广发期货研究 . 推送广发期货研究所的最新报告和观点 以下文章来源于广发期货研究 ，作者研究所 文 | 周敏波 来源 | 广发期货研究 编辑 | 杨兰 审核 | 浦电路交易员 11月11-14日走访了山西太原、介休等地了解山西煤焦市场情况。 2025年以来，煤焦市场走出深"V"的先抑后扬行情，上半年由于煤矿超产严重，供需平衡偏宽松，但随 着价格下跌、煤矿亏损减产以及"反内卷"政策驱动，下半年走出触底反弹行情，供需向平衡偏紧转变。 临近年底，我们赴山西调研部分具有代表性煤焦企业，了解现货市场实际情况，发现后市机会。 四季度山西煤焦市场呈现"供需偏紧、供给受限、需求良好"的核心特征，竞拍价格持续上涨，大多煤种 已经达到年内最高水平。经历上半年大幅去库后，产业各环节库存处于相对低位，煤矿大多预售订单为 主 ， 库 存 压 力 不 大 ， 供 给 受 到 安 监 、 环 保 、 产 量 核 查 等 因 素 影 响 受 限 ； 下 游 补 库 需 旺 盛 ， 由 于 预 期 扭 转，下半年以来，贸易商补库积极，实体企业也加大采购，认为年底之前煤价难跌。但由于焦煤2601合 约市场参与者套保和交割量较大，可能压制期货盘面 ...

晨报 煤焦 成文时间： 2025 年 11 月 19 日 逻辑：昨日煤焦期价震荡下行，焦煤近月合约跌幅超 4.0%，夜盘延 续弱势，贴水现货运行，弱交割逻辑拖累近月价格。现货市场总体弱稳， 个别煤种价格回调。 证监许可【2011】1452 号 煤焦：市场情绪偏弱 盘面承压运行 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 从基本面来看，上周山西多地煤矿产量恢复，短期煤矿仍有增产预期， 而下游采购节奏放缓，采购积极性下滑，虽然多数煤矿库存压力不大，但 煤矿原煤库存止降回升，后期煤价上涨将稍显乏力。精煤日均产量 75. ...

Report Title - The report is titled "Hualian Futures Coking Coal and Coke Weekly Report: Tight Supply on the Supply Side, Limited Downward Adjustment Space for Coking Coal and Coke" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - Last week, market sentiment cooled, and the black chain weakened. Coking coal and coke were relatively strong in the black chain, with a small correction range. The supply of coking coal is tight due to factors such as mine over - production checks and stricter safety supervision policies, but the demand is weak as steel mills' profits are poor, blast furnace maintenance has expanded, and hot metal production has continued to decline. Overall, the short - term weakening of demand puts pressure on the upward movement of coking coal and coke prices, but due to the tight supply of coking coal and limited coal mine production release, the downward adjustment space for coking coal and coke is expected to be limited [4] Summary by Directory 1. Weekly Views and Strategies - **Supply**: For coking coal, last week, the coal mine开工率 decreased week - on - week, and coking coal production slightly declined. Factors such as over - production checks, safety, and environmental protection restricted the supply elasticity of coking coal. For coke, the supply was tight, and the capacity utilization rate continued to decline. On November 7, the capacity utilization rate of 230 independent coking plants was 71.84%, a week - on - week decrease of 0.9%; the daily average output of all - sample independent coking enterprises was 63.59 tons, a week - on - week decrease of 10,000 tons [4] - **Demand**: As of November 7, 2025, the blast furnace开工率 of 247 steel mills was 83.13%, an increase of 1.38% from the previous week; the daily average hot metal production decreased by 21,400 tons week - on - week to 2.3422 million tons, and hot metal production continued to decline. The profit rate of steel mills was 39.83%, a decrease of 5.19% from the previous week. The average profit per ton of coke was - 22 yuan/ton, an increase of 10 yuan/ton from the previous week. The third round of coke price increase was implemented, and coking profits improved slightly, but most coking enterprises still suffered serious losses. The supply of coke was tight, steel mills' profits were poor, blast furnace maintenance increased, and hot metal production continued to decline [4] - **Inventory**: Last week, the inventory structure of coal mines improved week - on - week. On November 7, the raw coal inventory of 523 sample mines was 4.1924 million tons, a week - on - week decrease of 123,700 tons. The downstream's enthusiasm for purchasing was good, and the coking coal inventory of independent coking enterprises increased by 175,400 tons week - on - week to 10.7002 million tons, while the coking coal inventory of steel mills slightly decreased. For coke, the coke inventories of independent coking enterprises and steel mills both decreased week - on - week [4] - **Viewpoint**: Short - term demand weakness puts pressure on the upward movement of coking coal and coke prices, but due to tight coking coal supply and limited coal mine production release, the downward adjustment space for coking coal and coke is expected to be limited [4] - **Strategy**: Go long on the coking coal 2601 contract on dips, with a reference operating range of 1,200 - 1,350 yuan/ton [4] 2. Industrial Chain Structure - No specific content for analysis is provided in the given text 3. Futures and Spot Markets - The report presents the price trends of coking coal futures contracts (DCE jm2601, jm2605), coke futures contracts (DCE j2601, j2605), the price differences between contracts 1 - 5 for coking coal and coke, as well as the spot prices of coking coal (including Port Mongolian 5 raw coal, Lvliang medium - sulfur main coking coal, etc.) and coke (including Lvliang quasi - first - grade coke, Rizhao quasi - first - grade coke, etc.) through charts [9][13][19][25] 4. Inventory - **Coking Coal Inventory**: The inventory of 523 sample mines decreased week - on - week, the coking coal inventory of independent coking enterprises increased, and that of steel mills slightly decreased. Charts show the inventory trends of mines, ports, 247 steel mills, and all - sample independent coking enterprises [4][32][38] - **Coke Inventory**: The coke inventories of independent coking enterprises and steel mills both decreased week - on - week. Charts show the inventory trends of all - sample independent coking enterprises, 247 steel mills, ports, and all - sample coke [4][39] 5. Supply Side - **Coking Coal Import**: No detailed analysis content is provided, only charts of coking coal imports from different regions to China are presented [49] - **Coking Coal Production**: On November 7, the coking coal开工率 of 523 sample mines was 83.76%, a week - on - week decrease of 1.02%; the daily average raw coal output of 523 sample mines was 1.8633 million tons, a week - on - week decrease of 40,000 tons [55] - **Coking Output**: On November 7, the capacity utilization rate of 230 coking enterprises was 71.84%, a week - on - week decrease of 0.9%; the daily average output of national independent coking enterprises was 635,900 tons, a week - on - week decrease of 10,000 tons. The capacity utilization rate and daily output of 247 steel mills' coke also decreased week - on - week [56][59] 6. Demand Side - **Hot Metal and Blast Furnace Operation**: As of November 7, 2025, the blast furnace开工率 of 247 steel mills was 83.13%, an increase of 1.38% from the previous week; the daily average hot metal production decreased by 21,400 tons week - on - week to 2.3422 million tons, and hot metal production continued to decline [63] - **Rebar and Hot - Rolled Coil**: The report presents the production and consumption trends of rebar and hot - rolled coil through charts [64][66] - **Long - Process and Short - Process Production**: The report presents the production trends of long - process and short - process rebar through charts [73] - **Steel Mill and Coke Profit**: As of November 7, 2025, the profit rate of 247 steel mills was 39.83%, a decrease of 5.19% from the previous week. The average profit per ton of coke was - 22 yuan/ton, an increase of 10 yuan/ton from the previous week [76]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Short - term coal and coke supply increases while demand decreases, both are at relatively high levels. 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]. 3. Summary by Related Content - **Price Movement**: Yesterday, the futures prices of coal and coke fluctuated weakly, and the night - session prices rebounded slightly with relatively intense overall fluctuations. The spot market is generally stable with a slight upward trend. Some coke enterprises in certain regions have sent letters for the second round of coke price increases, but mainstream coke enterprises have not yet increased prices and are still in the game process [3]. - **Import Data**: China's coking coal imports have been increasing month - by - month. In September, imports were 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, cumulative imports were 83.5312 million tons, a year - on - year decrease of 6.45% with the decline continuing to narrow. In September, imports of Mongolian coal were 6.0005 million tons, a month - on - month slight decrease of 0.24% and a year - on - year increase of 45.48%. From January to September, imports of Mongolian coal were 41.747 million tons, a year - on - year decrease of 3.8% with the decline significantly narrowing. The continuous increase in coking coal imports will put some pressure on coal prices [2][3]. - **High - frequency Data**: Since the resumption of Mongolian coal customs clearance after the National Day, the daily average coal clearance volume at Ganqimaodu is 151,200 tons, a decrease of 16,800 tons compared to September. The impact of changes in Mongolian coal imports needs to be continuously monitored [3]. - **Later Focus**: Concerns include changes in steel mill blast furnace start - up and coal mine resumption of production [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The supply and demand of coking coal and coke remain relatively high. The peak demand season combined with the downstream's remaining restocking space supports the confidence of the raw material market to hold prices firm. In the short term, the futures market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Content Coal and Coke Market - On the first trading day after the holiday, the futures prices of coking coal and coke rebounded with oscillations and closed in the green. Driven by downstream restocking during the holiday, the first round of coke price increase was completed. The price of tamped dry - quenched coke increased by 55 yuan/ton, and tamped wet - quenched coke increased by 50 yuan/ton [2] - After the first - round price increase of coke, the profits of coke enterprises have improved. Most coke enterprises maintain a normal production rhythm, with a capacity utilization rate of around 75%. Although the transportation capacity in the main production areas was slightly affected during the holiday and logistics was relatively slow, coke shipments were in an orderly manner without blockages [2] - Steel mills' operations remain at a relatively high level, with the daily average pig iron output maintained at around 2.42 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 fourth - quarter long - term contract price of Mongolian coking coal at the pithead has increased from 53.54 - 54.35 US dollars to 57.3 - 58.15 US dollars, an increase of about 7%, with the warehouse - delivery equivalent price at about 770 - 800 yuan/ton. It is rumored that after the National Day, Mongolian coal customs clearance will increase the transportation capacity through automated loading and unloading, with the daily customs clearance volume increasing from the previous upper limit of 1,500 to 2,000, and a one - month trial operation after the National Day, which needs continuous tracking [3]

Core Viewpoint - The meeting of the China Coking Industry Association's Market Committee on September 25 resulted in a decision to raise prices for various types of coke and to recommend a production cut of over 30% across the industry to maintain reasonable profit levels and healthy development [1][2]. Group 1: Price Adjustments - Effective from September 26, prices for different types of coke will be increased: 50 CNY/ton for solid wet quenching coke, 55 CNY/ton for solid dry quenching coke, 80 CNY/ton for top-loaded wet quenching coke, and 85 CNY/ton for top-loaded dry quenching coke [1]. - Recent days have seen several companies raise prices for coking coal and coke [1]. Group 2: Industry Structure and Production - The coking coal industry is dominated by large state-owned enterprises, with Shanxi Coking Coal Group holding over 50% of the national resources. The projected domestic coking coal production for 2024 is 472 million tons [2]. - The total coking capacity in China is approximately 560 million tons, with independent coking capacity accounting for about 65%. The projected production of coke and semi-coke for 2024 is 489 million tons [2]. Group 3: Supply and Demand Dynamics - The overall supply-demand situation for coking coal and coke is tight, with iron water production increasing at a higher rate than coke production. This supports the prices of both coking coal and coke [3][4]. - As of mid-September, the cumulative iron water production from 247 sample steel mills was 630 million tons, a year-on-year increase of 3.6%, while the cumulative coke production was approximately 300 million tons, a year-on-year increase of 0.6% [2]. Group 4: Market Sentiment and Future Outlook - The market is currently in a state of "anti-involution" and "weak reality," with expectations of price support due to downstream replenishment before the National Day holiday [4]. - Analysts suggest that the coking coal market has strong cost support, and with sustained high iron water production, there is potential for a price increase in coke, with expectations of 2 to 3 rounds of price hikes [4].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The supply and demand of coking coal and coke are both increasing. The peak demand season and pre - holiday inventory replenishment by downstream enterprises support the confidence of the raw material market. The short - term market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Content Market Conditions - Yesterday, the coking coal and coke futures prices continued to fluctuate. Spot prices of coal in many regions rebounded slightly continuously. Coke enterprises planned to initiate the first round of price hikes due to increased costs [2] - Recently, affected by environmental protection policies in Tangshan, enterprises are required to prepare for strict emission reduction measures before the end of September. However, most of the production restrictions are voluntary, and the actual implementation of production cuts is average [2] - Last week, the average daily pig iron output increased slightly by 0.47 million tons to 2.4102 million tons [2] Coal Mine Production - In coal mines, the production of previously resumed mines in Linfen, Shanxi has returned to normal, and production has continued to increase. With the production increase of large mining groups in Changzhi Qinyuan, the output has increased significantly. This week, the average daily output of clean coal is 772,000 tons, a month - on - month increase of 11,000 tons and a year - on - year decrease of 26,000 tons [2] - It is expected that the coal mine output 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 [2] Coking Coal Imports - The import volume of coking coal has steadily increased month - on - month. In August, China imported 1.01622 million tons of coking coal, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative import was 7.26075 million tons, a year - on - year decrease of 632,030 tons, a decline of 8.01% [2] - In August, the import volume of Mongolian coal was 601,470 tons, a month - on - month increase of 20.8%. High - frequency data shows that the daily customs clearance volume of the Ganqimaodu Port for Mongolian coal in September is still higher than that in August, supporting domestic coal supply [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke are both increasing. The downstream starts pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Catalogs Market Conditions - Yesterday, the coking coal and coke futures prices fluctuated. In the spot market, coal prices in Shanxi rebounded slightly continuously, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [2] - In August, China's coking coal imports were 1.01622 billion tons, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative imports were 7.26075 billion tons, a year - on - year decrease of 632.03 million tons, a decline of 8.01%. In August, Mongolian coal imports were 601.47 million tons, a month - on - month increase of 20.8% [2] - Recently, Tangshan has been affected by environmental protection policies, with a planned production restriction from September 15th to September 30th. Most of the production restrictions are voluntary. The profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average pig iron output increased slightly by 0.47 million tons to 2.4102 billion tons, and there was no overall production reduction in steel mills [3] Raw Materials - Last week, coal mines in Shanxi continued to resume production, and output continued to increase. Although the document on over - production inspection in Inner Mongolia caused concerns about coal mine production reduction, the actual reduction in coking coal was limited. In the short term, there is still a slight increase in production space for coal mines in the main production areas, and the market may remain strong before the holiday [3]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The valuation has fully priced in the supply recovery, and the market will fluctuate repeatedly [3]. - After the parade, the upstream production in China quickly recovered, and the customs clearance volume at the Mongolian coal ports of Ganqimaodu and Ceke remained at a high level, resulting in a relatively large month - on - month increase in overall supply [5]. - The market may have fully priced in the interest - rate cut expectations, and the risk appetite in domestic and international capital markets remains relatively strong, providing some macro - level support for commodity valuations [5]. - Although the actual supply - demand situation has eased after the parade, the previous strong consensus has been fully reflected in the market. Currently, the market still has strong support for future raw material demand expectations, and combined with the rapidly recovering blast furnace hot metal production, the short - term raw material valuation may have some support [5]. 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes - **Supply**: FW raw coal production was 861.07 million tons (+43.76 million tons), FW clean coal production was 442.45 million tons (+23.31 million tons); independent coking plants' daily average production was 66.76 million tons (+2.44 million tons), and steel mills and coking enterprises' daily average production was 46.6 million tons (+0.88 million tons) [7]. - **Demand**: Hot metal production was 240.55 million tons (+11.71 million tons) [7]. - **Inventory**: MS total coal inventory decreased by 58.1 million tons, independent coking plants' coal inventory decreased by 36.5 million tons, mine raw coal inventory decreased by 1.6 million tons, mine clean coal inventory decreased by 13.6 million tons, steel mill coking inventory decreased by 2.0 million tons, and port coal inventory decreased by 4.4 million tons, while FW port inventory increased by 23.3 million tons; MS total coke inventory increased by 11.0 million tons, independent coking plants' coke inventory increased by 1.3 million tons, steel mill inventory increased by 9.6 million tons, and port coke inventory increased by 0.1 million tons [7]. - **Profit**: The profit of commercial coal was 404 yuan/ton (-12 yuan/ton), and the average profit of coking enterprises was 35 yuan/ton (-29 yuan/ton) [7]. - **Warehouse Receipt**: The warehouse receipt price of Meng 5 coal in Tangshan was 1099 yuan/ton, and the warehouse receipt price of Rizhao quasi - first - grade coke was 1525 yuan/ton [7]. 3.2 Coking Coal Fundamental Data - **Supply** - **Weekly**: The 523 - sample mine raw coal production and clean coal production showed certain trends, and the customs clearance volume at Mongolian coal ports such as Ganqimaodu, Manzhouli, and Ceke also had different levels of performance [10][12][17]. - **Monthly**: The production of coking bituminous coal and coking clean coal had different trends in different months from 2019 - 2025 [15]. - **Inventory** - **Pit - mouth**: This week, the raw coal inventory of sample coal mines increased by 5.70 million tons week - on - week to 199.77 million tons, and the clean coal inventory increased by 1.45 million tons week - on - week to 124.96 million tons [27]. - **Port**: This week, the coking coal port inventory was 271.11 million tons, a week - on - week decrease of 4.38 million tons [29]. - **Coking Plant**: Data on the inventory and available days of coking coal in independent coking plants were provided, including overall and regional data [32][34]. - **Steel Mill**: Data on the inventory and available days of coking coal in 247 steel enterprises and their coking plants were provided, including overall and regional data [37]. 3.3 Coke Fundamental Data - **Supply** - **Capacity Utilization** - **Coking Plant**: The capacity utilization rates of independent coking enterprises, including different - scale plants and those in different regions, were presented [40]. - **Steel Mill**: The capacity utilization rate of 247 steel enterprises' coking plants was provided [42]. - **Output** - **Coking Plant**: The daily average coke output of 230 independent coking plants and all - sample independent coking enterprises was presented [44]. - **Steel Mill**: The daily average coke output of 247 steel enterprises' coking plants was provided [46]. - **Inventory** - **Coking Plant**: The inventory of all - sample independent coking enterprises and 230 independent coking plants was presented [48]. - **Steel Mill**: The inventory, average available days, and regional inventory data of 247 steel enterprises' coking plants were provided [49][51]. - **All - sample Aggregation**: The total coke inventory and supply - demand difference were presented [54][56]. 3.4 Coal and Coke Futures and Spot Prices - **Futures** - **Coking Coal Futures**: The closing prices, price changes, trading volumes, and open interests of coking coal 2509 and 2601 futures contracts from September 5 - 12, 2025 were provided [63]. - **Coke Futures**: The closing prices, price changes, trading volumes, and open interests of coke 2509 and 2601 futures contracts from September 5 - 12, 2025 were provided [66]. - **Coal and Coke Monthly Spread**: The monthly spreads of JM2509 - JM2601 and J2509 - J2601 were presented [69]. - **Spot** - The spot prices of different types of coking coal and coke, such as the car - loading prices of different grades of coking coal in different regions and the prices of quasi - first - grade and second - grade coke, were provided [72]. - **Basis** - The basis showed narrow - range fluctuations, and the futures market has been relatively firm recently, preventing the basis from further breaking through the previous high [75]. The basis data of coking coal 2601 and coke 2601 were presented [76].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Last week, the coal mine over - production inspection intensified again, and some coal mines in Shanxi received notices to organize production according to the 276 - working - day plan. The sentiment of going long on coking coal remained strong, driving up the price of coking coal and coke. The downstream procurement rhythm of coking coal and coke slowed down, and speculative demand weakened. However, the supply - side disturbances in coal mines may last until around the National Day, so coking coal is still prone to rise and hard to fall. After a short - term rapid increase, the upward momentum is expected to weaken. Coke has few contradictions and is expected to maintain a high - level oscillating trend supported by coking coal costs. The strategy is to exit short positions in coking coal and focus on the 9 - 1 reverse spread [3][8]. Summary by Directory 1. Coke Weekly Market Tracking 1.1 Price - The futures market rallied again last week, and it is prone to rise in the short term. The fifth round of spot price increases was implemented, and the sixth round has started. The steam freight rate remained stable. For example, the coke 01 contract rose 4.55% to 1734. The prices of various types of coke in different regions and ports all increased to varying degrees, such as the Lvliang quasi - first - grade coke ex - factory price rising from 1180 yuan/ton to 1230 yuan/ton [6][8][9]. 1.2 Supply - Coke enterprise profitability improved slightly, and the supply of independent coke enterprises increased slightly. As of August 8, the capacity utilization rate of the national independent coke enterprise full - sample was 74.03%, a 0.34 - percentage - point increase from the previous week, and the daily coke output was 65.1 tons, a 0.29 - ton increase from the previous week. However, the coking capacity utilization rate of 247 steel mills decreased by 0.32 percentage points to 86.3%, and the daily coke output decreased by 0.17 tons to 46.8 tons [27][33]. 1.3 Demand - Pig iron production remained at a high level, providing strong rigid demand support. Speculative goods increased, export profits declined, and the daily trading volume of building material spot improved slightly. As of August 8, the blast furnace start - up rate of 247 sample steel mills was 83.75%, a 0.29 - percentage - point increase from the previous week; the capacity utilization rate was 90.09%, a 0.15 - percentage - point decrease from the previous week; the daily pig iron output was 240.32 tons, a 0.39 - ton decrease from the previous week; and the steel mill profitability rate was 68.4%, a 3.03 - percentage - point increase from the previous week [36]. 1.4 Inventory - Port inventory increased slightly, while steel mills' and coking plants' inventories decreased, and the total inventory declined. As of August 8, the total coke inventory decreased by 8.25 tons to 907.16 tons, with port inventory increasing by 3.05 tons to 218.15 tons, independent coke enterprise full - sample inventory decreasing by 3.89 tons to 69.73 tons, and 247 sample steel mill inventory decreasing by 7.41 tons to 619.28 tons [42][45]. 1.5 Profit - Coke enterprise profitability improved slightly, but the coke futures market profit continued to decline. The national 30 independent coke enterprise sample had a ton - coke profit of - 16 yuan/ton, a 29 - yuan increase from the previous week. The coke 01 futures market profit decreased by 64.85 yuan/ton to 138.9 yuan/ton compared to the previous week [53]. 1.6 Valuation - The premium of coke 01 increased, and the 1 - 5 spread weakened oscillatingly. The coke 01 basis decreased by 56.2 to - 206.42 compared to the previous week, and the 1 - 5 spread decreased by 39 to - 83 compared to the previous week [57]. 2. Coking Coal Weekly Market Tracking 2.1 Price - The futures market rallied again last week, and it is prone to rise in the short term. The spot price increase slowed down. For example, the coking coal 01 contract rose 10.04% to 1227. The prices of various types of coking coal in different regions and origins showed different trends, such as the price of Anze low - sulfur main coking coal dropping from 1500 yuan/ton to 1480 yuan/ton [60][62][63]. 2.2 Supply - The supply in the production area was still restricted, the operating rate of coal washing plants increased slightly, the number of customs - cleared vehicles of Mongolian coal rebounded, and the import of coking coal from January to June decreased year - on - year. As of August 8, the capacity utilization rate of 314 sample coal washing plants was 36.22%, a 1.19 - percentage - point increase from the previous week, and the daily clean coal output was 26.04 tons, a 0.59 - ton increase from the previous week. In 2025, from January to June, China's cumulative import of coking coal was 52.9 million tons, with a cumulative year - on - year growth rate of - 7.26% [71][74]. 2.3 Inventory - The downstream replenishment rhythm slowed down, the coal mine inventory reduction slowed down, and the total inventory decreased slightly. As of August 8, the total coking coal inventory decreased by 5.21 tons to 26.0769 million tons, with mine enterprise coking coal inventory decreasing by 2.6 tons to 245.66 tons, port inventory decreasing by 4.77 tons to 277.34 tons, coal washing plant clean coal inventory increasing by 2.1 tons to 288.11 tons, independent coke enterprise full - sample inventory decreasing by 4.81 tons to 9.8792 million tons, and 247 sample steel mill inventory increasing by 4.87 tons to 8.866 million tons [77][80]. 2.4 Valuation - The premium of coking coal 01 increased, and the 9 - 1 spread and 1 - 5 spread both weakened. The coking coal 01 basis decreased by 134.5 to - 232 compared to the previous week. The 9 - 1 spread decreased by 50 to - 157.5 compared to the previous week, and the 1 - 5 spread decreased by 39 to - 11.5 compared to the previous week [92][93].