1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The short - term game in the coking coal and coke (double - coking) market intensifies, and the medium - term impact of the actual over - production inspection needs to be tracked [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Situation - **Price Indexes**: The report presents multiple price indexes including the coking coal price index, medium - sulfur main coking coal price, Mongolian 5 raw coal and clean coal prices at ports, high - quality low - volatile Australian coal CFR price, and various coke price indexes such as the comprehensive absolute price index, export FOB price, and factory - to - factory prices [13][14][19][23][27]. - **Production Data**: It shows national and Shanxi's raw coal production, national and Shanxi's coking coal clean coal production, coking coal mine capacity utilization rate, and coking coal mine raw coal inventory [42][45][49]. - **Import Data**: In June 2025, China's total import of coking coal was 9.11 million tons, a month - on - month increase of 23.3% and a year - on - year decrease of 7.7%. The cumulative import from January to June was 52.82 million tons, a year - on - year decrease of 7.4%. Different countries had different import trends. For example, Mongolia's import decreased year - on - year, while Australia's increased significantly [55]. - **Export Data**: It includes the total export volume of coke and semi - coke from China, as well as the export volume to specific countries like India, Malaysia, and Indonesia [80][81][83]. - **Capacity Utilization and Production**: The capacity utilization rates of independent coking enterprises and steel mill coking plants are presented, along with the daily production of independent coking enterprises and the total daily production of coke [87][95]. - **Coking Capacity**: In 2025, the total coking capacity of 4.3 - meter and below carbonization chambers is 52.49 million tons, and that of 5.5 - meter and above is 51.29 million tons. The net new coking capacity for the year is expected to be 11.59 million tons [96][97]. - **Blast Furnace Data**: The capacity utilization rate, daily hot metal production, and blast furnace start - up rate of blast furnaces, as well as the profitability rate of steel mills, are shown [99][103]. - **Inventory Data**: The inventory data of coking coal and coke in various sectors such as mines, coal washing plants, independent coking enterprises, steel enterprises, ports are provided, including raw coal inventory, clean coal inventory, and total inventory [105]. 3.2 Market Outlook and Strategy Recommendations No specific content about strategy recommendations is provided, but the short - term and medium - term market trends are mentioned as described in the core viewpoint [1].