1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The terminal demand shows signs of weakening, and the procurement rhythm of the downstream of coking coal and coke has slowed down. However, the hot metal production remains at a high level, maintaining the rigid demand. Coupled with the reduction disturbances on the supply side of both coking coal and coke, the futures prices are still in a state where they are prone to rise and difficult to fall after a correction, but the upward momentum is expected to weaken. For trading strategies, it is recommended to stay on the sidelines for single - sided trading and maintain the reverse spread of coking coal September - January contracts [4][9]. 3. Summary According to the Directory 3.1 Coke Weekly Market Tracking 3.1.1 Price - The futures price first rose and then fell last week. It is still difficult to decline in the short term, but the upward momentum is weakening. The sixth round of spot price increase has been implemented. Coke 01 contract fell 0.25% to 1729.5 as of Friday's close. Freight rates were stable with a slight increase [7][9][17]. 3.1.2 Supply - The profitability of coking enterprises improved slightly, and the supply of independent coking enterprises increased slightly. As of August 15, the capacity utilization rate of the full - sample of independent coking enterprises was 74.34%, a week - on - week increase of 0.31 percentage points; the daily average coke output was 65.38 tons, a week - on - week increase of 0.28 tons. The capacity utilization rate of 247 steel mills' coking plants was 86.17%, a week - on - week decrease of 0.13 percentage points; the daily average coke output was 46.73 tons, a week - on - week decrease of 0.07 tons [23][25][30]. 3.1.3 Demand - The hot metal production remained at a high level, providing strong rigid demand support. Some steel mills with low inventory were still urging delivery, and the inventory of coking enterprises continued to decrease. However, the speculative sentiment was average, the export profit declined slightly, and the improvement in the daily trading volume of building materials spot was not sustainable. As of August 15, the blast furnace operating rate of 247 sample steel mills was 83.59%, a week - on - week decrease of 0.16 percentage points; the capacity utilization rate was 90.22%, a week - on - week increase of 0.13 percentage points; the daily average hot metal output was 240.66 tons, a week - on - week increase of 0.34 tons; the profitability rate of steel mills was 65.8%, a week - on - week decrease of 2.6 percentage points [31][33][37]. 3.1.4 Inventory - Inventories decreased across all sectors, and the total inventory declined. As of August 15, the total coke inventory decreased by 19.74 tons week - on - week to 887.42 tons. Among them, the port inventory decreased by 3.04 tons week - on - week to 215.11 tons; the inventory of the full - sample of independent coking enterprises decreased by 7.22 tons week - on - week to 62.51 tons; the inventory of 247 sample steel mills decreased by 9.48 tons week - on - week to 609.80 tons [38][40][43]. 3.1.5 Profit - The profitability of coking enterprises improved slightly, while the futures profit of coke continued to decline. The profit per ton of coke for 30 independent coking enterprises was 20 yuan/ton, a week - on - week increase of 36 yuan. The futures profit of coke 01 decreased by 8.4 yuan/ton week - on - week to 130.5 yuan/ton [48][50]. 3.1.6 Valuation - The premium of coke 01 converged, and the 1 - 5 spread continued to weaken. The basis of coke 01 increased by 58.3 week - on - week to - 148.16, and the 1 - 5 spread decreased by 19 week - on - week to - 102 [52][54]. 3.2 Coking Coal Weekly Market Tracking 3.2.1 Price - The futures price first rose and then fell last week. It is still difficult to decline in the short term, but the upward momentum is weakening. The spot price showed a mixed trend. Coking coal 01 contract rose 0.24% to 1230 as of Friday's close [57][59][60]. 3.2.2 Supply - The supply from production areas was still restricted, the output of coal washing plants increased slightly, the number of customs - cleared vehicles of Mongolian coal rebounded, and the import of coking coal from January to June decreased year - on - year. As of August 15, the capacity utilization rate of 314 sample coal washing plants was 36.51%, a week - on - week increase of 0.29 percentage points; the daily average output of clean coal was 26.4 tons, a week - on - week increase of 0.36 tons. From January to June 2025, China's cumulative import of coking coal was 52.9 million tons, with a cumulative year - on - year growth rate of - 7.26% [63][68][71]. 3.2.3 Inventory - The downstream inventory decreased, the upstream inventory increased slightly, and the total inventory decreased slightly. As of August 15, the total coking coal inventory decreased by 14.82 tons week - on - week to 2592.87 tons. Among them, the inventory of mining enterprises increased by 12.01 tons week - on - week to 257.67 tons; the port inventory decreased by 21.85 tons week - on - week to 255.49 tons; the inventory of clean coal in coal washing plants increased by 8.92 tons week - on - week to 297.03 tons; the inventory of the full - sample of independent coking enterprises decreased by 11.04 tons week - on - week to 976.88 tons; the inventory of 247 sample steel mills decreased by 2.86 tons week - on - week to 805.8 tons [72][74][77]. 3.2.4 Valuation - Coking coal 01 maintained a large premium, the 9 - 1 spread fluctuated, and the 1 - 5 spread weakened. The basis of coking coal 01 decreased by 3 week - on - week to - 235. The 9 - 1 spread increased by 8 week - on - week to - 149.5, and the 1 - 5 spread decreased by 17 week - on - week to - 56 [100][102].

1. Report Industry Investment Rating - The report suggests an oscillating and bullish approach for both coking coal and coke, with a focus on risk control [2] 2. Core Viewpoints - On July 23, the coking coal 2509 contract closed at 1135.5, up 11.00%. The spot price of Meng 5 raw coal was reported at 900, up 40 yuan/ton. With strong macro - expectations and improved market confidence, the inventory is shifting from upstream to downstream, and the overall inventory is moderately high. The 4 - hour cycle K - line is above the 20 and 60 moving averages, so it should be treated with an oscillating and bullish view [2] - On July 23, the coke 2509 contract closed at 1707.5, up 3.83%. The coke enterprises started the second round of price hikes. The supply of raw materials is gradually improving, the iron - water output is at a high level, and most coal mines have no inventory pressure. The total coking coal inventory has increased for two consecutive weeks. The 4 - hour cycle K - line is above the 20 and 60 moving averages, so it should be treated with an oscillating and bullish view [2] 3. Summary by Related Catalogs 3.1 Futures Market - Coking coal: The JM main - contract closing price was 1135.50 yuan/ton, up 87.00 yuan; the futures contract holding volume was 748737.00 lots, down 24788.00 lots; the net holding volume of the top 20 contracts was - 63053.00 lots, up 3398.00 lots; the 1 - 9 month contract spread was 60.00 yuan/ton, down 28.50 yuan; the number of warehouse receipts was 0.00 [2] - Coke: The J main - contract closing price was 1707.50 yuan/ton, up 10.00 yuan; the futures contract holding volume was 52840.00 lots, down 1482.00 lots; the net holding volume of the top 20 contracts was - 4463.00 lots, down 89.00 lots; the 1 - 9 month contract spread was 35.50 yuan/ton, down 19.00 yuan; the number of warehouse receipts was 760.00 [2] 3.2 Spot Market - Coking coal: The price of Ganqimao Meng 5 raw coal was 900.00 yuan/ton, up 50.00 yuan; the price of Russian prime coking coal forward spot (CFR) was 120.00 US dollars/wet ton, unchanged; the price of Australian imported prime coking coal at Jingtang Port was 1460.00 yuan/ton, up 40.00 yuan; the price of Shanxi - produced prime coking coal at Jingtang Port was 1440.00 yuan/ton, unchanged; the price of medium - sulfur prime coking coal in LingShi, Jinzhong, Shanxi was 1250.00 yuan/ton, up 150.00 yuan; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1000.00 yuan/ton, up 20.00 yuan; the JM main - contract basis was 114.50 yuan/ton, up 63.00 yuan [2] - Coke: The price of Tangshan quasi - first - class metallurgical coke was 1445.00 yuan/ton, unchanged; the price of Rizhao Port quasi - first - class metallurgical coke was 1270.00 yuan/ton, unchanged; the price of Tianjin Port first - class metallurgical coke was 1370.00 yuan/ton, unchanged; the price of Tianjin Port quasi - first - class metallurgical coke was 1270.00 yuan/ton, unchanged; the J main - contract basis was - 262.50 yuan/ton, down 10.00 yuan [2] 3.3 Upstream Situation - Coking coal: The raw coal inventory of 110 coal washing plants was 298.69 million tons, down 2.08 million tons; the cleaned coal inventory was 191.54 million tons, down 5.53 million tons; the operating rate of 110 coal washing plants was 62.85%, up 0.52%; the raw coal production was 42107.40 million tons, up 1779.00 million tons; the import volume of coal and lignite was 3304.00 million tons, down 300.00 million tons; the daily average raw coal output of 523 coking coal mines was 192.90 million tons, up 1.10 million tons; the import coking coal inventory at 16 ports was 553.50 million tons, down 0.29 million tons; the total coking coal inventory of independent coking enterprises (full sample) was 929.11 million tons, up 36.76 million tons; the coking coal inventory of 247 steel mills was 791.10 million tons, up 8.17 million tons; the available days of coking coal for independent coking enterprises (full sample) was 12.63 days, up 0.15 days; the import volume of coking coal was 910.84 million tons, up 172.10 million tons; the coking coal production was 4070.27 million tons, up 144.11 million tons [2] - Coke: The coke inventory at 18 ports was 252.71 million tons, down 2.97 million tons; the coke inventory of independent coking enterprises (full sample) was 87.55 million tons, down 5.53 million tons; the coke inventory of 247 sample steel mills was 638.99 million tons, up 1.19 million tons; the available days of coke for 247 sample steel mills was 11.46 days, down 0.18 days; the export volume of coke and semi - coke was 51.00 million tons, down 17.00 million tons; the coke production was 4170.30 million tons, down 67.30 million tons; the capacity utilization rate of independent coking enterprises was 73.01%, up 0.14%; the average profit per ton of coke for independent coking plants was - 43.00 yuan/ton, up 20.00 yuan [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.48%, up 0.35%; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.92%, up 1.05%; the crude steel production was 8318.40 million tons, down 336.10 million tons [2] 3.5 Industry News - The National Energy Administration will conduct a production check on coal mines in 8 provinces (regions) including Shanxi and Inner Mongolia [2] - Russian President Putin will visit China in September [2] - The US has reached trade agreements with the Philippines and Indonesia [2] - Germany has announced an investment initiative worth over 630 billion euros to boost the economy [2] - The Ministry of Industry and Information Technology will introduce a stable - growth plan for ten key industries [2] - The US Treasury Secretary will meet with the Chinese Finance Minister to discuss the extension of the agreement to avoid a significant tariff increase [2]

Report Summary Core Views - **Coking Coal**: The downstream coking and steel enterprises are in the replenishment cycle, which supports the raw coal price. However, due to limited profit margins, the downstream's acceptance of high - priced coal is limited, and the purchasing is cautious. The coking coal price is expected to remain stable in the short term [2]. - **Coke**: The steel mills' procurement demand is continuously released, leading to a rapid decline in coking enterprises' inventory. With restricted production capacity in the main producing areas and low inventory at all levels, the supply - demand pattern of coke is tightening. The rising raw coal price also supports the coke price, and it is expected to remain stable in the short term [6]. Factors Affecting Prices Coking Coal - **Positive Factors**: Rising pig iron output and limited supply increase [4]. - **Negative Factors**: Slower procurement of raw coal by coking and steel enterprises and weak steel prices [4]. Coke - **Positive Factors**: Rising pig iron output and increasing blast furnace operating rate [9]. - **Negative Factors**: Squeezed profit margins of steel mills and partially overdrawn replenishment demand [9]. Data Summary Inventory - **Coking Coal**: Port inventory is 312 million tons, a decrease of 1 million tons from last week; independent coking enterprises' inventory is 669.5 million tons, a decrease of 21.4 million tons; steel mills' inventory is 774 million tons, an increase of 3.1 million tons [2][19][22][25]. - **Coke**: Port inventory is 203.1 million tons, a decrease of 11.1 million tons from last week; independent coking enterprises' inventory is 87.3 million tons, a decrease of 1.1 million tons; steel mills' inventory is 642.8 million tons, a decrease of 3 million tons [19][22][25]. Other Data - **Coking Enterprises' Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises is 74%, the same as last week [36]. - **Average Profit per Ton of Coke**: The average profit per ton of 30 independent coking plants is - 46 yuan, a decrease of 27 yuan from last week [40].

Report Investment Rating - Not provided Core Views - The coking coal market is expected to continue its weak performance in the short term due to factors such as slow resumption of production in some coal mines, inventory accumulation, low downstream procurement enthusiasm, and weak steel demand [5]. - The domestic coke market is expected to remain weakly stable in the short term, facing dual pressures from the continuous decline of coking coal prices and the off - season of the steel market, with an oversupply situation [6]. Summary by Directory 1. Review and Outlook - **Coking Coal**: Last week, coking coal prices continued to be weak. Some coal mines in Changzhi and Linfen are slowly resuming production, while a few in Lvliang have slightly reduced production. Coal mine inventories have accumulated, downstream is pessimistic, and the main coking coal prices are still weak. Steel mills' daily hot - metal output decreased slightly, and steel demand is weak. Overall, it will continue to be weak in the short term [5]. - **Coke**: The domestic coke market was weak last week. After the third price cut, steel mills continued to pressure top - loaded coke. Coke enterprises' production decreased slightly, and average coke - per - ton profit turned slightly negative. The market is facing dual pressures, and it is expected to remain weakly stable in the short term [6]. 2. Fundamental Analysis - **Inventory**: - Port inventory: Coking coal port inventory decreased by 1 million tons to 312 million tons, and coke port inventory decreased by 11.1 million tons to 203.1 million tons [12]. - Independent coke enterprise inventory: Coking coal inventory decreased by 21.4 million tons to 669.5 million tons, and coke inventory decreased by 1.1 million tons to 87.3 million tons [15]. - Steel mill inventory: Coking coal inventory increased by 3.1 million tons to 774 million tons, and coke inventory decreased by 3 million tons to 642.8 million tons [18]. - **Production and Utilization Rate**: - Coke oven capacity utilization rate: The capacity utilization rate of 230 independent coke enterprises remained flat at 74% compared with last week [28]. - Coke daily output: Not detailed here. - Coke monthly output: Not detailed here. - Blast furnace开工率: Not detailed here. - Hot - metal output: Steel mills' daily hot - metal output was 241.61 million tons, a decrease of 0.19 million tons compared with the previous week [5]. - **Profit**: The average profit per ton of coke for 30 independent coking plants was - 46 yuan, a decrease of 27 yuan compared with last week [32]. 3. Technical Analysis - Not provided

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - **焦煤**: Main coal - producing areas have stable production. The second round of coke price increase is not yet implemented. Downstream coke enterprises purchase on - demand, and online auction transactions are weak. Total sample inventory decreased by 24.4 tons compared to last week. With high iron - water in steel mills, the rigid demand for coking coal is strong. However, due to general terminal finished product sales and falling billet prices, the market is cautious. Short - term prices are expected to be weakly stable [2]. - **焦炭**: Coke enterprises' production is stable. With the decline in coking coal prices, coke enterprises' profits are gradually repaired, and supply has increased. Downstream steel mills have good demand, and coke enterprises' inventories are low. Total sample inventory increased by 0.3 tons compared to last week. With high blast - furnace operating rates in steel mills and good demand, and coke enterprises having small profits, the supply - demand pattern is balanced. Short - term prices are expected to remain stable [5]. 3. Summary by Related Catalogs Price - **焦煤**: On April 30 (17:30), Russian coking coal prices ranged from 56 to 1320, and Australian coking coal prices ranged from 1130 to 1320 [8]. - **焦炭**: On April 30 (17:30), port metallurgical coke prices ranged from 1340 to 1830, with some prices having no change [9]. Inventory - **Port Inventory**: Coking coal port inventory was 324.8 tons, a decrease of 12.6 tons from last week; coke port inventory was 243.6 tons, a decrease of 2.5 tons from last week [19]. - **Independent Coke Enterprises Inventory**: Independent coke enterprises' coking coal inventory was 819.8 tons, a decrease of 10.1 tons from last week; coke inventory was 68.8 tons, an increase of 0.8 tons from last week [22]. - **Steel Mill Inventory**: Steel mills' coking coal inventory was 782.5 tons, a decrease of 1.7 tons from last week; coke inventory was 666.4 tons, an increase of 2 tons from last week [25]. Other Indicators - **Coke Oven Capacity Utilization**: The capacity utilization of 230 independent coke enterprises was 75.3%, an increase of 1.9% from last week [36]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants was - 9 yuan, an increase of 7 yuan from last week [40].