pig iron output decreased to 2.3628 million tons, a decrease of 60,000 tons from the previous week and an increase of 48,000 tons compared with the same period last year. During the off-season demand period, the pig iron output tended to decline, and the demand for raw materials was under pressure [2]