Core Viewpoint - The newly revised Mineral Resources Law, effective from July 1, aims to standardize mineral resource management and promote green, high-quality development in the mining industry [1] Group 1: Legislative Changes - The revision of the Mineral Resources Law is the first major overhaul in 29 years, marking a significant milestone in the legal framework for natural resources [2] - The new law addresses the increasing demand for strategic mineral resources while highlighting systemic shortcomings in geological survey work, such as funding shortages and slow technological updates [2] - The law establishes a national obligation for basic geological surveys, providing a legal foundation to overcome exploration bottlenecks and ensure mineral resource security [2] Group 2: Environmental Considerations - The new law incorporates green development principles, establishing a dedicated chapter on "mining area ecological restoration" to support ecological civilization construction throughout mineral resource management [3] Group 3: Implementation Strategies - The Ministry of Natural Resources has issued a comprehensive plan for implementing the new law and is expediting the drafting of implementation regulations, which are currently under review by the Ministry of Justice [4] - A thorough review of existing regulations related to mineral resource management is underway, with recommendations for necessary amendments or abolitions [4] - The Ministry is also developing supporting documents to enhance the ecological restoration of mining areas, focusing on management of restoration plans and supervision [4][5] Group 4: Ecological Restoration Guidelines - The ecological restoration guidelines emphasize responsibilities for mining rights holders to implement restoration concurrently with mining activities, shifting from reactive to proactive management [5] - The guidelines aim to extend ecological restoration from end-of-pipe treatment to source protection, detailing objectives and measures for different stages of mineral resource extraction [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The recent rebound in coal and coking prices was mainly driven by news such as a 20% resource - tax increase on Mongolian coal exports, sudden production cuts in Shanxi, and capacity clearance due to the new Mineral Resources Law. However, the authenticity of these news has been gradually disproven. After the emotional release, the market will return to being fundamentally driven. Since the spot prices have not significantly increased, the off - season pressure will lead to the intervention of industrial hedging funds, which will resist the continuous rise of prices. The current futures price rebound is regarded as a basis - narrowing market. Its sustainability depends on the cooperation of spot prices and changes in market expectations of the supply - side production capacity [2][22] 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market**: Last week, the opening price of the main coking coal contract JM2509 was 726.0 yuan/ton, with a high of 796.0 yuan/ton, a low of 709.0 yuan/ton, and a closing price of 778.5 yuan/ton, a fluctuation of 37.5 yuan/ton compared to the previous week's settlement price. The trading volume was 4,897,442.0 lots, and the open interest was 556,894.0 lots. The opening price of the main coke contract J2509 was 1,311.0 yuan/ton, with a high of 1,379.0 yuan/ton, a low of 1,280.5 yuan/ton, and a closing price of 1,350.5 yuan/ton, a fluctuation of 42.0 yuan/ton compared to the previous week's settlement price. The trading volume was 139,922.0 lots, and the open interest was 53,370.0 lots [4] - **Basis Analysis**: The basis of S1.3 G75 main coking coal (Mongolian 5) in Shaheyi was 110 yuan/ton, and the basis of the main coke contract was - 22 yuan/ton [4] - **Spread Analysis**: The spread between the 2509 coke contract and the 2509 coking coal contract was 572.0 yuan/ton [4] 3.2 Domestic Spot Market - S1.3 G75 main coking coal (Shanxi coal) in Jiexiu was priced at 970 yuan/ton (unchanged); S1.3 G75 main coking coal (Mongolian 5) in Shaheyi was 889 yuan/ton (up 5 yuan/ton); S1.3 G75 main coking coal (Mongolian 3) in Shaheyi was 901 yuan/ton (down 5 yuan/ton) [5] 3.3 Port Information - **Inventory**: As of June 7, 2025, the total coal inventory at Qinhuangdao Port was 645.00 million tons, at Caofeidian Port was 565.00 million tons, at Jingtang Port was 826.80 million tons, and at Xingang of Guangzhou Port was 47.40 million tons [11] - **Quotations**: The ex - warehouse price of Shanxi main coking coal at Jingtang Port was 1290 yuan/ton, the ex - warehouse price of foreign - trade Australian main coking coal at Qingdao Port was 1205 yuan/ton, at Lianyungang Port was 1205 yuan/ton, at Rizhao Port was 1110 yuan/ton, and at Tianjin Port was 1195 yuan/ton [11] 3.4 Freight Information - As of June 6, 2025, the China Coastal Coal Freight Index (CBCFI) was 693.19, the Panamax Freight Index (BPI) was 1,246.00, the Capesize Freight Index (BCI) was 2,842.00, the Supramax Freight Index (BSI) was 933.00, and the Handysize Freight Index (BHSI) was 472.00 [13] 3.5 Coking Industry - **Coke Price Index**: The price of quasi - first - grade coke in Lvliang was 1040 yuan/ton (down 70 yuan/ton); in Tangshan, it was 1240 yuan/ton (down 70 yuan/ton); at Rizhao Port, it was 1200 yuan/ton (unchanged) [16] - **Coke Inventory**: This week, the coke inventory of 247 steel mills was 685.5 million tons, and the coke inventory of 230 independent coking plants was 67.06 million tons [18] 3.6 Technical Analysis - The coking coal JM2509 contract closed down last week, with a support level of 700 yuan/ton and a resistance level of 900 yuan/ton. The coke J2509 contract also closed down last week, with a support level of 1250 yuan/ton and a resistance level of 1400 yuan/ton [20] 3.7 Views and Operation Suggestions - **View**: The current futures price rebound is regarded as a basis - narrowing market, and its sustainability depends on the cooperation of spot prices and changes in market expectations of the supply - side production capacity [22] - **Operation Suggestion**: Adopt range - bound trading [23]