Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint On November 4, 2025, the Dalian Commodity Exchange issued an announcement to solicit public opinions on adjusting the coking coal delivery quality standards. After the implementation of the new standards, the conversion valuations of the main coking coal futures delivery products (Meng 5 and Shanxi medium - sulfur coking coal) are expected to increase by 80 - 110 yuan/ton, and the premium reduction of low - sulfur high - quality coking coal produced in Shanxi and Australia is more significant. The full - moisture inspection will also bring some additional weight deductions. Once the solicitation draft is approved, it will take effect for unlisted coking coal contracts and increase the cost of delivery blending coal to a certain extent [1][2]. 3. Key Points from the Report - **New and Old Standard Comparison** - **CSR**: The new standard has a range of [60%, 65%), with a premium of 80 for ≥65%, while the old standard required ≥65.0% and deducted 50 for [60.0%, 65.0%) [2]. - **Sulfur Content**: For sulfur content in (1.30%, 1.60%], the new standard deducts 5 for every 0.01% increase, compared to 2.5 in the old standard; for [0.70%, 1.30%), the new standard gives a premium of 2.5 for every 0.01% decrease [2]. - **Moisture**: The new standard changes to full - moisture inspection (Mt), with similar moisture limits and calculation methods for weight deduction when Mt > 8.0% as the old standard, but different premium rules [2]. - **Delivery Product Conversion** - **Meng 5 Coking Coal**: The new standard results in a total premium of 70, while the old standard had a total deduction of 40 [2]. - **Shanxi Medium - Sulfur Coking Coal**: The new standard has a total premium of 110, compared to a premium of 30 in the old standard [2]. - **Shanxi Low - Sulfur Coking Coal**: The new standard gives a total premium of 205, while the old standard had a premium of 75 [2]. - **Imported First - Tier Coking Coal**: The new standard has a total premium of 260, compared to 120 in the old standard [2].

Report Summary 1. Core View - The new coking coal delivery standard released by the Dalian Commodity Exchange on November 4, 2025, raises the quality requirements for delivery products and reduces the premium for low - sulfur alternative delivery products. The increase in Mongolian coal delivery cost is greater than that of Shanxi medium - sulfur main coking coal [1]. 2. Key Changes in Delivery Standards - **Indicator Adjustment**: Adjust the expression of the moisture (Mt) indicator to total moisture (Mt), round ash and volatile matter to two decimal places, and strength to one decimal place [1]. - **Sulfur Content**: Lower the premium reward for sulfur content from 2.5 yuan/ton for every 0.01% reduction to 1.5 yuan/ton, while keeping the deduction standard unchanged [1]. - **Post - reaction Strength**: Increase the post - reaction strength delivery standard from 60% to 65%, and deduct 50 yuan/ton for products with a post - reaction strength of 60% or more but less than 65% [1]. 3. Changes in Premium and Discount for Main Delivery Products - **Shanxi Medium - sulfur Main Coking Coal**: Reduce the premium from 110 yuan/ton to 30 yuan/ton, a decrease of 80 yuan/ton [1]. - **Mongolian No. 5 Clean Coal in Wubulang Jinquan Industrial Park**: Change from a premium of 70 yuan/ton to a discount of 40 yuan/ton, a decrease of 110 yuan/ton [1].