【冠通期货研究报告】 焦炭日报：短期偏震荡 发布日期：2026 年 2 月 26 日 【行情分析】 焦炭库存，春节期间，多数焦化企业维持正常生产节奏，厂内库存有所积压， 18 个港口焦炭库存减少 6.13 万吨至 263.86 万吨，247 家钢厂焦炭库存下降 9.3 万吨至 688.61 万吨;焦炭综合库存增加至 1052.75 万吨，位于 9 个半月高位。 利润方面，春节假期焦炭价格保持稳定，本周全国 30 家独立焦化厂吨焦盈 利持稳于-8 元/吨，且各地区吨焦盈利基本保持不变。 1 资料来源：博易大师（焦炭小时图表） 冠通期货 沈桂伟 执业资格证书编号：F03099907/Z0020265 注：本报告有关现货市场的资讯与行情信息，来源于我的钢铁网、金十期货网 站、中国煤炭市场网、东方财富网、财联社。 本报告发布机构 --冠通期货股份有限公司（已获中国证监会许可的期货交易咨询业务资格） 免责声明： 下游需求，下游钢厂复产多在正月十五之后，短期无集中采购，补库或推迟 到节后第二周，当前对焦炭需求暂无明显增量。 上游焦煤，春节放假期间，煤矿放假停产，焦煤供应下降;经过假期消耗， 焦企及钢厂库存均走低，炼焦煤综 ...

Group 1: Report Industry Investment Rating - The report doesn't provide a clear industry investment rating [1][2] Group 2: Core Viewpoints - The supply - demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policy orientation. The comprehensive inventory of coking coal and coke continues to rise and is in the seasonal inventory accumulation stage. With the end of pre - holiday restocking by downstream steel mills and approaching the Spring Festival holiday, there is an expectation of reduced supply. Coking is in continuous loss, and coking enterprises have a strong willingness to raise prices. There are still policy expectations at the macro level. Overall, coke will mainly fluctuate widely, continue to rebound in the short term, and a low - buying strategy can be adopted, while paying attention to the pressure near the previous high [2] Group 3: Summary of Related Content 1. Coke Inventory - As of January 30, the comprehensive coke inventory increased by 13.3 tons to 1012.35 tons, reaching a 7 - and - a - half - month high with a year - on - year decline of 3.44% [1] 2. Profit - The average profit per ton of coke for 30 independent coking plants nationwide is - 55 yuan/ton. The average profit of Shandong quasi - first - grade coke turned positive to 2 yuan/ton, that of Hebei quasi - first - grade coke is 0 yuan/ton, that of Shanxi quasi - first - grade coke is - 41 yuan/ton, and that of Inner Mongolia second - grade coke is - 92 yuan/ton [1] 3. Downstream Demand - This week, the blast furnace operating rate of 247 steel mills increased by 0.32% to 79% week - on - week and 1.02% year - on - year. The profitability rate decreased by 1.3% to 39.39% week - on - week. The blast furnace iron - making capacity utilization rate slightly dropped to 85.47%, and the daily average pig iron output decreased by 0.12 tons to 227.98 tons week - on - week [1] 4. Upstream Coking Coal - As the Spring Festival approaches, there is an expectation of reduced supply. The coking coal inventory of mines decreased by 7.2 tons to 267.2 tons; the comprehensive coking coal inventory increased by 46 tons to 2864.34 tons week - on - week, and the year - on - year decline narrowed to 8.57% [1] 5. News - Due to the Indonesian government's proposed large - scale production cut plan, Indonesian miners have suspended spot coal exports. According to the China Iron and Steel Association, the steel inventory of key enterprises in late January was 1471 tons, a week - on - week decrease of 8.8% [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The overall situation of coke is biased towards a volatile trend, with a short - term continuation of the rebound. It is recommended to adopt a low - buying strategy and pay attention to the pressure near the previous high [2] Summary by Related Catalogs Market Analysis - As of January 30, the comprehensive coke inventory increased by 13.3 tons to 1012.35 tons, at a 7 - and - a - half - month high, with a year - on - year decline of 3.44% [1] - The profit of 30 independent coking plants nationwide was - 55 yuan/ton. The average profit of Shandong quasi - first - grade coke turned positive to 2 yuan/ton, that of Hebei quasi - first - grade coke was 0 yuan/ton, that of Shanxi quasi - first - grade coke was - 41 yuan/ton, and that of Inner Mongolia second - grade coke was - 92 yuan/ton [1] - This week, the blast furnace operating rate of 247 steel mills increased by 0.32% to 79% month - on - month and 1.02% year - on - year. The profitability rate decreased by 1.3% to 39.39% compared with last week. The blast furnace iron - making capacity utilization rate slightly dropped to 85.47%, and the daily average hot metal output decreased by 0.12 tons to 227.98 tons month - on - month [1] - Near the Spring Festival, the supply of upstream coking coal is expected to decline. The coking coal inventory of mines decreased by 7.2 tons to 267.2 tons; the comprehensive coking coal inventory increased by 46 tons to 2864.34 tons month - on - month, and the year - on - year decline narrowed to 8.57% [1] News - Mysteel surveyed the Spring Festival holiday situation of 523 coking coal mines across the country. Currently, there are 395 mines in production, with a total production capacity of 757 million tons. A total of 388 mines have plans to stop production during the holiday, with a production capacity of 744 million tons affected, resulting in an impact on raw coal production of 1.868 million tons [2] - The State Administration for Market Regulation will strengthen the comprehensive supervision of key product quality and rectify the "involution - style" competition [2] Supply - Demand Pattern - The supply - demand pattern of coke is directly affected by the cost of upstream coking coal, the demand of downstream steel, and the guidance of macro - policies. The comprehensive inventories of coking coal and coke continue to rise, and it is in the seasonal inventory accumulation stage, with overall weak supply and demand [2] - Downstream steel mills have successively announced shutdown and maintenance plans during the Spring Festival. The pre - holiday inventory replenishment is coming to an end, and the demand for coke further declines [2] - However, coking is in continuous loss, and coking enterprises have a strong willingness to raise prices. There have been frequent news about fiscal and monetary policies at the macro level, and there are still expectations for subsequent policies [2]

Report Industry Investment Rating - Not provided Core View of the Report - The supply and demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policy orientation. The comprehensive inventories of coking coal and coke continue to rise, and the overall supply and demand is weak. Downstream steel mills have announced shutdown and maintenance plans for the Spring Festival, and the pre - holiday restocking is coming to an end, leading to a further decline in coke demand. However, coking losses have further expanded, and coke enterprises have a strong willingness to raise prices. With a generally warm macro - atmosphere and frequent fiscal and monetary policy news, there are still policy expectations. Overall, the market will fluctuate widely, continue to rebound in the short term, and should be treated with a low - buying mindset [2] Summary by Related Catalogs Market Analysis - As of January 23, affected by the expanding losses, the production enthusiasm of some small and medium - sized enterprises declined. The coke inventory of independent coke enterprises decreased by 0.36 tons to 81.45 tons, and the comprehensive coke inventory increased by 15.14 tons to 1012.35 tons, with a year - on - year decline of nearly 4% [1] - The average profit per ton of 30 independent coking plants nationwide was - 66 yuan/ton; the average profit of quasi - first - grade coke in Shanxi was - 51 yuan/ton, in Shandong was - 8 yuan/ton, in Inner Mongolia's second - grade coke was - 103 yuan/ton, and in Hebei's quasi - first - grade coke was - 11 yuan/ton [1] - Terminal demand maintained off - season characteristics. Although the profits of steel mills rebounded slightly, the overall enthusiasm for resuming production on the supply side was still limited. This week, the blast furnace operating rate of 247 steel mills decreased by 0.16 percentage points to 78.68%, a year - on - year increase of 0.7 percentage points. The profitability rate increased by 0.86 percentage points to 40.69% compared with last week. The blast furnace iron - making capacity utilization rate slightly rebounded to 85.51%, and the daily average pig iron output increased slightly by 0.09 tons to 228.1 tons, a year - on - year increase of 2.65 tons [1] Upstream Coking Coal - This week, the coking coal inventory of coal mines increased slightly. The total coking coal inventory of independent coke enterprises was 1177.71 tons, the coking coal inventory of steel mills increased to 803.24 tons, and the inventory of imported coking coal at ports continued to increase to 562.99 tons. The comprehensive coking coal inventory increased to 2818.34 tons, still 15.87% lower year - on - year [2] News - Yijinhuoluoqi Mine Safety Supervision Bureau: Inner Mongolia Danmengde Coal Industry Co., Ltd. was ordered to suspend production for rectification [2] - Mainstream steel mills in the Tangshan market and some steel mills in the Xingtai area plan to raise 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 January 30, 2026 [2]

Report Investment Rating - The investment rating for the coke industry is short - term sideways with a wide - range oscillation, short - term downward pressure, and attention to support near the previous low, with a low - buying mindset [1][2] Core Viewpoints - The supply - demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policy orientation. Currently, the comprehensive inventories of coking coal and coke continue to rise, and it is in the seasonal inventory accumulation stage, with overall weak supply and demand. Downstream steel mills are announcing shutdown and maintenance plans for the Spring Festival, and pre - holiday restocking is nearing completion, leading to a further decline in coke demand. However, coking losses are further expanding, and coke enterprises have a strong willingness to raise prices. Coupled with a generally warm macro - environment and frequent fiscal and monetary policy announcements, there are still expectations for subsequent policies [2] Summary by Directory Market Analysis - As of January 23, due to the expansion of losses, the production enthusiasm of some small and medium - sized enterprises declined. The coke inventory of independent coke enterprises decreased by 0.36 tons to 81.45 tons, and the comprehensive coke inventory increased by 15.14 tons to 1012.35 tons, with a year - on - year decline of nearly 4% [1] - The average profit per ton of 30 independent coking plants nationwide was - 66 yuan/ton; the average profit of Shanxi quasi - first - grade coke was - 51 yuan/ton, Shandong quasi - first - grade coke was - 8 yuan/ton, Inner Mongolia second - grade coke was - 103 yuan/ton, and Hebei quasi - first - grade coke was - 11 yuan/ton [1] - Terminal demand maintains off - season characteristics. Although steel mill profits have slightly recovered, the overall enthusiasm for resuming production on the supply side remains limited. This week, the blast furnace operating rate of 247 steel mills decreased by 0.16 percentage points to 78.68%, a year - on - year increase of 0.7 percentage points. The profitability rate increased by 0.86 percentage points from last week to 40.69%. The blast furnace iron - making capacity utilization rate slightly recovered to 85.51%, and the daily average hot metal output increased slightly by 0.09 tons to 228.1 tons, a year - on - year increase of 2.65 tons [1] Upstream Coking Coal - This week, the coking coal inventory of coal mines increased slightly. The total coking coal inventory of independent coke enterprises was 1177.71 tons, the coking coal inventory of steel mills increased to 803.24 tons, and the imported coking coal inventory at ports continued to increase to 562.99 tons. The comprehensive coking coal inventory increased to 2818.34 tons, still 15.87% lower year - on - year [2] News - According to incomplete statistics from Mysteel, recently, 4 steel mills have released maintenance plans, and shutdown and maintenance plans for steel mills during the Spring Festival are being announced one after another [2]

Group 1: Report Industry Investment Rating - The short - term outlook for the coke industry is a continuation of the rebound, and a low - buying strategy is recommended [2] Group 2: Core View of the Report - The supply - demand pattern of coke is affected by upstream coking coal costs, downstream steel demand, and macro - policy guidance. Currently, the comprehensive inventories of coking coal and coke are rising, and the overall supply - demand is weak. However, with a relatively stable downstream steel mill hot metal output, increasing coking losses, strong price - raising intentions of coking enterprises, and a warm macro - environment, the coke market is expected to continue to rebound in the short term [2] Group 3: Summary by Related Catalogs Market Analysis - As of January 23, due to the expanding losses, the production enthusiasm of some small and medium - sized enterprises declined. The coke inventory of independent coking enterprises decreased by 0.36 tons to 81.45 tons, while the comprehensive coke inventory increased by 15.14 tons to 1012.35 tons, with a year - on - year decline of nearly 4% [1] - The average profit per ton of coke for 30 independent coking plants nationwide was - 66 yuan/ton. The average profit of Shanxi quasi - first - grade coke was - 51 yuan/ton, Shandong quasi - first - grade coke was - 8 yuan/ton, Inner Mongolia second - grade coke was - 103 yuan/ton, and Hebei quasi - first - grade coke was - 11 yuan/ton [1] - Terminal demand remained in the off - season. Although the profits of steel mills rebounded slightly, the overall resumption of production enthusiasm on the supply side was still limited. The blast furnace operating rate of 247 steel mills decreased by 0.16 percentage points to 78.68%, a year - on - year increase of 0.7 percentage points. The profitability rate increased by 0.86 percentage points to 40.69% week - on - week. The blast furnace ironmaking capacity utilization rate slightly rebounded to 85.51%, and the daily average hot metal output increased slightly by 0.09 tons to 228.1 tons, a year - on - year increase of 2.65 tons [1] Upstream Coking Coal - This week, the coking coal inventory of coal mines increased slightly. The total coking coal inventory of independent coking enterprises was 1177.71 tons, the coking coal inventory of steel mills increased to 803.24 tons, and the inventory of imported coking coal at ports continued to increase to 562.99 tons. The comprehensive coking coal inventory increased to 2818.34 tons, still 15.87% lower year - on - year [2]

Report Industry Investment Rating - The report suggests a short - term oscillatory outlook for coke, with a low - buying strategy [3] Core Viewpoint - The supply - demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policy orientation. With the continuous increase in the comprehensive inventories of coking coal and coke during the seasonal inventory accumulation period, the overall supply - demand is weak. Although the iron - water output of downstream steel mills is relatively stable and there is still demand resilience in the short - term, the medium - and long - term demand shows a downward trend due to the expanding decline in real estate investment growth. Considering the overall warm macro - atmosphere and the implementation of domestic reserve requirement ratio cuts, the coke market is expected to be mainly oscillatory in the short - term [3] Details from Related Catalogs Market Analysis - Coke Inventory: As of January 16, the inventory of independent coking enterprises decreased by 4.95% month - on - month to 81.81 tons, the inventory of steel mills increased to 650.33 tons, the port inventory increased by 6.41% to 265.07 tons, and the comprehensive coke inventory increased by 16.31 tons to 997.21 tons, reaching a near 7 - month high and a year - on - year decrease of over 2% [1] - Profit: The average profit per ton of coke for 30 independent coking plants nationwide is - 65 yuan/ton, with different average profits in various regions. Coke has started the first round of price increase [1] - Downstream Demand: The blast furnace operating rate of 247 steel mills decreased by 0.47 percentage points to 78.84%, an increase of 1.66 percentage points year - on - year. The blast furnace iron - making capacity utilization rate dropped to 85.48%, and the daily average iron - water output decreased by 1.49 tons month - on - month to 228.01 tons, an increase of 3.53 tons year - on - year [1] Upstream Coking Coal - The inventory of coking coal in coal mines decreased by 7.66%, while the inventory of coking coal in independent coking enterprises increased by 5.71% to 1132.85 tons, the inventory of coking coal in steel mills slightly increased to 802.2 tons, and the inventory of imported coking coal in ports continued to increase. The comprehensive coking coal inventory increased by nearly 2% month - on - month to 2769.85 tons, lower than the previous year's level [2] Macro Information - In 2025, China's GDP increased by 5% year - on - year. The national real estate development investment was 82788 billion yuan, a decrease of 17.2% from the previous year. The housing construction area of real estate development enterprises was 659890 million square meters, a decrease of 10.0% from the previous year. The sales area of newly built commercial housing was 88101 million square meters, a decrease of 8.7% from the previous year. The funds in place for real estate development enterprises were 93117 billion yuan, a decrease of 13.4% from the previous year [2] Main Logic - The supply - demand pattern of coke is affected by upstream coking coal costs, downstream steel demand, and macro - policy orientation. The comprehensive inventories of coking coal and coke continue to rise, and the supply - demand is weak. The iron - water output of downstream steel mills is relatively stable, with short - term demand resilience, but the medium - and long - term demand continues to decline. The macro - atmosphere is warm, and after the domestic reserve requirement ratio cut, the market awaits further policy guidance. It is expected that coke will be mainly oscillatory in the short - term. The previous low of the main coke contract is 1625.5, and the previous high is 1817.5. Attention should be paid to the support at the previous low and the pressure at the previous high [3]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The report anticipates that coke will continue its short - term rebound, and suggests a low - buying strategy. Traders should focus on the support at the previous low and the resistance at the previous high [2] 3. Summary by Relevant Catalog 3.1 Market Analysis Coke Inventory - As of January 9, the coke inventory of independent coking enterprises decreased by 6.04% month - on - month to 86.07 tons, the coke inventory of steel mills increased by 0.27% to 645.73 tons, and the port coke inventory rose to 249.1 tons. The comprehensive coke inventory increased by 2.22 tons to 980.9 tons, reaching a 3 - month high, with a year - on - year decline of over 1% [1] Profit - The average profit per ton of coke for 30 independent coking plants nationwide is - 45 yuan/ton. The average profit of Shanxi quasi - first - grade coke is - 30 yuan/ton, Shandong quasi - first - grade coke is 17 yuan/ton, Inner Mongolia second - grade coke is - 86 yuan/ton, and Hebei quasi - first - grade coke is 9 yuan/ton [1] Downstream Demand - The blast furnace operating rate of 247 steel mills increased by 0.37% to 79.31% month - on - month, the blast furnace ironmaking capacity utilization rate increased by 0.78% to 86.04% month - on - month, the steel mill profitability decreased by 0.44% to 37.66%, and the daily average hot metal output continued to increase by 2.07 tons to 229.5 tons, reaching a one - month high, a year - on - year increase of 5.13 tons or 2.29% [1] 3.2 Upstream Coking Coal - The coking coal inventory of coal mines continued to increase slightly, the port inventory increased by 551.96 tons, the coking coal inventory of independent coking enterprises increased to 1071.68 tons, and the coking coal inventory of steel mills decreased by 797.73 tons. The comprehensive coking coal inventory increased to 2716.37 tons, reaching a nearly 9 - month high, with a year - on - year decline of over 15% [2] 3.3 News - The US White House announced a 25% ad - valorem import tariff on some imported semiconductors, semiconductor manufacturing equipment, and derivatives starting from the 15th. The Ministry of Finance and other three departments announced the continuation of the individual income tax policy to support residents' housing exchange and purchase. The central bank will conduct a 900 - billion - yuan repurchase operation on January 15 with a term of 6 months [2] 3.4 Main Logic - The supply - demand pattern of coke is directly affected by the cost of upstream coking coal, the demand of downstream steel, and the orientation of macro - policies. The comprehensive coking coal inventory is significantly lower than in previous years, while the comprehensive coke inventory is at a moderately high level, with overall weak supply - demand. During the seasonal inventory - building period of downstream steel mills, the hot metal output continues to rise, and the pre - holiday inventory replenishment boosts the short - term demand for coking coal and coke. There are still expectations of interest rate cuts by the domestic central bank and the Federal Reserve. The opening price of the main coke contract today is 1755, the closing price is 1745, the previous low is 1719, the previous high is 1817, and the position decreased by 1163 lots during the day [2]

1. Report Industry Investment Rating - The report suggests a short - term rebound in the coke market, with a "low - buying" approach [2] 2. Core Viewpoints - The supply - demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policies. The overall supply - demand is weak, but the short - term demand is boosted due to the seasonal inventory build - up of downstream steel mills and the increase in hot metal production. Considering factors like interest - rate cut expectations and production - cut news, the coke is expected to continue its short - term rebound [2] 3. Summary by Relevant Catalogs 3.1 Market Analysis 3.1.1 Coke Inventory - As of January 9, the inventory of independent coke enterprises decreased by 6.04% month - on - month to 86.07 million tons, the inventory of steel mills increased by 0.27% to 645.73 million tons, the port inventory rose to 249.1 million tons, and the comprehensive coke inventory increased by 2.22 million tons to 980.9 million tons, reaching a 3 - month high with a year - on - year decline of over 1% [1] 3.1.2 Profit - The average profit per ton of 30 independent coking plants nationwide is - 45 yuan/ton. The average profit of Shanxi quasi - first - grade coke is - 30 yuan/ton, Shandong quasi - first - grade coke is 17 yuan/ton, Inner Mongolia second - grade coke is - 86 yuan/ton, and Hebei quasi - first - grade coke is 9 yuan/ton [1] 3.1.3 Downstream Demand - The blast furnace operating rate of 247 steel mills increased by 0.37% to 79.31%, the blast furnace iron - making capacity utilization rate increased by 0.78% to 86.04%, the steel mill profitability decreased by 0.44% to 37.66%, and the daily average hot metal output continued to increase by 2.07 million tons to 229.5 million tons, reaching a one - month high, a year - on - year increase of 5.13 million tons or 2.29% [1] 3.1.4 Upstream Coking Coal - The coking coal inventory of coal mines continued to increase slightly, the port inventory increased by 551.96 million tons, the coking coal inventory of independent coke enterprises increased to 1071.68 million tons, and the coking coal inventory of steel mills decreased by 797.73 million tons. The comprehensive coking coal inventory increased to 2716.37 million tons, reaching a 9 - month high with a year - on - year decline of over 15% [2] 3.1.5 News - The Henan Bureau of the National Mine Safety Administration ordered Dengfeng Xingyu Coal Industry Co., Ltd. to suspend production for rectification. The State Council executive meeting deployed a package of policies for fiscal and financial coordination to promote domestic demand. The National Commerce Work Conference announced the optimization of the policy for trading in old consumer goods for new ones in 2026 [2] 3.2 Futures and Spot Market Conditions 3.2.1 Futures Market - The 05 coke contract opened at 1760.5, closed at 1770, with an intraday low of 1745. It showed a slightly stronger intraday oscillation, added 922 lots, and is expected to continue its short - term rebound. Attention should be paid to the support at the intraday low and the pressure near the previous high [3][6] 3.2.2 Spot Market - On the 8th, the port coke spot market was stable. The trading atmosphere in the domestic trade spot market was average, with the price of quasi - first - grade coke at 1480 yuan/ton and first - grade coke at 1580 yuan/ton [4]

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoint of the Report - The coke market is expected to continue its short - term rebound, and it should be treated with a low - buying strategy. The supply - demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policies. Although the comprehensive inventory of coke is at a moderately high level and the overall supply - demand is weak, the seasonal inventory build - up of downstream steel mills and the continuous increase in hot metal production have boosted the short - term demand for coke. Additionally, there are still expectations of interest rate cuts by the domestic central bank and the Federal Reserve, along with the interference of production - cut news [2] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Coke inventory: As of January 9, the inventory of independent coking enterprises decreased by 6.04% month - on - month to 86.07 tons, the inventory of steel mills increased by 0.27% to 645.73 tons, the port inventory rose to 249.1 tons, and the comprehensive inventory increased by 2.22 tons to 980.9 tons, reaching a three - month high and decreasing by more than 1% year - on - year [1] - Profit: The average profit per ton of 30 independent coking plants nationwide is - 45 yuan/ton; the average profit of Shanxi quasi - first - grade coke is - 30 yuan/ton, Shandong quasi - first - grade coke is 17 yuan/ton, Inner Mongolia second - grade coke is - 86 yuan/ton, and Hebei quasi - first - grade coke is 9 yuan/ton [1] - Downstream demand: The blast furnace operating rate of 247 steel mills increased by 0.37% to 79.31%, the blast furnace iron - making capacity utilization rate increased by 0.78% to 86.04%, the steel mill profitability decreased by 0.44% to 37.66%, and the daily average hot metal output continued to increase by 2.07 tons to 229.5 tons, reaching a one - month high and increasing by 5.13 tons or 2.29% year - on - year [1] - Upstream coking coal: The inventory of coking coal in coal mines continued to increase slightly, the port inventory increased by 551.96 tons, the inventory of independent coking enterprises increased to 1071.68 tons, and the inventory of steel mills decreased by 797.73 tons. The comprehensive inventory of coking coal increased to 2716.37 tons, reaching a nine - month high, and the year - on - year decline exceeded 15% [2] - News: Mysteel research shows that mines in Shaanxi and Inner Mongolia have not received official documents on production capacity reduction, and the actual impact of the rumored "19 million tons of production capacity reduction in Yulin" is limited. The Indonesian energy minister said that Indonesia may approve a coal production quota of about 6 billion tons in 2026, lower than last year's 7.9 billion tons. Key coking enterprises reached a consensus to continue active production cuts and stop supplying steel mills that propose further price cuts [2] 3.2 Futures and Spot Market Conditions - Futures market: The 05 coke contract opened at 1765, closed at 17485, with an intraday low of 1719. It oscillated within the day, added 113 lots, and is expected to continue its short - term rebound. Attention should be paid to the support at the intraday low and the pressure near the previous high [3] - Spot market: On the 8th, the port coke spot market was stable. The trading atmosphere in the domestic trade spot market was average, with the price of quasi - first - grade coke at 1480 yuan/ton and first - grade coke at 1580 yuan/ton [4]