1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On August 25, the JM2601 contract of coking coal closed at 1215.5, up 6.48%. Affected by Fed Chairman Powell's indication of an open - attitude towards interest rate cuts, the night - session of black commodities rebounded significantly. Fundamentally, the mine - end inventory changed from decreasing to increasing, and the clean coal inventory transferred from upstream mines and coal washing plants to downstream coal - using enterprises. The cumulative import growth rate has been declining for 3 consecutive months, and the inventory level is moderately high. Technically, the daily K - line is above the 20 and 60 - day moving averages, and it is expected to operate in a volatile and stronger manner [2]. - On August 25, the J2601 contract of coke closed at 1736.0, up 4.36%. The seventh round of price increase has started on the spot side. From January to July 2025, the global crude steel production decreased by 1.9% year - on - year. Affected by Powell's cautious signal on interest rate cuts, the market sentiment improved significantly, and commodities mainly rebounded. Fundamentally, the demand side had a hot metal output of 240.75 million tons this period, an increase of 0.09 million tons. The coal mine inventory is no longer under pressure, and the inventory has transferred downstream. The total coking coal inventory generally increased. The average profit per ton of coke for 30 independent coking plants nationwide this period was 23 yuan/ton. Technically, the daily K - line is above the 20 and 60 - day moving averages, and it is expected to operate in a volatile and stronger manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1215.50 yuan/ton, up 53.50 yuan; J main contract closing price: 1736.00 yuan/ton, up 57.50 yuan [2]. - JM futures contract open interest: 918162.00 lots, up 19893.00 lots; J futures contract open interest: 49006.00 lots, up 1277.00 lots [2]. - Net position of the top 20 JM contracts: - 114943.00 lots, down 472.00 lots; net position of the top 20 J contracts: - 5563.00 lots, down 781.00 lots [2]. - JM1 - 9 month contract spread: 154.00 yuan/ton, up 40.00 yuan; J1 - 9 month contract spread: 84.00 yuan/ton, up 32.50 yuan [2]. - Coking coal warehouse receipts: 0.00; coke warehouse receipts: 820.00 [2]. - JM main contract basis: 84.50 yuan/ton, down 53.50 yuan; J main contract basis: 39.00 yuan/ton, down 2.50 yuan [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 962.00 yuan/ton, unchanged; Tangshan Grade I metallurgical coke: 1775.00 yuan/ton, up 55.00 yuan [2]. - Russian prime coking coal forward spot (CFR): 150.00 US dollars/wet ton, unchanged; Rizhao Port quasi - Grade I metallurgical coke: 1570.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1500.00 yuan/ton, unchanged; Tianjin Port Grade I metallurgical coke: 1670.00 yuan/ton, up 50.00 yuan [2]. - Jingtang Port Shanxi - produced prime coking coal: 1610.00 yuan/ton, unchanged; Tianjin Port quasi - Grade I metallurgical coke: 1570.00 yuan/ton, up 50.00 yuan [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1300.00 yuan/ton, unchanged; Inner Mongolia Wuhai - produced coking coal ex - factory price: 1100.00 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The clean coal output of 314 independent coal washing plants: 25.70 million tons per day, down 0.70 million tons; the clean coal inventory of 314 independent coal washing plants: 294.80 million tons per week, down 2.20 million tons [2]. - The capacity utilization rate of 314 independent coal washing plants: 0.36%, unchanged; raw coal production: 38098.70 million tons per month, down 4008.70 million tons [2]. - Coal and lignite imports: 3561.00 million tons per month, up 257.00 million tons; the daily average raw coal output of 523 coking coal mines: 191.20 million tons, up 3.30 million tons [2]. - The imported coking coal inventory of 16 ports: 450.45 million tons per week, up 2.67 million tons; the coke inventory of 18 ports: 268.62 million tons per week, down 1.09 million tons [2]. - The total coking coal inventory of independent coking enterprises (full - sample): 966.41 million tons per week, down 10.47 million tons; the coke inventory of independent coking enterprises (full - sample): 64.37 million tons per week, up 1.86 million tons [2]. 3.4 National Industrial Situation - The coking coal inventory of 247 steel mills: 812.31 million tons per week, up 6.51 million tons; the coke inventory of 247 sample steel mills: 609.59 million tons per week, down 0.21 million tons [2]. - The available days of coking coal for independent coking enterprises (full - sample): 13.07 days per week, up 0.10 days; the available days of coke for 247 sample steel mills: 10.76 days per week, down 0.07 days [2]. - Coking coal imports: 962.30 million tons per month, up 53.11 million tons; coke and semi - coke exports: 89.00 million tons per month, up 38.00 million tons [2]. - Coking coal production: 4064.38 million tons per month, down 5.89 million tons; the capacity utilization rate of independent coking enterprises: 74.42%, up 0.08% [2]. - The profit per ton of coke for independent coking plants: 23.00 yuan/ton, up 3.00 yuan; coke production: 4185.50 million tons per month, up 15.20 million tons [2]. 3.5 National Downstream Situation - The blast furnace operating rate of 247 steel mills: 83.34%, down 0.23%; the blast furnace iron - making capacity utilization rate of 247 steel mills: 90.27%, up 0.03% [2]. - Crude steel production: 7965.82 million tons per month, down 352.58 million tons [2]. 3.6 Industry News - On August 22, Fed Chairman Powell said at the Jackson Hole Global Central Bank Annual Meeting that the Fed is open to interest rate cuts [2]. - In July 2025, global crude steel production was 150.1 million tons, a year - on - year decrease of 1.3%; from January to July 2025, global crude steel production was 1.0862 billion tons, a year - on - year decrease of 1.9% [2]. - Since late spring, the US Department of Defense has blocked Ukraine from using US - made Army Tactical Missile Systems to strike targets in Russia [2].