Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For coking coal, due to strict coal mine safety inspections and some mines on holiday, supply is tight. Downstream demand has weakened, and prices are expected to remain stable in the short term [3]. - For coke, the supply is stable, but downstream demand is poor, and the supply - demand is in a weak balance, with prices expected to remain stable in the short term [7]. Summary by Relevant Catalog Coking Coal - **Fundamentals**: Supply is tight, downstream demand is weak, and mainstream coal mine quotes are stable [3]. - **Basis**: Spot price is 1230, basis is 111, and spot is at a premium to futures [3]. - **Inventory**: Total sample inventory is 2192 tons, an increase of 57 tons from last week. Port inventory is 273 tons, a decrease of 13 tons; independent coking enterprise inventory is 1095 tons, an increase of 60 tons; steel mill inventory is 824 tons, an increase of 10 tons [3][22][26][30]. - **Market Chart**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [3]. - **Main Force Position**: The main force of coking coal has a net short position with an increase in shorts [3]. - **Expectations**: Due to limited terminal iron - water recovery and completed winter storage, demand is expected to weaken, and prices may remain stable [3]. - **Positive Factors**: Rising iron - water production and limited supply increase [5]. - **Negative Factors**: Slowdown in coking and steel enterprises' raw coal procurement and weak steel prices [5]. Coke - **Fundamentals**: Coking enterprises' profits have increased, production is stable, but downstream demand is weak, and inventory has accumulated [8]. - **Basis**: Spot price is 1620, basis is - 45, and spot is at a discount to futures [8]. - **Inventory**: Total sample inventory is 938 tons, an increase of 18 tons from last week. Port inventory is 201 tons, an increase of 3 tons; independent coking enterprise inventory is 45 tons, an increase of 1 ton; steel mill inventory is 692 tons, an increase of 14 tons [8][22][26][30]. - **Market Chart**: The 20 - day moving average is downward, and the price is below the 20 - day moving average [8]. - **Main Force Position**: The main force of coke has a net short position with a decrease in longs [8]. - **Expectations**: Supply - demand is in a weak balance, and prices are expected to remain stable [7]. - **Positive Factors**: Rising iron - water production and synchronous increase in blast furnace operating rate [10]. - **Negative Factors**: Squeezed steel mill profit margins and partial over - draft of restocking demand [10].