Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - On June 4, the coke main contract closed at 1,367.5 yuan/ton, with an intraday increase of 5.72%. The coke supply - demand pattern has no significant change, but uncertainties on the coking coal supply side such as environmental protection and imports increase, leading to intensified long - short game in the market and significant rise in the volatility of coking coal and coke futures. The focus of market game lies in the coking coal supply side. It is recommended to closely monitor subsequent production and Mongolian coal imports, and adopt a cautious wait - and - see approach in the short term. If the expectation of coking coal supply contraction is falsified, coke is expected to return to a weak pattern [5][34]. - On June 4, the coking coal 2509 contract recorded a 7.19% increase. Previously, the price continued to decline due to medium - and long - term bearish themes such as "loose supply expectation" and "concerns about black terminal demand". Recently, disturbances on the coking coal supply side have increased. On one hand, China entered the safety production month in June, and safety and environmental protection issues have attracted market attention. On the other hand, the decline in domestic coal prices has put some pressure on Mongolian coal imports. The supply uncertainty of coking coal increases, and the long - short game in the futures market intensifies, resulting in a sharp rebound of the main contract at a low level. However, the supply problem still needs to be verified by actual data. If the supply concerns are falsified, coking coal is expected to remain at a low level in the medium and long term. It is recommended to be cautious and wait - and - see recently and pay attention to the supply side [6][35]. 3. Summary by Relevant Catalogs Industry News - In 2025, China plans to start the renovation of 25,000 old urban residential areas. From January to April, 5,679 old urban residential areas started renovation. In Hebei, Chongqing, Liaoning, Shanghai, Zhejiang, and Hubei, the start - up rates exceeded 50% [8]. - On June 4, the coking coal price in Jinzhong market decreased by 20 yuan/ton, with the ex - factory price of medium - sulfur main coking coal being 980 yuan/ton [9]. Spot Market - For coke, the ex - warehouse price of quasi - first - grade coke at Rizhao Port was 1,340 yuan/ton, with no change week - on - week, month - on - month. Compared with the end of last year, it decreased by 20.71%, and compared with the same period, it decreased by 34.31%. The ex - warehouse price of quasi - first - grade coke at Qingdao Port was 1,180 yuan/ton, down 4.07% week - on - week, 3.28% month - on - month, 27.16% compared with the end of last year, and 41.29% compared with the same period [10]. - For coking coal, the price of Mongolian coal at Ganqimaodu Port was 920 yuan/ton, down 3.16% week - on - week, with no change month - on - month, 22.03% lower than the end of last year, and 43.56% lower than the same period. The price of Australian - produced coking coal at Jingtang Port was 1,260 yuan/ton, down 1.56% week - on - week, 0.79% month - on - month, 15.44% lower than the end of last year, and 42.20% lower than the same period. The price of Shanxi - produced coking coal at Jingtang Port was 1,290 yuan/ton, down 2.27% week - on - week, with no change month - on - month, 15.69% lower than the end of last year, and 40.00% lower than the same period [10]. Futures Market - On June 4, the closing price of the coke main contract was 1,367.5 yuan/ton, with an increase of 5.72%, the highest price was 1,375.0 yuan/ton, the lowest price was 1,297.0 yuan/ton, the trading volume was 46,507, and the position decreased by 1,379 compared with the previous trading day [13]. - The coking coal 2509 contract increased by 7.19%, with the closing price at 768.0 yuan/ton, the highest price at 772.5 yuan/ton, and the lowest price at 721.0 yuan/ton [13]. Relevant Charts - The report presents multiple charts related to coke and coking coal inventories (including independent coking plants, steel mills, ports), Shanghai terminal wire rod procurement volume, domestic steel mill production, washing plant production, and coking plant operation [14][27][31]. Market Outlook - The analysis and suggestions for coke and coking coal are consistent with the core viewpoints, emphasizing the uncertainty of coking coal supply and the need for cautious observation [5][6][34][35].