Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Report's Core View - The short - term, medium - term, and intraday views of both coking coal (JM2601) and coke (J2601) are mainly oscillatory, with an intraday bias towards strength. The coking coal is expected to be oscillatory due to good spot market atmosphere, while the coke is expected to have range - bound oscillations due to the interweaving of multiple and short factors [1]. 3) Summary by Related Catalogs a) Coking Coal (JM) - **Price and Supply - demand Situation**: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1,280 yuan/ton, with a week - on - week increase of 5.79%. Last week, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 tons, a week - on - week increase of 3.3 tons, but 3.3 tons lower than the same period last year. At the import end, the number of Mongolian coal customs - clearance vehicles at the 288 Port returned to the annual high last week, with the daily customs - clearance vehicles around 1,300 - 1,400. The total daily average output of coke from sample coking plants and steel mills was 113.37 tons, with basically no change week - on - week [5]. - **Market Outlook**: The real - world fundamentals of coking coal have limited support. However, under the repeated disturbance of the anti - involution theme, the downstream replenishment expectation before the National Day and the coal mine production - reduction expectation at the end of the month support the price to a certain extent, driving the main contract of coking coal to maintain high - level oscillations [5]. b) Coke (J) - **Price and Supply - demand Situation**: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,470 yuan/ton, with no change week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,440 yuan/ton, with a week - on - week decrease of 4.00%. As of the week of September 19, the total daily average output of coke from sample coking plants and steel mills was 113.37 tons, with basically no change week - on - week; the daily average output of hot metal from 247 steel mills nationwide was 241.02 tons, a week - on - week increase of 0.47 tons [6]. - **Market Outlook**: The fundamental contradictions of coke are not prominent for the time being, and the market is in a wait - and - see mood. The futures are in range - bound oscillations, and the future trend depends on whether there are new positive factors in the anti - involution policy [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term, medium - term, and intraday views of both coking coal and coke futures contracts 2601 are mainly in a state of oscillation. Coking coal is expected to experience an oscillating correction due to the cooling of strong supply expectations, while coke will show range - bound oscillations as the market's wait - and - see sentiment increases [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Movement Views**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating [5]. - **Core Logic**: As of the week ending September 19, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 million tons, a week - on - week increase of 3.3 million tons but 3.3 million tons lower than the same period last year. At the import end, the number of Mongolian coal trucks passing through the 288 port last week returned to the highest level this year, with the daily number of passing trucks around 1300 - 1400. On the demand side, the combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, almost unchanged week - on - week. Although the current fundamental support for coking coal is insufficient, the downstream restocking expectation before the National Day and the coal mine's end - of - month production reduction expectation support the price, driving the main coking coal contract to maintain high - level oscillations [5]. Coke (J) - **Price Movement Views**: Intraday view is oscillating weakly, medium - term view is oscillating, and the reference view is oscillating [6]. - **Core Logic**: As of the week ending September 19, the combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, almost unchanged week - on - week. The daily average output of hot metal from 247 steel mills nationwide was 241.02 million tons, a week - on - week increase of 0.47 million tons. During the week, coke inventory shifted downstream. The inventory of independent coking plants was 66.41 million tons, a week - on - week decrease of 1.43 million tons; the coke inventory of steel mills' coking plants was 644.67 million tons, a week - on - week increase of 11.38 million tons; the total inventory was 915.18 million tons, a week - on - week increase of 8.94 million tons. As the National Day holiday approaches, the pre - holiday restocking demand supports the spot price. Currently, the fundamental contradiction of coke is not prominent, the market wait - and - see sentiment is strong, and the futures will show range - bound oscillations. The future trend depends on whether there are new benefits from the anti - involution policy [6].