1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the report. 2. Core Views of the Report - For coke, as of the week ending February 6, the total daily coke production of all - sample independent coking plants and steel - mill coking plants was 1.1038 million tons, a week - on - week increase of 0.0053 million tons and a year - on - year decrease of 0.00162 million tons. The daily hot - metal production of 247 steel mills was 228,580 tons, a week - on - week increase of 600 tons per day and a year - on - year increase of 140 tons. The coke fundamentals had no significant changes this week, with both supply and demand slightly increasing at a low level. It is expected that the coke futures will maintain a low - level oscillatory pattern in the short term [5][31]. - For coking coal, as of the week ending February 6, the daily clean - coal production of 523 coking coal mines nationwide was 755,000 tons, a week - on - week decrease of 16,000 tons. Near the Spring Festival, coking - coal production will experience a short - term contraction but is expected to recover quickly after the festival. In January, the Ganqimaodu Port had a total of 30,877 vehicle clearances. Although it decreased by 17.2% compared with December, it increased by 42.9% compared with the same period last year, and the Mongolian coking - coal imports remained at a relatively high level. The total daily coke production of independent coking plants and steel - mill coking plants was 1.1038 million tons, a week - on - week increase of 0.0053 million tons. Overall, the fundamentals of coking coal have limited support, and there are still medium - to - long - term demand concerns. Considering the recent low - level stabilization of thermal - coal prices, it is expected that coking - coal prices will maintain a low - level oscillatory pattern before the Spring Festival [5][31]. 3. Summary of Each Section 3.1 Industry News - Newly added social financing in January may increase slightly year - on - year. M1 may rise due to the low - base effect caused by the misaligned Spring Festival. Market institutions predict that the median of newly added RMB loans in January is 4.7 trillion yuan, a year - on - year decrease of 0.43 trillion yuan; the median of newly added social financing is 7.11 trillion yuan, a year - on - year increase of 0.05 trillion yuan. The month - on - month growth rate of M2 in January may decline slightly, and CPI may decline slightly year - on - year, while the year - on - year decline of PPI is expected to continue to narrow. The median of CPI year - on - year growth rate is predicted to be 0.4%, and the median of PPI year - on - year growth rate is predicted to be - 1.4% [7]. - On February 9, Mongolia's KH Company held an online auction for coking coal. The starting price of 1/3 coking clean coal (A9.5, V>28, S0.85, G65, Mt10) was 700 yuan/ton. All 25,600 tons of the listed quantity were sold at the base price, the same as the price on the 6th. The supply location is the customs supervision area of the Ganqimaodu Port, and the supply time is within 90 days after payment, with the final supply date being May 10, 2026 [8]. 3.2 Spot Market | Variety | Current Value | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Year - on - Year Comparison | | --- | --- | --- | --- | --- | --- | | Coke (Sunshine Port, quasi - first - grade,平仓) | 1,520 yuan/ton | +3.40% | +3.40% | - 10.06% | - 4.40% | | Coke (Qingdao Port, quasi - first - grade,出库) | 1,480 yuan/ton | +2.07% | +0.68% | - 8.64% | - 3.27% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,200 yuan/ton | - 3.23% | - 3.23% | +1.69% | +4.35% | | Coking Coal (Jingtang Port, Australian - produced) | 1,660 yuan/ton | +4.40% | +3.11% | +11.41% | +11.41% | | Coking Coal (Jingtang Port, Shanxi - produced) | 1,780 yuan/ton | 0.00% | 0.00% | +16.34% | +19.46% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open - Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | 1 | 1,703.5 yuan/ton | - 1.07% | 1,709.5 yuan/ton | 1,679.5 yuan/ton | 16,755 | 124 | 34,909 | - 121 | | Coking Coal | 1 | 1,147.0 yuan/ton | - 0.61% | 1,149.5 yuan/ton | 1,125.0 yuan/ton | 798,141 | - 135,746 | 469,142 | - 6,791 | [13] 3.4 Related Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, port total coke inventory, 247 steel - mill coking plants, and total coke inventory from 2021 - 2026 [14][15][16]. - **Coking Coal Inventory**: Charts display the inventory of mine - mouth coking coal, all - sample independent coking plants, port coking coal, and 247 sample steel mills from 2021 - 2026 [19][20][22]. - **Other Charts**: Include domestic steel - mill production (blast - furnace operating rate and steel - mill profitability), Shanghai terminal wire - rod procurement volume, coal - washing plant production (clean - coal inventory and operating rate), and coking - plant operation (ton - coke profit and coke - oven capacity utilization) [26][28][30]. 3.5 Market Outlook - The analysis and outlook for coke and coking coal are the same as the core views, expecting short - term low - level oscillations for coke futures and low - level oscillations for coking - coal prices before the Spring Festival [31].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current supply - demand contradiction in the coking coal and coke market is general, with little inventory pressure, providing some support for prices. However, due to the off - season, demand is weak and stable, lacking a continuous upward drive, and prices are also affected by market sentiment [3] Group 3: Summary by Relevant Catalogs Market Performance - Recently, the prices of steel and ore futures have been weak, while coking coal and coke have been relatively firm, showing a volatile operation. In the spot market, the price of coke has completed the first round of increase, and the price of coking coal has been generally weak and stable [3] Supply Side - Near the Spring Festival, some coal mines in certain regions have reduced production due to safety inspections and underground conditions. Last week, the output of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively. It is expected that coal mines will start to have holidays on February 5, with the holiday duration ranging from 2 to 62 days and an average of 10.1 days, similar to last year. The planned production cuts and shutdowns of coal mines involve a capacity of about 7.44 billion tons, affecting raw coal production by 1.868 million tons. The expected reduction in coal supply supports the relatively strong operation of coal prices, but the production cuts are basically in line with past years' patterns, and downstream has stocked up in advance [3] Demand Side - Steel mills' production is relatively stable, with the daily average hot metal output maintained at around 2.28 million tons [3]

Report Industry Investment Rating - No relevant information provided Core Viewpoint - The current coal and coke market has general supply - demand contradictions and low inventory pressure, which support prices to some extent. However, due to the off - season influence, there is a lack of continuous upward driving force, and prices also fluctuate with market sentiment [2] Summary by Related Content Market Performance - Last week, the coal and coke futures prices first declined and then rose, closing slightly higher on a weekly basis. In the spot market, the coke price completed the first round of increase, and the coking coal market price was generally weak and stable [2] - The Indian government declared coking coal as a key strategic mineral last week, and the real - estate sector in the stock market rose, releasing the market's bullish sentiment and providing a good atmosphere for the strengthening of black - series futures [2] Fundamental Situation - As the Chinese New Year approaches, some regional coal mines reduced production due to safety inspections and underground conditions last week. The production of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively [2] - According to Mysteel's research, coal mines are expected to start taking holidays on February 5th, with holidays ranging from 2 to 62 days and an average of 10.1 days, similar to last year. The planned production cuts and shutdowns of coal mines involve a capacity of about 744 million tons, affecting 1.868 million tons of raw coal production [2] - On the demand side, steel mill production is relatively stable, with the daily average hot metal output maintained at around 2.28 million tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Recently, the overall supply of coking coal and coke has increased month - on - month, and downstream replenishment is nearing the end. The upward driving force for coal prices is not strong. It is expected that the short - term market will fluctuate, and cautious operation is recommended [2] 3. Summary by Relevant Catalogs 3.1 Market Performance - Yesterday, the futures prices of coking coal and coke rebounded slightly and fluctuated at night. In the spot market, some steel mills in Xingtai, Tianjin, Shijiazhuang, and Tangshan regions raised the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, effective from 0:00 on January 30th, and this round of price increases is gradually being implemented. This week, the price of coking coal has been generally weak and stable [2] 3.2 Fundamental Analysis - **Supply side**: Near the Spring Festival, some regional coal mines have reduced production due to safety inspections and underground conditions. This week, the production of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively. It is expected that private mines will gradually stop or reduce production during the holiday next week, and the overall production will decrease significantly. However, recently, downstream coking and steel enterprises have been actively transporting for order inventory, and the inventory at the mine end has decreased slightly, which is in line with seasonal patterns. In terms of imports, last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 158,800 tons, a decrease of 37,000 tons compared with the previous week and 32,400 tons compared with the same period last year, and the port inventory remains at a relatively high level. The overall arrival volume of seaborne coal in January decreased compared with that in December last year [2] - **Demand side**: The profitability rate of steel mills is acceptable, currently about 40%. Affected by a steel mill accident, the growth of the daily average pig iron production has slowed down. Last week, it was 2.281 million tons, a slight increase of 90 tons compared with the previous week and an increase of 26,500 tons compared with the same period last year [2]

Group 1: Report Industry Investment Rating - No specific investment rating provided in the report Group 2: Core Viewpoints of the Report - The overall supply of coal and coke has increased recently, the downstream replenishment is approaching the end, and the upward driving force of coal prices is not strong. It is expected that the short - term market will fluctuate, and cautious operation is recommended [2] Group 3: Summary by Related Catalogs Market Performance - Yesterday, the futures prices of coal and coke closed slightly higher, but fell back again at night, maintaining a volatile trend overall. In the spot market, last week, the prices of domestic medium - and low - sulfur main coking coal rose by 20 - 100 yuan/ton, the price of imported Mongolian No. 5 raw coal fell by 50 yuan/ton, and the forward price of Australian coal rose by 18 US dollars/ton. The current round of coke price increase has not been fully implemented and is still in the negotiation process [2] Fundamental Analysis - **Supply**: Coal supply is relatively strong. This month, coal mines are resuming production one after another, which conforms to the seasonal pattern of previous years. Last week, the production of raw coal and clean coal in coking coal mines increased to 1.994 million tons and 770,000 tons respectively. The raw coal inventory at the mine end continued to increase, and the clean coal inventory changed from decreasing to a slight increase. The daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 158,800 tons, a decrease of 37,000 tons compared with the previous week and 32,400 tons compared with the same period last year, and the port inventory remained at a relatively high level. The overall arrival volume of seaborne coal in January decreased compared with December last year [2] - **Demand**: The profitability rate of steel mills is acceptable, currently about 40%. The blast furnace operating rate remained stable, and the daily average pig iron output was 2.281 million tons, a slight increase of 90 tons compared with the previous week and an increase of 26,500 tons compared with the same period last year [2]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Views - Recently, the overall supply of coal and coke has increased month - on - month, the downstream replenishment intensity is average, the coal and coke spot market has weak rebound, and some coal types have turned to decline. The futures market lacks upward drivers, so investors should operate with caution [3] Group 3: Summary by Related Content Market Performance - Last week, the coal and coke futures prices first declined and then rose, with a slight weekly decline. The spot market rose and then stabilized, with Mongolian 5 raw coal leading the decline by about 50 yuan/ton. Coke enterprises planned to raise coke prices, but downstream resistance was strong, and the price increase was still in the game and not fully implemented [2] Supply Side - Coal supply is generally strong. This month, coal mines have gradually resumed production. Last week, the output of coking raw coal and clean coal increased to 1.994 million tons and 770,000 tons respectively. The raw coal at mines continued to increase in inventory, and the clean coal changed from inventory decline to a small increase. Downstream coke and steel enterprises slowed down the raw material procurement rhythm [2] - In the import aspect, last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 158,800 tons, a decrease of 37,000 tons compared with the previous week. The port inventory remained at a relatively high level. The overall arrival volume of seaborne coal in January decreased compared with December last year [2] - In December 2025, imported coking coal was 13.7698 million tons, a month - on - month increase of 28.31% and a year - on - year increase of 28.57%, reaching a record high for a single - month import volume. The annual import volume was 118.6257 million tons, a year - on - year decrease of 3.6269 million tons, a decline of 2.97%. Among them, Mongolian coal imports in December were 6.7175 million tons, and the cumulative annual imports were 60.0739 million tons, a year - on - year increase of 3.2816 million tons, an increase of 5.8% [2] Demand Side - The profitability rate of steel mills is acceptable, rising to about 40%. Last week, the blast furnace operating rate remained stable, and the daily average pig iron output was 2.281 million tons, a slight increase of 90,000 tons compared with the previous week and an increase of 265,000 tons compared with the same period last year [2]

1. Report Industry Investment Rating - No specific investment rating provided in the report 2. Core Viewpoint - Recently, the overall supply of coking coal and coke has increased month - on - month, the downstream replenishment intensity is average, the spot market for coking coal and coke has a weak rebound, and individual coal types have turned down. The futures price lacks upward drivers, so cautious operation is recommended [4] 3. Summary by Related Contents Market Performance - The decline of coking coal and coke futures prices has slowed down, with prices fluctuating slightly. The spot market has stabilized after the increase. This week, the price of Meng 5 raw coal has turned down, with a decline of over 50 yuan/ton. Coking enterprises in many places plan to raise coke prices, but it's still in the negotiation process and not fully implemented [3] Import Data - In December 2025, the import of coking coal was 13.7698 million tons, a month - on - month increase of 28.31% and a year - on - year increase of 28.57%, reaching a record high for a single - month import volume. The annual import volume was 118.6257 million tons, a year - on - year decrease of 3.6269 million tons, a decline of 2.97%. Among them, the import of Mongolian coal in December was 6.7175 million tons, and the cumulative annual import was 60.0739 million tons, a year - on - year increase of 3.2816 million tons, an increase of 5.8% [3] Fundamental Situation - **Supply**: The overall supply of coal is relatively strong. After the start of the new year, coal mines have gradually resumed production. This week, the output of coking raw coal and clean coal has increased to 1.994 million tons and 0.77 million tons respectively. The raw coal at the mine end has continued to increase in inventory, and the clean coal has changed from inventory reduction to a slight inventory increase. The downstream coking and steel enterprises have a slow procurement rhythm for raw materials. At the import end, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal last week was 0.1958 million tons, a week - on - week increase of 0.0312 million tons and an increase of 0.0488 million tons compared with the same period last year. The port inventory remains at a relatively high level [4] - **Demand**: The profitability rate of steel mills is acceptable, rising to about 40%. This week, the blast furnace operating rate remained stable, and the daily average pig iron output was 2.281 million tons, a week - on - week slight increase of 0.0009 million tons and an increase of 0.0265 million tons compared with the same period last year [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The overall supply of coking coal and coke has increased recently, the restocking pace of downstream enterprises is average, the spot market for coking coal and coke lacks rebound momentum, and some coal varieties have seen price declines. The futures market lacks upward drivers, and cautious operation is recommended. [3] 3) Summary by Relevant Catalog - **Market Performance**: This week, ferrous metals generally declined, with coking coal and coke futures prices leading the decline, and the weak trend continued in the night session yesterday. The spot market has stabilized after the increase, and the price of Meng 5 raw coal has turned down this week, with a decline of over 50 yuan/ton. Many coking enterprises plan to raise coke prices, but the price increase is still in the negotiation process and has not been fully implemented. [2] - **Import Data**: According to customs data, in December 2025, the import of coking coal was 13.7698 million tons, a month - on - month increase of 28.31% and a year - on - year increase of 28.57%, setting a new monthly import record. The annual import volume was 118.6257 million tons, a year - on - year decrease of 3.6269 million tons, a decline of 2.97%. [2] - **Fundamentals** - **Supply**: The overall coal supply is relatively strong. After the new year, coal mines have gradually resumed production. This week, the output of coking raw coal and clean coal increased to 1.994 million tons and 0.77 million tons respectively. The raw coal inventory at the mine end has increased, while the clean coal inventory has further decreased. The downstream coking and steel enterprises have also resumed production and maintained a certain procurement rhythm, but the overall rhythm is still slow. At the import end, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 195,800 tons, a week - on - week increase of 31,200 tons and a year - on - year increase of 48,800 tons. The port inventory remains relatively high. [3] - **Demand**: The profitability rate of steel mills is acceptable, rising to about 40%. The blast furnace operating rate decreased slightly last week, mainly due to maintenance. The daily average pig iron output was 2.2801 million tons, a week - on - week decrease of 14,900 tons and a year - on - year increase of 35,300 tons. [3]

Report Industry Investment Rating - Not provided Core View of the Report - Recently, the overall supply of coal and coke has increased month-on-month, the downstream replenishment rhythm is average, the spot market of coal and coke has a weak rebound, and individual coal types have turned down. The futures market lacks upward drivers, so it is necessary to operate cautiously [2] Summary by Relevant Catalog Market Performance - This week, ferrous metals generally declined, and the prices of coal and coke futures led the decline. The night session yesterday continued the weak trend; the spot market was stable after rising, and the price of Mongolian 5 raw coal turned down this week, with a decline of 45 yuan/ton [2] Production Data - In December 2025, the coke output was 42.74 million tons, a year-on-year increase of 3.04%; the annual cumulative output was 502.222 million tons, a year-on-year increase of 3.34%, and the output hit a new historical high [2] Supply Side - The overall supply of coal is relatively strong. After the new year, coal mines have gradually resumed production. Last week, the output of coking raw coal and clean coal increased to 1.978 million tons and 768,000 tons respectively (the statistical sample increased). The raw coal at the mine end continued to increase in inventory, and the clean coal inventory was further depleted. On the import side, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 1.958 million tons, a week-on-week increase of 312,000 tons and a year-on-year increase of 488,000 tons, and the port inventory remained at a relatively high level [2] Demand Side - The profitability of steel mills is acceptable, rising to about 40%; the blast furnace operating rate decreased slightly last week, mainly due to maintenance. The daily average pig iron output was 2.2801 million tons, a week-on-week decrease of 14,900 tons and a year-on-year increase of 35,300 tons [2]

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core Viewpoint The recent rebound in the coal and coke futures market is mainly driven by the game of the main contract approaching delivery and the impact of government intervention on market expectations. However, the current supply - demand pattern shows both supply and demand are weak. With limited driving force from the winter storage replenishment market, the report is skeptical about the sustainability of a significant upward trend in prices [6]. 3. Summary by Directory Coal and Coke Weekly Viewpoint - **Supply**: This week, coal mines in major producing areas were restricted by factors such as safety inspections and underground working conditions, resulting in continuous production disruptions. The overall supply was difficult to fully release, and the resumption of production was slow. The daily output of raw coal in sample coal mines increased by 29,000 tons week - on - week [3]. - **Demand**: The restocking demand of coking and steel enterprises has rebounded, and the demand for some high - quality coal types has recovered, but the overall demand is still limited. This week, the molten iron output continued to decline significantly, decreasing by 26,500 tons week - on - week to 2.2655 million tons. On Friday, the third round of price cuts for coke was initiated and is expected to be implemented next Monday [4]. - **Macro**: To cope with the start of the 15th Five - Year Plan, there are relatively frequent domestic year - end meetings, which can still boost market risk appetite to a certain extent, and the valuations of various risk assets have shown a certain upward repair [5]. Coal and Coke Fundamental Data Changes | Category | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 8.4055 million tons (- 109,000 tons); FW clean coal 4.3208 million tons (- 81,000 tons) | Independent coking plants' daily average 630,000 tons (- 98,000 tons); Steel mills and coking enterprises' daily average 464,900 tons (- 12,000 tons) | | Demand | Molten iron output 2.2655 million tons (- 26,500 tons) | Molten iron output 2.2655 million tons (- 26,500 tons) | | Inventory | MS total inventory + 120,000 tons; Mine raw coal + 65,000 tons; Independent coking - 10,000 tons; Mine clean coal + 175,000 tons; Steel mill coking + 103,000 tons; Port - 213,000 tons; FW port + 341,000 tons | MS total inventory - 33,000 tons; Independent coking - 55,000 tons; Steel mill - 15,200 tons; Port + 38,000 tons | | Profit | Commodity coal 516 yuan/ton (- 8 yuan/ton) | Coking enterprises' average profit 16 yuan/ton (- 28 yuan/ton) | | Warehouse Receipt | Mongolian 5 coal in Tangshan warehouse receipt 1,135 yuan/ton | Rizhao quasi - first - grade coke warehouse receipt 1,621 yuan/ton | [8] 01 Coking Coal Fundamental Data - **Supply**: Data on coking coal supply includes weekly and monthly production of raw coal and clean coal, as well as Mongolian coal customs clearance volume. For example, the weekly production of FW raw coal and clean coal has decreased, and the customs clearance volume of Mongolian coal at different ports shows different trends [10][12][14]. - **Inventory**: Coking coal inventory data is presented in multiple aspects, including pit - mouth, port, coking plant, and steel mill inventories. This week, the coking coal port inventory decreased by 213,300 tons week - on - week to 2.8617 million tons. The raw coal inventory of sample coal mines increased by 99,000 tons week - on - week to 2.0808 million tons, and the clean coal inventory increased by 66,300 tons week - on - week to 1.3315 million tons [23][25][27]. 02 Coke Fundamental Data - **Supply**: The supply data of coke includes the capacity utilization rate and production of coking plants and steel mills. The capacity utilization rate of independent coking plants and steel enterprises shows different levels and trends. For example, the capacity utilization rate of 247 steel enterprises for coke production is around 82% - 89% [38][40]. - **Inventory**: Coke inventory data is presented for coking plants, steel mills, and the overall sample. The inventory of independent coking enterprises and steel mills' coking plants shows different changes. For example, the inventory of independent coking enterprises' coke has changed over time [46][47]. - **Supply - Demand and Profit**: The supply - demand difference of coke and the profit situation of coking enterprises are also presented. The profit of coking enterprises has decreased, with the average profit of coking enterprises decreasing by 28 yuan/ton week - on - week to 16 yuan/ton [55][58]. 03 Coal and Coke Futures and Spot Prices - **Futures**: The report provides the futures market data of coking coal 2601 and 2605, and coke 2601 and 2605, including closing prices, trading volumes, and open interests. The prices of coking coal and coke futures have shown certain fluctuations in recent days [62][64]. - **Spot**: The spot prices of different types of coking coal and coke are presented, such as the car - board prices of different grades of coking coal in different regions and the prices of quasi - first - grade and second - grade coke [70]. - **Spread and Basis**: The coal - coke monthly spread and basis are also analyzed. With the significant rebound of the futures market, the basis has fallen from a high level [66][72].