1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply expectation of coal and coke continues to be disturbed, showing a relatively strong and volatile trend [3]. - Steel mills'开工 remains high, and coke enterprises have a certain demand for replenishing stocks. Coupled with the price increase of coke in some enterprises, the short - term speculative demand for coking coal may increase [4]. - The actual data shows that the supply has recovered seasonally after the holiday, but the recovery slope is relatively slow. On the other hand, the supply of coke has not increased significantly, which boosts the sentiment [5]. - The narrative of Sino - US trade friction is still unclear, and the risk pricing is still reflected in the overall valuation of the black industry. Recently, there have been many meetings in the domestic photovoltaic - related industries, and the market's expectation of potential supply intervention has risen again, which also affects the speculation of market speculative funds on the potential supply of the coal end [5]. - Currently, the marginal contradiction in the supply - demand fundamentals of coal and coke is still small. The futures price has risen sharply under the influence of the potential supply contraction expectation. However, considering the uncertainty of future Sino - US trade games, changes in risk preference may still impact the valuation of the coal and coke futures later. It is recommended to treat it as a wide - range shock in the short term [5]. 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes | Category | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 854.88 (+18.21); FW clean coal 438.15 (+11.84) | Independent coking plants' daily average 65.29 (-0.83); Steel mills and coking enterprises' daily average 45.94 (-0.44) [7] | | Demand | Hot metal output 240.95 (-0.59) | Hot metal output 240.95 (-0.59) [7] | | Inventory | MS total inventory +47.8; Mine raw coal +15.1; Independent coking +38.3; Mine clean coal +9.5; Steel mill coking +7.2; Port - 22.3; FW port - 1.5 | MS total inventory - 17.9; Independent coking +0.1; Steel mill - 11.4; Port - 6.6 [7] | | Profit | Commodity coal 468 (+2) | Average profit of coking enterprises - 13 (-22) [7] | | Warehouse receipt | Mongolian 5 Tangshan warehouse receipt 1247 | Rizhao quasi - first - grade coke warehouse receipt 1568 [7] | 3.2 Coking Coal Fundamental Data 3.2.1 Coking Coal Supply - **Weekly**: The data shows the production of raw coal, clean coal of 523 sample mines, and the production of FW raw coal and clean coal in different years [9][10][12][14]. - **Monthly**: It shows the monthly production of coking bituminous coal and coking clean coal from 2019 to 2025 [15]. - **Mongolian coal customs clearance**: It presents the customs clearance volume of Mongolian coal at Ganqimaodu, Mandula, and Ceke ports and the total customs clearance volume of the three ports from 2021 to 2025 [17][20][21][23]. 3.2.2 Coking Coal Inventory - **Pit - mouth**: This week, the raw coal inventory of sample coal mines decreased by 3.49 tons week - on - week to 161.56 tons, and the clean coal inventory decreased by 11.01 tons week - on - week to 100.15 tons [28]. - **Port**: This week, the coking coal port inventory was 272.71 tons, a week - on - week decrease of 22.28 tons [30]. - **Coking plant**: It shows the inventory and available days of coking coal in independent coking enterprises, including overall data, regional data, and data by production capacity [33][35][37]. - **Steel mill**: It shows the inventory and available days of coking coal in 247 steel enterprises and their coking plants, including overall data and regional data [38]. 3.3 Coke Fundamental Data 3.3.1 Coke Supply - **Capacity utilization - Coking plant**: It shows the capacity utilization of independent coking enterprises, including overall data, data by production capacity, and regional data [41]. - **Capacity utilization - Steel mill**: It shows the capacity utilization of 247 steel enterprises' coking plants from 2019 to 2025 [43]. - **Output - Coking plant**: It shows the daily output of independent coking enterprises, including overall data and historical data from 2019 to 2025 [45]. - **Output - Steel mill**: It shows the daily output of 247 steel enterprises' coking plants from 2019 to 2025 [47]. 3.3.2 Coke Inventory - **Coking plant**: It shows the inventory of independent coking enterprises, including overall data and historical data from 2019 to 2025 [49]. - **Steel mill**: It shows the inventory, average available days, regional absolute inventory, and regional available days of 247 steel enterprises' coking plants [50][52][53]. - **Full - sample summary**: It shows the total inventory of coke and historical data from 2019 to 2025 [55]. 3.3.3 Coke Demand It shows the daily output of hot metal of 247 steel enterprises from 2019 to 2025 and the supply - demand difference of coke [57]. 3.3.4 Coke Profit It shows the profit data of coke, including the profit of the main - contract futures of coke per ton, the average profit of independent coking enterprises per ton, and the price of metallurgical coke [60][61][63]. 3.4 Coal and Coke Futures and Spot Prices 3.4.1 Coking Coal Futures It shows the closing price, price change, trading volume, and open interest of coking coal 2601 and 2605 futures from October 13 - 17, 2025 [67]. 3.4.2 Coke Futures It shows the closing price, price change, trading volume, and open interest of coke 2601 and 2605 futures from October 13 - 16, 2025 [69]. 3.4.3 Coal and Coke Monthly Spread It shows the monthly spread data of JM2601 - JM2605 and J2601 - J2605 from July 3 - October 3, 2025 [72]. 3.4.4 Coal and Coke Spot It shows the spot prices of different types of coking coal and coke [75]. 3.4.5 Coal and Coke Basis The coking coal spot price has increased, and the basis has continued to rise week - on - week [78]. 3.4.6 Warehouse Receipt It shows the data of coking coal 2601 and coke 2601 warehouse receipts [80][82].