Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View - The report indicates that a round of price cuts for coke has begun, and both coke and coking coal are in a wide - range shock state [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: For JM2605, the closing price was 1,127 yuan/ton, up 33 yuan/ton (3.0%); for J2605, it was 1,694 yuan/ton, up 42 yuan/ton (2.5%). JM2605 had a trading volume of 1,151,632 lots, a position of 506,242 lots, with a decrease of 39,301 lots; J2605 had a trading volume of 25,286 lots, a position of 39,194 lots, with a decrease of 1,180 lots [1]. - **Spot Prices**: Among coking coal, the prices of Linfen low - sulfur main coking coal, Lvliang low - sulfur main coking coal, Lvliang lean main coking coal, and Lvliang medium - sulfur fat coal remained unchanged; the self - pick - up price of Jinquan Meng 5 clean coal decreased by 17 yuan/ton, and the price of Meng 5 Tangshan clean coal increased by 29 yuan/ton. Among coke, the prices of Hebei quasi - first - grade blast furnace coke, Shanxi quasi - first - grade delivered price, and Rizhao Port quasi - first - grade dry - quenched price index remained unchanged [1]. - **Basis and Spreads**: The basis of JM2605 in Shanxi decreased by 33 yuan/ton, and that of Meng 5 decreased by 4 yuan/ton; the basis of J2605 in Shanxi quasi - first - grade delivered price decreased by 42 yuan/ton, and that of Rizhao Port quasi - first - grade flat - price index decreased by 42 yuan/ton. The spread of JM2605 - JM2609 increased by 5.5 yuan/ton, and the spread of J2605 - J2609 increased by 3 yuan/ton [1]. 3.2 Macro and Industry News - On March 4, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur main coking coal S0.7 was 1,459 yuan/ton (-34 yuan/ton), CCI Shanxi medium - sulfur main coking coal S1.3 was 1,190 yuan/ton (unchanged), and CCI Shanxi high - sulfur main coking coal S1.6 was 1,184 yuan/ton (unchanged) [1]. - On March 4, the online auction of coking coal had a total listing volume of 407,500 tons, with a non - successful bid rate of 28%, a decrease of 13% compared to the previous day, and an average premium of 24.1 yuan/ton. The auction was mainly for coking coal, fat coal, and lean coal. Coke started the first round of price cuts, and the sentiment in the double - coking market was weak. The non - successful bid rate remained high, and the transaction prices showed mixed changes, with price increases ranging from 5 - 88 yuan/ton and price decreases ranging from 3 - 50 yuan/ton [1]. 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [4].

Report Summary 1. Industry Investment Ratings - Coke: Wide-range oscillation [1] - Coking coal: Oscillating weakly due to the disturbance of warehouse receipts and the fermentation of energy attributes [2] 2. Core Views - The coking coal and coke market shows different trends. Coke is in a wide-range oscillation, while coking coal oscillates weakly due to the influence of warehouse receipts and energy attributes [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of JM2605 was 1090 yuan/ton, down 36 yuan/ton or 3.2%; the closing price of J2605 was 1644 yuan/ton, down 30 yuan/ton or 1.8%. The trading volume of JM2605 was 717,671 lots, and the position was 559,107 lots, with an increase of 67,181 lots. The trading volume of J2605 was 15,437 lots, and the position was 38,773 lots, with an increase of 542 lots [2] - **Spot Prices**: Most of the spot prices of coking coal and coke remained stable, with a few showing price changes. For example, the price of Lvliang lean coking coal increased from 1065 yuan/ton to 1120 yuan/ton, and the price of Meng5 Tangshan clean coal decreased from 1159 yuan/ton to 1148 yuan/ton [2] - **Basis and Spreads**: The basis and spreads of coking coal and coke futures also showed some changes. For example, the basis of JM2605 decreased from 146.0 yuan/ton to 44 yuan/ton, and the spread of JM2605 - JM2609 decreased from -84.0 to -93.5 [2] 3.2 Macro and Industry News - On February 28, the CCI metallurgical coal index of China Coal Resource Network showed that the CCI Shanxi low - sulfur coking coal S0.7 was 1553, the CCI Shanxi medium - sulfur coking coal S1.3 was 1190, and the CCI Shanxi high - sulfur coking coal S1.6 was 1184 [2] - On February 28, the total online auction listing volume of coking coal was 187,000 tons, with a failure rate of 18%, a decrease of 14% compared with the previous day, and an average premium of 22.6 yuan/ton. The market performance was weak, and the failure rate was still high [2] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [5]