1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Last week, affected by environmental issues in some open - pit coal mines in Wuhai, the decline in Mongolian coal customs clearance due to political turmoil in Mongolia, and better - than - expected steel production and inventory data, coking coal and coke prices rose significantly. As of Friday's close, the coke 01 contract rose 4.46% to 1757.5, and the coking coal 01 contract rose 5.4% to 1248.5 [4][9]. - The fundamentals of coking coal and coke are healthy. However, after the macro - level meeting, expectations have weakened. With the approaching off - peak and peak season transition, steel mill profits are compressed, and hot metal production may not maintain its high level. There is limited upward momentum in the futures market in the short term, and there may be a risk of a callback. In the long term, coking coal maintains a bullish outlook under the expectations of anti - involution and strict coal mine safety supervision [4][9]. - For trading strategies, it is recommended to take profits on single - sided long positions and not to chase the upswing. Those with empty positions should wait and see and look for buying opportunities after a callback. The 1 - 5 reverse spread has poor trend characteristics, so it is advisable to exit and wait and see [4][9]. 3. Summary by Relevant Catalogs 3.1 Coke Weekly Market Tracking 3.1.1 Price - Last week, coke prices rose significantly, but there is limited upward momentum in the short term. The second - round spot price increase has been implemented. The coke 01 contract rose 4.46% to 1757.5. The prices of coke in different regions and at different locations (such as origin, steel mills, and ports) have shown varying degrees of increase [4][7][9][10]. - The freight for coke transportation by truck has remained stable. For example, the freight from Xiaoyi to Rizhao, Jiexiu to Fengnan, and Wuhai to Tangshan has not changed compared to last week [17]. 3.1.2 Supply - Due to factors such as environmental protection, maintenance, and losses, some coking plants have reduced production, leading to a tightening of the supply side. As of October 24, the capacity utilization rate of the national independent coking enterprises' full - sample was 73.47%, a decrease of 0.77 percentage points from the previous week, and the daily coke output was 64.61 tons, a decrease of 0.68 tons from the previous week. The capacity utilization rate of 247 steel mills' coking plants was 85.03%, an increase of 0.31 percentage points from the previous week, and the daily coke output was 46.11 tons, an increase of 0.17 tons from the previous week [28][33]. 3.1.3 Demand - The hot metal production is still at a high level, providing strong support for the raw material demand. As of October 24, the blast furnace operating rate of 247 sample steel mills was 84.71%, an increase of 0.44 percentage points from the previous week; the capacity utilization rate was 89.94%, a decrease of 0.39 percentage points from the previous week; the daily hot metal output was 239.9 tons, a decrease of 1.05 tons from the previous week; the steel mill profitability rate was 47.62%, a decrease of 7.79 percentage points from the previous week [36]. - The speculative sentiment is positive, but the export profit is expected to decline slightly. The daily trading volume of building materials in the spot market is lower than the same period in previous years [37][39]. 3.1.4 Inventory - Steel mills' coke inventory has decreased, coking plants' inventory has increased, and the total inventory has remained basically unchanged. As of October 24, the total coke inventory increased by 0.01 tons to 891.89 tons. Among them, the port inventory increased by 4.94 tons to 200.09 tons, the independent coking enterprises' full - sample inventory increased by 1.35 tons to 58.64 tons, and the 247 sample steel mills' inventory decreased by 6.28 tons to 633.16 tons [42][45]. 3.1.5 Profit - The profitability of coking enterprises has been compressed. The average profit per ton of coke for 30 independent coking enterprises was - 41 yuan/ton, a decrease of 28 yuan from the previous week. The 01 contract's coke futures profit decreased by 8.85 yuan/ton to 134.45 yuan/ton from the previous week [52]. 3.1.6 Valuation - The premium of coke 01 has expanded, and the 1 - 5 spread has strengthened. The basis of coke 01 decreased by 40.5 to - 122.39 compared to the previous week, and the 1 - 5 spread increased by 18.5 to - 129.5 compared to the previous week [56]. 3.2 Coking Coal Weekly Market Tracking 3.2.1 Price - Last week, the coking coal futures price rose significantly, but there is limited upward momentum in the short term. The spot price mainly increased. The coking coal 01 contract rose 5.4% to 1248.5. The prices of coking coal from different origins and regions (such as domestic mines, Australia, Mongolia, and Russia) have shown varying degrees of increase [4][9][60][62]. 3.2.2 Supply - The supply from domestic coal mines is tight due to environmental inspections and underground issues in some mines. The customs clearance volume of Mongolian coal at the 288 port has decreased to a low level due to political turmoil in Mongolia, but it is expected to return to normal this week. The capacity utilization rate of 314 sample coal washing plants was 36.87%, an increase of 1.08 percentage points from the previous week, and the daily output of clean coal was 26.67 tons, an increase of 0.56 tons from the previous week. From January to September 2025, China's cumulative imports of coking coal were 8357 tons, with a cumulative year - on - year growth rate of - 6.03%, an improvement of 1.56 percentage points from the previous month [61][70][73][74]. 3.2.3 Inventory - Independent coking enterprises have replenished their inventory, while coal mines' inventory has decreased, and the total inventory has increased slightly. As of October 24, the total coking coal inventory increased by 13.25 tons to 2567.47 tons. Among them, the inventory of mining enterprises decreased by 15.87 tons to 189.54 tons, the port inventory increased by 2.94 tons to 275.65 tons, the clean coal inventory of coal washing plants decreased by 0.79 tons to 289.62 tons, the full - sample inventory of independent coking enterprises increased by 32.33 tons to 1029.70 tons, and the inventory of 247 sample steel mills decreased by 5.36 tons to 782.96 tons [78][81]. 3.2.4 Valuation - The basis of coking coal 01 has weakened, and the 1 - 5 spread has continued to strengthen. The basis of coking coal 01 decreased by 31.5 to - 23.5 compared to the previous week, and the 1 - 5 spread increased by 18.5 to - 64 compared to the previous week [105].