Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - Domestic coking coal prices have decreased while coking coal futures prices have increased. As of December 29, 2025, the comprehensive China coking coal price index was reported at 1461.26 CNY/ton, a decrease of 93.02 CNY/ton or 5.98% month-on-month [1][9] - The total coking coal inventory at three ports (Qinhuangdao, Huanghua, and Caofeidian) has increased, reaching 2.948 million tons as of January 2, 2026, which is an increase of 48,000 tons or 1.66% month-on-month [1][17] - The average available days of coking coal inventory at 230 independent coking plants increased to 13.60 days, up by 0.90 days or 7.09% month-on-month [2][22] Summary by Sections Coking Coal Prices - The China coking coal price index decreased to 1461.26 CNY/ton, down 5.98% from the previous month [1][9] - The price of main coking coal at Jing Tang Port was reported at 1520.00 CNY/ton, a decrease of 3.18% month-on-month [1][11] Coking Coal Inventory - The total coking coal inventory at three ports increased to 2.948 million tons, a rise of 1.66% month-on-month [1][17] - The inventory at 247 steel mills reached 8.0227 million tons, an increase of 0.50% month-on-month [1][21] - The inventory at 230 independent coking plants rose to 8.9578 million tons, up 4.47% month-on-month and 1.58% year-on-year [2][22] Production Data - In November 2025, the monthly production of coke was 41.703 million tons, a decrease of 0.46% month-on-month but an increase of 2.51% year-on-year [3][30] - The monthly production of pig iron was 62.343 million tons, down 4.89% month-on-month and 7.62% year-on-year [3][35] - The monthly production of crude steel was 69.871 million tons, a decrease of 2.95% month-on-month and 10.88% year-on-year [3][35]