Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The macro - driving force has weakened, the sector is oscillating weakly; in the short term, the supply - demand of coal and coke has marginal fluctuations, generally remaining at a relatively high level, with no significant inventory pressure, and the price is oscillating in the range of 1080 - 1320 [3]. 3) Summary According to Relevant Contents Market Situation - Affected by the weak prices of steel and ore, the futures prices of coal and coke followed the downward trend, and the prices fell after reaching the upper limit of the 1080 - 1320 oscillation range. The spot market is generally stable with a slight upward trend, and the third round of coke price increases has been gradually implemented, with a cumulative increase of 150 - 165 yuan/ton [2]. - The DCE issued an announcement on publicly soliciting opinions on adjusting the coking coal delivery quality standard. The overall content has little change, mainly adjusting the premium and discount range of the reaction strength and sulfur content after coking coal is made into coke, and the new standard further aligns the mainstream delivery mines with Shanxi coal, having no impact on the current existing contracts [2]. Fundamental Data - Last week, the daily average output of coking coal from domestic coal mines was 75.8 tons, a slight decrease of 0.3 tons compared with the previous week [3]. - At the import end, the daily average clearance volume of Mongolian coal at the Ganqimaodu Port last week rebounded to 16.43 tons, an increase of 5.6 tons compared with the previous week, returning to a relatively high level [3]. - The steel mill profit continued to shrink, and the profitability rate dropped to about 45%. Historically, the current profitability rate will not lead to large - scale production cuts by steel mills. The daily average pig iron output last week dropped to 236.36 tons, a decrease of 3.55 tons compared with the previous week, mainly due to environmental protection pressure in some areas of Hebei [3]. Later Concerns - With the approaching end of the peak demand season, the pressure on finished products is increasing, and the pig iron output tends to decline. Attention should be paid to the transmission of pressure to the raw material end [3]. - Later, attention should be paid to the changes in the blast furnace start - up of steel mills and the resumption of production in coal mines [3].

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - Short - term coal and coke supply - demand has marginal fluctuations, remaining at a relatively high level overall with temporarily low inventory pressure. Attention should be paid to the impact of demand changes on market sentiment, and prices should be treated with cautious optimism [4] Group 3: Summary by Related Content Market Performance - Yesterday, coal and coke futures prices fluctuated violently. In the spot market, it was generally stable with a slight upward trend. The second round of coke price hikes was implemented, with a cumulative increase of 100 - 130 yuan/ton in two rounds, and some regional coke enterprises planned a third round of hikes [3] Supply Side - Last week, some coal mines in Shanxi's Lüliang and Linfen regions shut down due to safety reasons, and open - pit coal mines in Inner Mongolia's Wuhai region shut down for goaf treatment, leading to a decline in coal production. The daily average coking coal output of 523 coking coal mines was 76.1 million tons, a decrease of 1.8 million tons from the previous week and 1.7 million tons year - on - year [3] - From January to September, China's cumulative imports of Mongolian coking coal were 41.747 billion tons, a year - on - year decrease of 1.6716 billion tons, a decline of 3.8%. In August and September, the monthly import volume of Mongolian coking coal was around 6 billion tons, narrowing the year - on - year decline. In October, the daily average customs clearance volume of Mongolian coal at the Ganqimaodu Port was 12.8 million tons, a decrease of 4 million tons from September. It is expected that Mongolian coking coal imports in October will decline, and the annual import volume may be the same as last year [3] Demand Side - Demand is in the transition stage from peak season to off - season. Steel mills' profits have further shrunk, with the profitability rate dropping to 47.6%. The daily average hot metal output has slightly decreased to 23.99 million tons. As the peak demand season nears its end, the pressure on finished products is increasing, and hot metal output tends to decline. Attention should be paid to the transmission of pressure to the raw material end [3]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report Short - term coal and coke supply - demand has marginal fluctuations and remains at a relatively high level overall. Inventory pressure is temporarily not significant, but attention should be paid to the impact of imported coal variables on the market. Prices should be treated with cautious optimism [4]. 3) Summary by Relevant Contents Market Performance - Yesterday, the coal and coke futures prices fluctuated strongly and approached the previous high, with relatively intense overall fluctuations. The spot market was generally stable with a slight upward trend, and the second round of coke price hikes was implemented, with a cumulative increase of 100 - 130 yuan/ton in two rounds [2][3]. Supply Side - Last week, some coal mines in Shanxi's Lvliang and Linfen regions were shut down due to safety reasons, and open - pit coal mines in Inner Mongolia's Wuhai and other areas were shut down for goaf treatment, resulting in a decline in coal production. The daily average clean coal output of 523 coking coal mines was 76.1 tons, a decrease of 1.8 tons compared to the previous week and 1.7 tons year - on - year [3]. - From January to September, China's cumulative imports of Mongolian coking coal were 41.747 million tons, a year - on - year decrease of 1.6716 million tons, a decline of 3.8%. However, the imports in August and September were both at a high level of around 6 million tons, narrowing the year - on - year decline. The high - frequency data shows that the average daily customs clearance volume at the Ganqimao Port for Mongolian coal in October was 128,000 tons, a decrease of 40,000 tons compared to September. It is expected that Mongolian coking coal imports will decline in October, and the annual imports may be flat year - on - year [3]. Demand Side - The profit of steel mills has further shrunk, with the profitability rate dropping to 47.6%. The daily average pig iron output has slightly decreased to 2.399 million tons. As the demand approaches the end of the year, the pressure on finished products is increasing, and the pig iron output tends to decline. Attention should be paid to the transmission of pressure to the raw material side [3].

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Viewpoint Short - term coal - coke supply - demand has marginal fluctuations and remains at a relatively high level overall, with temporary low inventory pressure. Attention should be paid to the impact of imported coal variables on the market, and prices should be treated with cautious optimism [3][4]. 3. Summary by Relevant Information Market Performance - Last week, coal - coke futures prices fluctuated strongly with an upward trend and large volatility. The spot market was generally stable, and the scope of the second round of coking price increases expanded but had not been finalized [3]. Supply Side - Some coal mines in Shanxi and Inner Mongolia stopped production due to safety and governance issues last week, leading to a decline in coal production. The daily average clean coal output of 523 coking coal mines was 76.1 million tons, a decrease of 1.8 million tons from the previous week and 1.7 million tons year - on - year [3]. Demand Side - Steel mills' profits further shrank, with the profitability rate dropping to 47.6%. The daily average hot metal output slightly decreased to 239.9 million tons. As demand nears the end of the year, the pressure on finished products increases, and hot metal output tends to decline [3]. Import Data - China's coking coal imports have been increasing monthly. In September, imports were 10.9237 million tons, a 7.49% month - on - month increase and a 5.41% year - on - year increase. From January to September, cumulative imports were 83.5312 million tons, a 6.45% year - on - year decrease with a narrowing decline. In September, Mongolian coal imports were 6.0005 million tons, a 0.24% month - on - month decrease but a 45.48% year - on - year increase. From January to September, imports were 41.747 million tons, a 3.8% year - on - year decrease with a significantly narrowing decline [4].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View Short - term coal - coke supply - demand has marginal fluctuations and remains at a relatively high level. Attention should be paid to the impact of imported coal variables on the market. Market sentiment is easily disturbed by macro - factor changes, and prices should be treated with cautious optimism [4]. 3. Summary by Related Content Supply - side - Yesterday, coal - coke futures prices continued the rebound trend with intense fluctuations. The spot market was generally stable, and the second round of coking price increase was still in the negotiation process. Supply - side news pushed up coal prices [3]. - Due to the political turmoil in Mongolia, the customs clearance at the Ganqimaodu Port was affected, and the recent clearance volume decreased, supporting the coal price [3]. - In the domestic market, some coal mines in Shanxi's Lvliang and Linfen stopped production due to safety reasons this week, and open - pit coal mines in Inner Mongolia's Wuhai stopped production for goaf treatment. The coal output declined. The daily average coking coal output of 523 coking coal mines this week was 76.1 million tons, a decrease of 1.8 million tons from the previous week and 1.7 million tons year - on - year [3]. Demand - side - The profit of steel mills further shrank, with the profitability rate dropping to 47.6%. The daily average hot metal output slightly decreased to 2.399 billion tons. As the demand nears the end of the year, the pressure on finished products increases, and the hot metal output tends to decline. Attention should be paid to the transmission of pressure to the raw material end [3]. Import Data - China's coking coal imports have been increasing month - by - month. In September, the import volume was 10.9237 million tons, a month - on - month increase of 7.49% and a year - on - year increase of 5.41%. From January to September, the cumulative import volume was 83.5312 million tons, a year - on - year decrease of 6.45% with the decline rate continuously narrowing [3]. - In September, the import of Mongolian coal was 6.0005 million tons, a month - on - month decrease of 0.24% and a year - on - year increase of 45.48%. From January to September, the import of Mongolian coal was 41.747 million tons, a year - on - year decrease of 3.8% with the decline rate significantly narrowing [3].

Report Industry Investment Rating - Not provided Core View of the Report - In the short term, the supply and demand of coking coal and coke have marginal fluctuations and are generally at a relatively high level. Attention should be paid to the impact of the increase in imported coal on the market. Market sentiment is easily disturbed by changes in macro - factors, and prices should be treated with cautious optimism. [2][3] Summary by Relevant Content Market Conditions - Yesterday, the futures prices of coking coal and coke rebounded with fluctuations, basically recovering the decline of the previous day, and the overall fluctuation was relatively intense. The spot market was generally stable, and the second round of coke price increase had not been implemented and was still in the game process. [2] Production Situation - This week, some coal mines in Lvliang and Linfen, Shanxi stopped production due to safety reasons, and some open - pit coal mines in Wuhai, Inner Mongolia stopped production due to goaf treatment problems, resulting in a decline in coal production. The average daily output of clean coal from 523 coking coal mines this week was 761,000 tons, a decrease of 18,000 tons from the previous week and 17,000 tons from the same period last year. [2] Import Situation - According to customs data, China's coking coal imports have been increasing month by month. In September, the import volume was 1.09237 million tons, a month - on - month increase of 7.49% and a year - on - year increase of 5.41%. From January to September, the cumulative import volume was 8.35312 million tons, a year - on - year decrease of 6.45% with the decline continuing to narrow. Among them, the import of Mongolian coal in September was 600,050 tons, a slight month - on - month decrease of 0.24% and a year - on - year increase of 45.48%. From January to September, the import of Mongolian coal was 4.1747 million tons, a year - on - year decrease of 3.8% with the decline significantly narrowing. After the National Day, the average daily customs clearance volume of coal at Ganqimaodu was 151,200 tons, a decrease of 16,800 tons compared with September. The continuous increase in coking coal imports will put some pressure on coal prices. [3] Future Focus - Pay attention to the changes in the macro - expectations' impact on market sentiment during the Fourth Plenary Session this week, the changes in the blast furnace operation rate of steel mills, and the resumption of coal mines. [2][3]

Report Investment Rating - No investment rating information is provided in the content [1][2][3][4] Core Viewpoint - The supply and demand of coking coal and coke remain relatively stable, with no prominent fundamental contradictions. Market sentiment is easily influenced by macro - factor changes, so prices should be treated with cautious optimism [4] Summary by Related Content Market Performance - Yesterday, the futures prices of coking coal and coke rebounded fluctuately, with coking coal leading the gains, and the night - session continued the strong trend. The spot market is generally stable with a slight upward trend, and some coke enterprises in certain regions plan to raise coke prices [3] Supply - side Situation - The output of clean coal is in a continuous recovery process. This week, the daily average output of clean coal is 77.9 thousand tons, an increase of 2.7 thousand tons compared with the previous week. Mines have a slight increase in inventory, and the current inventory level at the mine end is low due to pre - holiday downstream restocking. The monthly import volume of coal is rising. In September, about 46 million tons of coal were imported, setting a new high for the monthly import volume this year. From January to September, the cumulative import was 346 million tons, a year - on - year decrease of 11.7% with the decline continuously narrowing. The import volume of coking coal is also rising month by month. After the holiday, the customs clearance volume of Mongolian coal has steadily recovered, with a current daily average of 15.5 thousand tons. The change in Mongolian coal imports needs continuous attention [3] Demand - side Situation - This week, the profitability of coke enterprises has shrunk, which supports their confidence in price - holding. Most coke enterprises maintain a normal production rhythm with a capacity utilization rate of about 74%. Downstream steel still has inventory pressure, especially the inventory of plates is constantly rising. Some steel enterprises in certain regions announced that due to the rise in raw material prices and the decline in finished product prices, steel mill profits are in the red. This week, the daily average pig iron output dropped to 2.4095 million tons, a decrease of 0.59 thousand tons compared with the previous week, and the overall profitability rate is about 55% [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke remain relatively stable, with no prominent fundamental contradictions. However, market sentiment is easily disturbed by macro - factors, causing prices to run under pressure [3] Group 3: Summary by Related Contents Market Situation - Recently, the futures prices of coking coal and coke have been oscillating weakly. Although the risk of Sino - US tariff conflicts has no obvious direct impact on coking coal and coke exports, it disturbs market sentiment and increases the probability of price decline [2] - After the first round of coke price increase was implemented, the profits of coke enterprises have been repaired. Most coke enterprises maintain a normal production rhythm, with a capacity utilization rate of around 75%. During the holiday, the transportation capacity in the main production areas was slightly affected, but the overall coke shipment was in order [2] - Steel mills'开工 remains at a relatively high level, with the daily average pig iron output maintaining above 2.4 million tons, which supports the demand for raw materials [2] Coking Coal Market - The coking coal market is generally stable, with individual mine prices adjusting downward from high levels. Currently, the inventory pressure at the coal mine end is not obvious, supporting relatively firm prices [3] - The monthly import volume of coal is increasing. In September, coal imports were about 46 million tons, setting a new high for the single - month import volume this year. From January to September, the cumulative imports were 346 million tons, a year - on - year decrease of 11.7%, and the decline continued to narrow. The import volume of coking coal also increased month by month [3] - It is rumored that after the National Day, Mongolia will increase the transportation capacity of coal through automated loading and unloading, adjusting the daily customs clearance volume from the previous upper limit of 1,500 to 2,000. It will be in trial operation for one month after the National Day, and the specific situation needs continuous tracking [3] Later Concerns - Pay attention to the changes in the blast furnace operation of steel mills and the resumption of coal mines [3]

Group 1: Report Overview - Report title: Coal and Coke Weekly View [1] - Date: October 12, 2025 [2] - Analyst: Zhang Guangshuo [2] Group 2: Investment Rating - Not provided Group 3: Core Viewpoints - Coal and coke may continue weak and volatile due to repeated macro - expectations [3] - After pre - holiday restocking, post - holiday demand is weak and trading atmosphere is cold [4] - The fundamentals of coal and coke show a situation of weak supply and demand, with relatively small marginal contradictions, and the current disk valuation may be dominated by macro factors [5] Group 4: Coal and Coke Fundamentals Data Supply - For coal, FW raw coal is 836.67 (- 39.93), FW clean coal is 426.31 (- 25.64); for coke, independent coking plants' daily average is 66.12 (+ 0.04), and steel mills' coking plants' daily average is 46.38 (- 0.16) [7] Demand - Iron and steel water production is 241.54 (- 0.27) for both coal and coke [7] Inventory - MS total inventory for coal is - 78.8, with various changes in different sectors; for coke, MS total inventory is - 10.1, independent coking + 1.5 [7] Profit - Commodity coal profit is 466 (+ 14), and coking enterprises' average profit is 9 (+ 45) [7] Warehouse Receipt - Mongolian 5 Tangshan warehouse receipt is 1176, and Rizhao standard first - grade coke warehouse receipt is 1568 [7] Group 5: Coking Coal Fundamental Data Supply - Weekly and monthly production data are presented in multiple charts, including 523 sample mine production rates, FW raw coal and clean coal production, and Mongolian coal customs clearance volume [10][14][16] Inventory - Pit - mouth inventory: This week, sample mine raw coal inventory increased by 2.72 tons to 165.05 tons, and clean coal inventory increased by 6.48 tons to 111.16 tons [27] - Port inventory: This week, coking coal port inventory is 294.99 tons, a week - on - week increase of 12.8 tons [29] - Coking plant inventory: Data on inventory and available days are presented in different regions and production capacities [32][34][36] - Steel mill inventory: Data on inventory and available days are presented for 247 steel enterprises and in different regions [37] Group 6: Coke Fundamental Data Supply - Capacity utilization: Data of independent coking enterprises and steel mills are presented, including different production capacity levels and regions [40][42] - Production: Data of independent coking enterprises and steel mills are presented, including daily average production [44][46] Inventory - Coking plant inventory: Data of full - sample and 230 independent coking plants are presented [48] - Steel mill inventory: Data on inventory, available days, and regional breakdown are presented [49][51][52] - Total inventory: Coke total inventory data are presented [54] Demand - Iron production data are provided, and the supply - demand difference is analyzed [56][57] Profit - Coke profit data, including disk profit and average profit of independent coking enterprises, are presented [58][59][60] Group 7: Coal and Coke Futures and Spot Prices Futures - Coking coal futures: Data of 2601 and 2605 contracts, including closing price, change, trading volume, and open interest, are presented [63] - Coke futures: Data of 2601 and 2605 contracts, including closing price, change, trading volume, and open interest, are presented [65] Month - spread - Month - spread data of JM2601 - JM2605 and J2601 - J2605 are presented [68] Spot - Spot price data of coking coal and coke are presented [71] Basis - The coking coal spot has a premium over the 01 contract, and basis data are presented [74][75][76]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - Coal and coke supply and demand are both increasing. The peak demand season and pre - holiday restocking by downstream enterprises support the confidence of the raw material market to hold prices. The short - term futures market will continue to fluctuate widely [4] Summary According to Relevant Contents Market Conditions - Yesterday, coal and coke futures prices continued to fluctuate. In the spot market, coal prices in many places continued to rebound slightly, and coke enterprises in many places initiated the first round of price increases due to increased costs. [3] - Since June, coal prices have risen significantly, while coke price increases have lagged behind, with a strong expectation of a compensatory increase. The entire coke industry is in a serious loss state, and the cost side strongly supports coke prices. Considering that steel mills still have profits, steel production is expected to remain at a high level, and coke demand will continue to be strong. Starting from September 26, the ex - factory price of coke will be comprehensively increased by 50 - 85 yuan/ton, and the entire coke industry is recommended to reduce production by more than 30% [3] Fundamental Data - Recently, affected by environmental protection policies in Tangshan, enterprises are required to prepare for hard emission reduction measures before the end of September. However, this round of production restrictions is mostly voluntary, and the actual implementation of production cuts is average. This week, the daily average pig iron output increased by 1.34 million tons to 242.36 million tons [4] - In the coal mine sector, the production of previously resumed coal mines in Linfen, Shanxi and other places has returned to normal, and the output has continued to rise. Coupled with the production increase of a large mining group in Qinyuan, Changzhi, the output has increased significantly. This week, the daily average output of clean coal was 77.2 million tons, a week - on - week increase of 1.1 million tons and a year - on - year decrease of 2.6 million tons. It is expected that the output of coal mines in the main production areas of Shanxi will not fluctuate much next week, but some coal mines have reported that there will be a short - term shutdown for maintenance during the National Day holiday, and the output may decline slightly during this period [4]