Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **For Coking Coal**: The main producing area mines maintain normal production, with sufficient supply. Driven by coke price increases and market demand, the coking coal market is improving, downstream procurement demand is rising, and coal mine inventories are rapidly decreasing. The short - term market will continue to be strong. With downstream复产 and improved terminal product sales, coking coal prices are expected to be stable to slightly strong in the short term [2]. - **For Coke**: Downstream demand provides good support, and coke enterprises' inventories are mostly low. Due to rising coking coal prices, coke enterprises are near the break - even point, and some are holding back supply waiting for price increases. After the first round of coke price increases was accepted by some steel mills, coke prices are expected to be stable to slightly strong in the short term [5]. 3. Summary by Relevant Catalogs **Price** - **Imported Coking Coal**: On March 27, 2026 (17:30), the prices of imported Russian and Australian coking coal at different ports are provided. For example, the price of Russian K4 main coking coal at Caofeidian Port, Jingtang Port, and Rizhao Port is 1400 [8]. - **Port Metallurgical Coke**: On March 27, 2026 (17:30), the prices of port metallurgical coke of different grades and from different origins are provided. For example, the price of quasi - first - grade metallurgical coke from Shanxi at Lianyungang is 1500 [9]. **Inventory** - **Port Inventory**: Coking coal port inventory is 258 million tons, unchanged from last week; coke port inventory is 199 million tons, a decrease of 6 million tons from last week [19]. - **Independent Coke Enterprise Inventory**: Independent coke enterprises' coking coal inventory is 893 million tons, a decrease of 225 million tons from last week; coke inventory is 56 million tons, an increase of 12 million tons from last week [23]. - **Steel Mill Inventory**: Steel mills' coking coal inventory is 820 million tons, a decrease of 18 million tons from last week; coke inventory is 689 million tons, a decrease of 9 million tons from last week [28]. **Factors Affecting Prices** - **Coking Coal** - **Positive Factors**: Rising hot metal production and limited supply growth [4]. - **Negative Factors**: Slower procurement of raw coal by coke and steel enterprises and weak steel prices [4]. - **Coke** - **Positive Factors**: Rising hot metal production and increasing blast furnace operating rate [7]. - **Negative Factors**: Squeezed profit margins of steel mills and partially overdrawn replenishment demand [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints For Coking Coal - The overall supply of coking coal in the main producing areas is sufficient, but with the release of downstream demand and the warming of market sentiment, the inventory of most mines is low, and some tight - supply coal types are in short supply. The online auction market has almost no unsold lots, and all coal types show high - premium transactions. The premium of some high - quality main coking coal has further expanded [2]. - The basis is positive, with the spot price at 1300 and the basis at 70, indicating that the spot is at a premium to the futures [2]. - The total sample inventory of coking coal is 1971 million tons, a decrease of 243 million tons compared with last week. The inventory of steel mills is 820 million tons, port inventory is 258 million tons, and independent coking enterprise inventory is 893 million tons [2]. - The 20 - day line is upward, and the price is above the 20 - day line. The main position of coking coal is net long, but the long position is decreasing [2]. - With the downstream resuming production, demand increases, and the enthusiasm of downstream buyers has significantly recovered. The spot market sentiment of coking coal and coke has significantly improved. The improvement in terminal finished product transactions and the recent increase in steel prices have boosted the upstream market. It is expected that the coking coal price will be stable with a slight upward trend in the short term [2]. For Coke - Due to the increase in speculative demand and the recovery of steel mills' demand for coke, the current shipment of coking enterprises is good, and the in - plant coke inventory is maintained at a low level. The price increase of the coking coal market has far exceeded expectations, and the online auction price is generally at a high level. Although coking enterprises still have a certain profit space with the support of chemical products, the coke supply is relatively stable [5]. - The basis is negative, with the spot price at 1650 and the basis at - 61, indicating that the spot is at a discount to the futures [5]. - The total sample inventory of coke is 944 million tons, a decrease of 3 million tons compared with last week. The inventory of steel mills is 689 million tons, port inventory is 199 million tons, and independent coking enterprise inventory is 56 million tons [5]. - The 20 - day line is upward, and the price is above the 20 - day line. The main position of coke is net long, but the long position is decreasing [6]. - Coking enterprises have smooth shipments, and the coke inventory is maintained at a low level. Coking enterprises have a strong expectation of price increase under profit pressure, but steel prices are fluctuating, and some steel mills have low profits, so they have a certain resistance to the price increase of coke. In the short term, the coking enterprises and steel mills will continue to play a game, and it is expected that the coke price will be stable with a slight upward trend in the short term [5]. 3. Summaries According to Relevant Catalogs Price - On March 26 (17:30), the prices of imported coking coal from Russia and Australia at various ports are provided, including different coal types such as main coking coal, 1/3 coking coal, fat coal, and lean coal, along with their price changes [9]. - On March 26 (17:30), the port metallurgical coke price index shows the prices and price changes of different grades of metallurgical coke from different origins at various ports [10]. Inventory - **Port Inventory**: The coking coal port inventory is 258 million tons, unchanged from last week; the coke port inventory is 199 million tons, a decrease of 6 million tons compared with last week [20]. - **Independent Coking Enterprise Inventory**: The coking coal inventory of independent coking enterprises is 893 million tons, a decrease of 225 million tons compared with last week; the coke inventory is 56 million tons, an increase of 12 million tons compared with last week [24]. - **Steel Mill Inventory**: The coking coal inventory of steel mills is 820 million tons, a decrease of 18 million tons compared with last week; the coke inventory is 689 million tons, a decrease of 9 million tons compared with last week [29]. Factors Affecting Prices Coking Coal - **Positive Factors**: Iron - water production has increased, and supply is difficult to increase [4]. - **Negative Factors**: Coking and steel enterprises have slowed down the procurement of raw coal, and steel prices are weak [4]. Coke - **Positive Factors**: Iron - water production has increased, and the blast furnace operating rate has increased synchronously [8]. - **Negative Factors**: The profit space of steel mills has been squeezed, and the replenishment demand has been partially overdrawn [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **焦煤**: The overall supply of coking coal is sufficient, but some tight coal varieties are in short supply. The downstream demand is increasing, and the inventory is decreasing. The price is expected to be stable and slightly stronger in the short term [2]. - **焦炭**: The supply is tight, and the cost of raw materials is rising. The inventory is decreasing, and the price is expected to be stable and slightly stronger in the short term [6]. 3. Summary by Directory **Daily Views** - **焦煤**: The main - producing coal mines have stable production. The downstream demand is released, and the inventory is low. The base - difference shows that the spot is at a discount to the futures. The price is expected to be stable and slightly stronger [2]. - **焦炭**: The steel mills' replenishment demand is good, and the inventory is low. The cost of raw materials is rising, squeezing the profit margin. The price is expected to be stable and slightly stronger [6]. **Price** - The prices of port metallurgical coke on March 25 (17:30) are provided, with most prices showing a decline or remaining unchanged [10]. **Inventory** - **Port Inventory**: The coking coal port inventory is 258 million tons, unchanged from last week; the coke port inventory is 199 million tons, a decrease of 6 million tons from last week [20]. - **Independent Coking Enterprises Inventory**: The coking coal inventory of independent coking enterprises is 893 million tons, a decrease of 225 million tons from last week; the coke inventory is 56 million tons, an increase of 12 million tons from last week [24]. - **Steel Mill Inventory**: The coking coal inventory of steel mills is 820 million tons, a decrease of 18 million tons from last week; the coke inventory is 689 million tons, a decrease of 9 million tons from last week [29]. **Factors Affecting Prices** - **焦煤**: Bullish factors include rising iron - water production and limited supply growth; bearish factors include slowdown in raw - coal procurement by coking and steel enterprises and weak steel prices [4]. - **焦炭**: Bullish factors include rising iron - water production and increasing blast - furnace operating rate; bearish factors include squeezed profit margins of steel mills and partial over - consumption of replenishment demand [8].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - **For Coking Coal**: The main coal - producing areas are resuming production, increasing the market coal supply. Affected by the first - round coke price cut, the market purchasing sentiment is weak, and downstream coke enterprises mainly consume inventory. The short - term demand is hard to recover significantly. The online auctions in some regions have unsold lots, and some coal mines are reducing prices. It is expected that the coking coal price will be weakly stable in the short term [2]. - **For Coke**: During the important meeting, most coke enterprises maintain normal production, with sufficient supply. However, the downstream steel mills' purchasing power is average, and the inventory in coke enterprises has accumulated. Due to the decline in steel prices and poor terminal consumption, the steel mills' profits are affected, and the demand for coke is expected to decline. It is expected that the coke price will be weakly stable in the short term [5]. Summary by Relevant Catalogs Price - **Coking Coal**: On March 6 (17:30), the prices of imported Russian and Australian coking coal at various ports are provided, with some prices having changes. For example, the price of 1/3 coking coal (GI) at Caofeidian Port increased by 15, and the price of high - end (K10) at Caofeidian Port increased by 120 [8]. - **Coke**: On March 6 (17:30), the prices of port metallurgical coke have declined. For example, the price of secondary metallurgical coke (Inner Mongolia) at Rizhao Port decreased by 50, and the price of quasi - first - grade metallurgical coke (dry - quenched) at Rizhao Port decreased by 55 [9]. Inventory - **Port Inventory**: Coking coal port inventory is 258 million tons, unchanged from last week; coke port inventory is 199 million tons, a decrease of 6 million tons from last week [19]. - **Independent Coke Enterprise Inventory**: Independent coke enterprise coking coal inventory is 893 million tons, a decrease of 225 million tons from last week; coke inventory is 56 million tons, an increase of 12 million tons from last week [23]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 820 million tons, a decrease of 18 million tons from last week; coke inventory is 689 million tons, a decrease of 9 million tons from last week [28]. Other Factors - **Coking Coal**: Bullish factors include rising hot metal production and limited supply increase; bearish factors include slowed procurement of raw coal by coke and steel enterprises and weak steel prices [4]. - **Coke**: Bullish factors include rising hot metal production and increasing blast furnace operating rate; bearish factors include squeezed steel mill profit margins and partially over - drawn replenishment demand [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - From the coking coal fundamentals, in January 2026, the supply of coking coal gradually recovered, with a slightly loose supply - side. However, in February, affected by the Spring Festival holiday, the supply will tighten. Driven by downstream inventory replenishment, the upstream inventory of coking coal has decreased, and the inventory structure has improved significantly compared with the same period last year. Before the Spring Festival, there is no prominent contradiction in supply - demand, and it is expected to operate in a volatile manner [8]. - From the coke fundamentals, since January, the overall coke production has maintained a relatively stable trend but has declined compared with the same period last year. In February, facing the Spring Festival holiday, the production of independent coking enterprises will decline. The daily average hot - metal output of 247 steel enterprises has remained relatively stable, driving the coke consumption to stabilize. The coke inventory of independent coking enterprises has decreased, while the steel mills' inventory has increased. The coking enterprises' inventory structure has improved, and the pressure of inventory accumulation is not large. The increase in coking enterprises' losses has strengthened the willingness to raise coke prices, but the increase was postponed due to weak steel demand, low steel prices, and poor steel mill efficiency [11]. 3. Summary According to the Directory 3.1后市研判 (Outlook for the Future) - Coking coal: In January 2026, coking coal supply recovered, supply - side was slightly loose. In February, supply will tighten due to the Spring Festival. Downstream inventory replenishment led to upstream inventory reduction. Before the Spring Festival, with stable fundamentals and obvious changes in macro - sentiment, the market is expected to fluctuate [8]. - Coke: Since January, coke production has been relatively stable but lower than last year. In February, independent coking enterprise production will decline. Hot - metal output is stable, supporting coke demand. Coking enterprises' inventory has improved, and they want to raise prices, but the increase was postponed due to weak steel market [11]. 3.2焦煤基本面 (Coking Coal Fundamentals) - **Supply**: As of January 30, the coking coal supply gradually recovered in January. The opening rate of 523 sample mines was 89.13%, up 9.5% from the beginning of the month and 37.46% from the same period last year, with a daily output of 77.07 tons. The opening rate of 314 sample coal - washing plants was 36.8%, up 1.71% from the beginning of the month. In February, supply will tighten due to the Spring Festival [14]. - **Import**: In December 2025, China's coking coal imports reached 13.7698 million tons, a significant increase from the same period in 2024. Mongolia's imports in December reached a record high. In 2025, China's total coking coal imports were 118.6256 million tons, a 2.66% year - on - year decrease, showing a "low - then - high" trend. "Mongolia + Russia" coal still dominated, and Canadian coal imports increased [15]. - **Inventory**: As of January 30, the inventory of 523 sample mines was 2.6718 million tons, 1.144 million tons less than last year. The inventory of 314 sample coal - washing plants first increased and then decreased. Port inventory decreased slightly. Independent coking enterprises replenished inventory more strongly than steel mills. The inventory of independent coking enterprises was 12.3479 million tons, an increase of 1.8682 million tons compared with last year, while the inventory of steel enterprises decreased [19][22]. 3.3焦炭基本面 (Coke Fundamentals) - **Production**: Since January, the overall coke production has been relatively stable but lower than last year. As of January 30, the capacity utilization rate was 71.86%, and the daily output of metallurgical coke was 628,400 tons. In February, the production of independent coking enterprises will decline [24]. - **Demand**: Since January, the daily average hot - metal output of 247 steel enterprises has been relatively stable, driving coke consumption to stabilize. As of January 30, the daily average hot - metal output of 24 steel enterprises was 2.2798 million tons, and coke consumption was 1.0259 million tons, slightly higher than last year. Coking enterprises' inventory has improved, and the pressure of inventory accumulation is not large [31]. - **Inventory**: Since January, the inventory of independent coking enterprises has decreased, while the steel mills' inventory has increased. As of January 30, the inventory of independent coking enterprises was 843,900 tons, 589,100 tons less than last year, and the steel mills' inventory was 6.7819 million tons, 225,500 tons less than last year. Port inventory increased in late January [34]. - **Price Increase**: Since January, the average loss per ton of coke of independent coking enterprises has gradually increased and then narrowed at the end of the month. In mid - January, many coking enterprises issued price - increase letters, originally planned to be implemented on January 19 but postponed to January 30 due to weak steel demand, low prices, and poor steel mill efficiency [37].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **For Coking Coal**: The supply of coking coal has improved after some mines resumed production after the New Year's Day. However, due to the influence of coke price cuts, coking coal prices have been falling, and new orders have declined. With the squeeze on coking profits, the signal of coking coal price cuts is obvious, and downstream acceptance of high - priced coal is limited. In the short term, due to winter environmental protection requirements, downstream coking and steel enterprises have increased maintenance and production cuts, and the demand for raw coal has declined. It is expected that the short - term coking coal price may run weakly [2]. - **For Coke**: The current profits of coke enterprises are continuously compressed, and some coke enterprises in some areas have fallen into losses, with a small number of coke enterprises limiting production. Although the daily consumption of coke by steel mills has increased slightly, the supply of coke is still relatively loose, and steel mills still have a strong willingness to reduce prices. With the raw material price still falling slightly, it is expected that coke will run weakly in the short term [6]. 3. Summary by Related Catalogs **Daily Views - Coking Coal** - **Fundamentals**: After the New Year's Day, the supply has improved, but prices have fallen due to coke price cuts, and new orders have decreased. Downstream acceptance of high - priced coal is limited [2]. - **Basis**: The spot market price is 1100, and the basis is 19.5, with the spot at a premium to the futures [2]. - **Inventory**: The total sample inventory is 1957 tons, a decrease of 21 tons from last week, including 801 tons in steel mills, 295 tons in ports, and 861 tons in independent coke enterprises [2]. - **Disk**: The 20 - day line is downward, and the price is below the 20 - day line [3]. - **Main Position**: The main position of coking coal is net short, and the short position increases [3]. - **Expectation**: Due to winter environmental protection requirements, downstream demand has declined, and it is expected that the short - term price will run weakly [2]. - **Factors**: Bullish factors include rising hot metal production and limited supply growth; bearish factors include slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [5]. **Daily Views - Coke** - **Fundamentals**: The profits of coke enterprises are continuously compressed, some are in losses, and a small number are limiting production. The daily consumption of coke by steel mills has increased slightly, and the shipment of coke enterprises has improved [6]. - **Basis**: The spot market price is 1590, and the basis is - 58.5, with the spot at a discount to the futures [6]. - **Inventory**: The total sample inventory is 858 tons, a decrease of 1 ton from last week, including 626 tons in steel mills, 187 tons in ports, and 45 tons in independent coke enterprises [6]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line [6]. - **Main Position**: The main position of coke is net long, and the long position decreases [6]. - **Expectation**: The supply of coke is relatively loose, steel mills have a strong willingness to reduce prices, and it is expected that coke will run weakly in the short term [6]. - **Factors**: Bullish factors include rising hot metal production and rising blast furnace operating rate; bearish factors include squeezed profit margins of steel mills and partial overdraft of replenishment demand [8]. **Price** The prices of metallurgical coke in various ports on January 5th (17:30) are provided, with most prices showing a decline of 10 [10]. **Inventory** - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [18]. - **Independent Coke Enterprise Inventory**: Independent coke enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [22]. - **Steel Mill Inventory**: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [27]. **Other Data** - **Coke Oven Capacity Utilization**: The capacity utilization rate of 230 independent coke enterprises in the country is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants in the country is 25 yuan [44].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The report analyzes the market conditions of coking coal and coke. For coking coal, it is expected that the supply will be difficult to recover before the Spring Festival, and the demand is hard to increase due to limited profits of coking and steel enterprises, so the short - term price may be weak. For coke, after the third round of price cuts, the inventory has slightly accumulated, and there is still a risk of further price cuts in the later period, with the short - term price also expected to be weak [2][7] Group 3: Summary by Relevant Catalogs Coking Coal - **Fundamentals**: Near the end of the year, safety accidents occur frequently, and coal mine production enthusiasm is low. Downstream coking enterprises mainly purchase raw coal as needed, coal mine shipments are not smooth, and the overall transaction is average [2] - **Basis**: The spot market price is 1140, and the basis is 14.5, with the spot at a premium to the futures [2] - **Inventory**: Steel mill inventory is 801 tons, port inventory is 295 tons, independent coking enterprise inventory is 861 tons, and the total sample inventory is 1957 tons, a decrease of 21 tons compared to last week [2] - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [3] - **Main Position**: The main net position of coking coal is short, and short positions are increasing [3] - **Expectation**: After three rounds of coke price cuts, the profit recovery of coking and steel enterprises is slow. The current purchase of high - priced coal is still cautious, and the demand for coking coal is difficult to increase, with the short - term price expected to be weak [2] - **Positive Factors**: Rising hot metal production and difficult - to - increase supply [5] - **Negative Factors**: Slowed procurement of raw coal by coking and steel enterprises and weak steel prices [5] Coke - **Fundamentals**: After the third round of price cuts, the profit margin of some coking enterprises has narrowed. The overall production capacity utilization rate of coking enterprises is at a high level, and production is stable. Affected by market sentiment, the shipment rhythm has slowed down, and the inventory has slightly accumulated [7] - **Basis**: The spot market price is 1630, and the basis is - 111, with the spot at a discount to the futures [7] - **Inventory**: Steel mill inventory is 626 tons, port inventory is 187 tons, independent coking enterprise inventory is 45 tons, and the total sample inventory is 858 tons, a decrease of 1 ton compared to last week [7] - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [7] - **Main Position**: The main net position of coke is long, and long positions are decreasing [7] - **Expectation**: Some steel mills are controlling arrivals. Considering the profit gap between coking and steel enterprises, the speculative demand of traders has not started yet. There is still a pessimistic attitude in the market, and there is still a risk of further price cuts for metallurgical coke [7] - **Positive Factors**: Rising hot metal production and synchronous increase in blast furnace operating rate [9] - **Negative Factors**: Squeezed profit space of steel mills and partially overdrawn replenishment demand [9] Price Index and Inventory - **Port Metallurgical Coke Price Index**: On December 23 (17:30), the prices of different grades and origins of metallurgical coke in various ports are provided, with some prices showing changes [10] - **Imported Coking Coal Spot Price**: On December 23 (17:30), the prices of different types and brands of imported coking coal in various ports are given, and some prices have increased [11] - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons compared to last week; coke port inventory is 195.1 tons, an increase of 1 ton compared to last week [19] - **Independent Coking Enterprise Inventory**: Coking coal inventory of independent coking enterprises is 819.3 tons, a decrease of 69.2 tons compared to last week; coke inventory is 42.5 tons, an increase of 3.5 tons compared to last week [23] - **Steel Mill Inventory**: Steel mill coking coal inventory is 803.8 tons, an increase of 4.3 tons compared to last week; coke inventory is 626.7 tons, a decrease of 13.3 tons compared to last week [28] Other Data - **Coking Plant Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises in the country is 74.48% [41] - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants in the country is 25 yuan [45]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The report analyzes the market conditions of coking coal and coke on December 9, 2025. It is expected that the short - term price of coking coal may run weakly, and the price of coke may also show a weak trend in the short term [2][6]. Summary by Related Catalogs Coking Coal - **Fundamentals**: Regional coal mines are recovering slowly, with limited overall coking coal increment. After recent price cuts, coal mine shipments have improved slightly, but the market sentiment is weak, and end - users mainly have rigid demand. The marginal supply - demand relationship of coking coal has weakened, and the trading and speculative sentiment in the middle has cooled down, leading to price cuts [2]. - **Base Difference**: The spot market price is 1170, with a basis of 76.5, indicating that the spot price is at a premium to the futures price [2]. - **Inventory**: Steel mill inventory is 801 million tons, port inventory is 295 million tons, independent coking enterprise inventory is 861 million tons, and the total sample inventory is 1957 million tons, a decrease of 21 million tons from last week [2]. - **Disk**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [2]. - **Main Position**: The main net position of coking coal is short, and the short position is decreasing [2]. - **Expectation**: After the coke price cut is implemented and the finished product price rises slightly, although the steel mill profit has improved, it is still in a loss state, and the actual market demand is insufficient. With the expectation of a weakening coke price, downstream buyers mainly make rigid purchases, and the short - term coking coal price may run weakly [2]. - **Positive Factors**: Rising molten iron production and difficult supply increase [4]. - **Negative Factors**: Slower procurement of raw coal by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: As the price of coking coal at the raw material end continues to fall, coking enterprises still have a certain profit margin after the coke price cut, and the production load has been continuously increasing, with a steady increase in coke output. However, due to the orange warning for heavy pollution weather in Shaanxi and Henan, local coking enterprises are required to reduce production, and the supply of local coke resources has tightened. Some coking enterprises have increased inventory pressure [6]. - **Base Difference**: The spot market price is 1600, with a basis of 63, indicating that the spot price is at a premium to the futures price [6]. - **Inventory**: Steel mill inventory is 626 million tons, port inventory is 187 million tons, independent coking enterprise inventory is 45 million tons, and the total sample inventory is 858 million tons, a decrease of 1 million tons from last week [6]. - **Disk**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [6]. - **Main Position**: The main net position of coke is short, and the short position is increasing [6]. - **Expectation**: In the off - season market, the demand for steel is weak, the blast furnace operating rate of steel mills has decreased, and the demand for coke has declined. Coking enterprises also have inventory accumulation. In the pattern of increasing supply and decreasing demand, the weak situation of coke is difficult to improve, and the short - term coke price may run weakly [6]. - **Positive Factors**: Rising molten iron production and synchronous increase in blast furnace operating rate [8]. - **Negative Factors**: Squeezed profit margins of steel mills and partial over - consumption of replenishment demand [8]. Price - **Imported Coking Coal**: The report provides the spot price quotes of imported Russian and Australian coking coal at various ports on December 8, 2025, including different varieties such as main coking coal, 1/3 coking coal, and fat coal, along with price changes [9]. - **Port Metallurgical Coke**: It shows the price index of port metallurgical coke on December 8, 2025, including different grades (such as quasi - first - grade and first - grade) and different origins (such as Shanxi and Inner Mongolia), as well as price changes [10]. Inventory - **Port Inventory**: Coking coal port inventory is 295 million tons, a decrease of 0.1 million tons from last week; coke port inventory is 195.1 million tons, an increase of 1 million tons from last week [18]. - **Independent Coking Enterprise Inventory**: Independent coking enterprises' coking coal inventory is 819.3 million tons, a decrease of 69.2 million tons from last week; coke inventory is 42.5 million tons, an increase of 3.5 million tons from last week [22]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 million tons, a decrease of 13.3 million tons from last week [27]. Other Data - **Coking Plant Capacity Utilization Rate**: The capacity utilization rate of 230 independent coking enterprise samples nationwide is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [44].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For coking coal, the supply is restricted due to coal mine production resumption at a low - level and many disturbances such as safety inspections. Downstream coking enterprises have slowed down the replenishment rhythm. Although the market price increase atmosphere has cooled, coal mines have firm quotes due to low inventory and pre - sold orders. Considering the coking enterprises' replenishment demand, the short - term coking coal price is expected to remain stable with limited upward space [3]. - For coke, the overall production level of coking enterprises is relatively stable, but the supply has further decreased due to high coal - entering costs and reduced profits. With high raw coal prices, the supply is still tight, and downstream steel mills' purchasing enthusiasm remains. The short - term coke price is expected to remain stable [7]. 3. Summary by Relevant Catalogs Daily Viewpoints Coking Coal - Fundamental: Supply is restricted, downstream replenishment slows, but coal mine quotes are firm; bullish [3]. - Basis: Spot price is 1430, basis is 211, spot premium over futures; bullish [3]. - Inventory: Total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week; bullish [3]. - Disk: 20 - day line is upward, price is below the 20 - day line; neutral [3]. - Main position: Net short position of main coking coal contract, short position decreasing; bearish [3]. - Expectation: Short - term coking coal price is expected to remain stable with limited upward space [3]. - Bullish factors: Rising hot metal output, difficult supply increase [5]. - Bearish factors: Slowed procurement of raw coal by coking and steel enterprises, weak steel prices [5]. Coke - Fundamental: Production is stable, but supply decreases due to high costs and low profits; bullish [7]. - Basis: Spot price is 1690, basis is - 0.5, spot is at a slight discount to futures; neutral [7]. - Inventory: Total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week; bullish [7]. - Disk: 20 - day line is upward, price is below the 20 - day line; neutral [8]. - Main position: Net short position of main coke contract, short position increasing; bearish [8]. - Expectation: Short - term coke price is expected to remain stable [7]. - Bullish factors: Rising hot metal output, synchronous increase in blast furnace operating rate [10]. - Bearish factors: Squeezed profit space of steel mills, partial overdraft of replenishment demand [10]. Price - On November 12 (17:30), the prices of imported coking coal from Russia and Australia at different ports are presented, with some prices having price changes [11]. - On November 12 (17:30), the prices of port metallurgical coke from different regions and of different grades are presented, with some prices having price changes [12]. Inventory Port Inventory - Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [20]. Independent Coking Enterprises' Inventory - Independent coking enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [24]. Steel Mills' Inventory - Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [29]. Other Data - The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [42]. - The average profit per ton of coke of 30 independent coking plants nationwide is 25 yuan [46].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - **Coking Coal**: The coking coal market continues to be strong due to tight supply and active restocking by downstream coke enterprises. After the third round of coke price increases, the cost pressure has eased, and demand for high - quality coking coal remains strong. However, some high - priced resources have low downstream acceptance. It is expected that the coking coal price will remain stable in the short term [2]. - **Coke**: After the third round of price increases, coke enterprises are optimistic, but high coking coal prices keep profits near the break - even point. Supply remains tight in the short term. With high raw material costs, coke production increases slowly. Terminal pig iron production remains at a medium - high level, and steel mills still have restocking needs. It is expected that the coke price will remain stable in the short term [6]. 3. Summary by Relevant Catalogs Daily Views - **Coking Coal** - **Fundamentals**: Supply in major producing areas is tight, with strict environmental and safety controls. Downstream restocking and reduced supply lead to inventory reduction. After the third round of coke price increases, the market is strong [2]. - **Basis**: The spot price is 1430, and the basis is 139.5, indicating that the spot price is higher than the futures price [2]. - **Inventory**: Total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week, including 781.1 tons in steel mills, 295 tons in ports, and 819.3 tons in independent coke enterprises [2]. - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [2]. - **Main Position**: The main position of coking coal is net long, and the long position increases [2]. - **Expectation**: After the third - round price increase of coke, the cost pressure eases, and demand for high - quality coking coal remains strong. However, some high - priced resources have low acceptance, and the price is expected to remain stable [2]. - **Coke** - **Fundamentals**: After the third - round price increase, coke enterprises are optimistic, but high coking coal prices keep profits near the break - even point. Supply remains tight in the short term [6]. - **Basis**: The spot price is 1720, and the basis is - 56.5, indicating that the spot price is lower than the futures price [6]. - **Inventory**: Total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week, including 650.8 tons in steel mills, 195.1 tons in ports, and 42.5 tons in independent coke enterprises [6]. - **Market**: The 20 - day line is upward, and the price is above the 20 - day line [6]. - **Main Position**: The main position of coke is net short, and the short position decreases [6]. - **Expectation**: High raw material costs slow down production increases. Pig iron production remains at a medium - high level, and steel mills have restocking needs. The price is expected to remain stable [6]. Factors Affecting Prices - **Coking Coal** - **Positive**: Pig iron production increases, and supply is difficult to increase [4]. - **Negative**: Coke and steel enterprises slow down raw material coal procurement, and steel prices are weak [4]. - **Coke** - **Positive**: Pig iron production and blast furnace operating rates increase [8]. - **Negative**: Steel mill profit margins are squeezed, and restocking demand is partially overdrawn [8]. Inventory - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [18]. - **Independent Coke Enterprises Inventory**: Coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [22]. - **Steel Mill Inventory**: Coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [27]. Other Data - **Coke Oven Capacity Utilization**: The capacity utilization rate of 230 independent coke enterprises is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants is 25 yuan [44].