Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Coke**: On July 31, the main coke contract closed at 1,601 yuan/ton, with an intraday decline of 4.93%. The spot prices at Rizhao Port and Qingdao Port increased week - on - week. The coke futures experienced a high - level correction due to the cooling of optimistic sentiment from the coal industry's anti - involution rectification at the end of July and the fulfillment of strong policy expectations after the Politburo meeting [5][31]. - **Coking Coal**: On July 31, the main coking coal contract closed at 1,045.5 points, down 7.97% intraday. The spot price at Ganqimaodu Port rose week - on - week. The previous rise of coking coal futures was mainly due to the "anti - involution rectification," but the actual impact of the industry policy needs verification. After the Politburo meeting on July 30, the coking coal futures continued to adjust downward. In the long term, after the industry's capacity optimization and upgrade, the coal price center is expected to gradually rise [6][32]. 3. Summary by Directory Industry News - **Sino - US - Swedish Economic and Trade Talks**: From July 28 - 29, China and the US held economic and trade talks in Stockholm. The two sides had in - depth and constructive exchanges on economic and trade issues and reviewed the implementation of previous agreements. China hopes to further deepen dialogue and achieve more win - win results [8]. - **Online Auction of Coking Coal in Jinzhong Lingshi**: On July 31, the online auction price of coking coal in Jinzhong Lingshi market increased. The high - sulfur main coking coal had a starting price of 1,150 yuan/ton and a transaction average price of 1,282 yuan/ton, with a transaction volume of 0.2 million tons, up 148 yuan/ton from July 23 [9]. Spot Market - **Coke**: Rizhao Port's quasi - first - grade wet - quenched coke flat - price index was 1,420 yuan/ton, up 7.58% week - on - week; Qingdao Port's quasi - first - grade wet - quenched coke ex - warehouse price was 1,420 yuan/ton, up 2.90% week - on - week [5][10][31]. - **Coking Coal**: The latest quotation of Mongolian coal at Ganqimaodu Port was 1,160 yuan/ton, up 12.62% week - on - week, with a futures warehouse receipt cost of about 1,136 yuan/ton. The prices of Australian - produced and Shanxi - produced coking coal at Jingtang Port also increased week - on - week [6][10][32]. Futures Market | Futures | Closing Price | Intraday Change | Trading Volume Difference | Position Difference | | --- | --- | --- | --- | --- | | Coke | 1,601 yuan/ton | - 4.93% | - 12,514 | - 653 | | Coking Coal | 1,045.5 points | - 7.97% | - 760,523 | - 23,096 | [13] Relevant Charts - **Coke Inventory**: Charts show the inventory trends of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory from 2020 - 2025 [14][15][19]. - **Coking Coal Inventory**: Charts display the inventory trends of mine - mouth coking coal, port coking coal, 247 sample steel - mill coking coal, and all - sample independent coking plant coking coal from 2019 - 2025 [20][23][26]. - **Other Charts**: Include domestic steel - mill production, Shanghai terminal screw - thread steel procurement, coal - washing plant production, and coking plant operation charts [27][28][29]. Market Outlook - **Coke**: The reasons for the futures price correction are the same as the core view, with the futures price experiencing a high - level adjustment [5][31]. - **Coking Coal**: The futures price correction is due to the uncertain actual impact of the industry policy and the fulfillment of policy expectations. In the long term, the coal price center is expected to rise [6][32].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports [1][5][6] 2. Core View of the Report - The report is bullish on both coking coal and coke in the short - term, medium - term, and intraday periods, suggesting a long - biased trading approach for both commodities [1][5][6] 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - **Price and Market Sentiment**: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1030.0 yuan/ton, with a week - on - week increase of 8.42%. The market sentiment is optimistic, driving the main contract of coking coal to rise significantly [5] - **Industry Policy**: A document on coal mine production inspection and rectification of over - production coal mines was released on July 22, covering major coal - producing areas in China. However, the impact of this inspection in Shanxi, a major coking coal - producing area, needs further tracking as over - production has been curbed since 2024 [5] 3.2 Coke (J) - **Price and Market Sentiment**: The latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1320 yuan/ton, with a week - on - week increase of 8.20%, and at Qingdao Port is 1380 yuan/ton, with a week - on - week increase of 8.66%. The third round of price increases for coke has been initiated, and the market atmosphere is optimistic, with the main contract remaining strong [6] - **Industry Policy**: The anti - involution work in the coal industry is advancing, and the notice on coal mine production inspection is confirmed. However, over - production in Shanxi has been curbed since 2024 [6]