Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report anticipates that the prices of coking coal and coke will turn from weak to strong. The news has a significant positive impact on international energy and coal - coke prices. From a fundamental perspective, the obvious reduction of coke and coking coal inventories is conducive to the bottom - up rebound of coal - coke prices, and the increase in production by coking enterprises will also bring a positive cycle of cost and price. However, attention should be paid to the start - up rhythm and intensity of downstream steel demand and how to resolve the contradiction with low steel production [9][10]. 3. Summary by Directory 3.1 Market Review - On March 2, the main contracts of coke and coking coal futures 2605 first declined and then rose. The JM2605 contract once approached the low on January 6 but then recovered the decline of the day. The closing price of J2605 was 1652 yuan/ton, up 1.38%, with a trading volume of 18,576 lots and an open interest of 40,374 lots. The closing price of JM2605 was 1094 yuan/ton, up 1.06%, with a trading volume of 896,153 lots and an open interest of 545,543 lots, a decrease of 4,204 lots [5]. - In terms of the spot market on March 2, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1520 yuan/ton, with no change. The summary price of low - sulfur primary coking coal in Linfen decreased by 50 yuan/ton to 1520 yuan/ton, while other regions remained unchanged [7]. - Technically, on March 2, the daily KDJ indicator of the coke 2605 contract changed from sticky to rising; the daily KDJ indicator of the coking coal 2605 contract continued to rise after a golden cross the previous day. The green bars of the daily MACD of the coke and coking coal 2605 contracts changed from expanding for two consecutive trading days to narrowing [7]. 3.2 Future Outlook - News: On February 28 (local time), the US and Israel launched a military strike against Iran, affecting the Hormuz Strait, leading to a significant increase in international crude oil prices and a resurgence in precious metal prices. On February 25, some steel mills in Tangshan received a notice of temporary independent emission reduction during the Two Sessions, requiring enterprises to implement phased emission reduction control from March 4 to March 11, with the blast furnace load to be independently reduced by no less than 30%. Also on February 25, five departments in Shanghai jointly issued a notice to significantly relax the purchase restriction policy for non - Shanghai residents [9]. - Fundamentals: In the past three weeks, independent coking enterprises have continued to experience small losses, but their coke production has increased, returning to the level in mid - December last year. Port coke inventories have declined for two consecutive weeks, ending an eight - week upward trend. Steel mill coke inventories have also declined for two consecutive weeks, returning to the level before the end of January. Coking enterprise coke inventories have significantly increased, reaching a new high since early July last year. Since February 23, the customs clearance volume of Mongolian coal has returned to the normal level of 156,000 - 199,000 tons, but the coking coal inventories of steel mills and coking plants have significantly decreased [10]. 3.3 Industry News - The China Automobile Dealers Association stated that in February 2026, automobile terminal retail sales were under significant pressure. Due to the Spring Festival holiday, the effective sales days were reduced, and store traffic decreased sharply. 76.8% of dealers reported that their February sales did not meet the target. After the implementation of the "Compliance Guidelines for Price Behavior in the Automobile Industry", 25.6% of dealers said the price inversion situation had improved, and 20.7% of dealers saw an increase in profitability [11]. - Tensions in the Middle East: On February 28 (local time), the Islamic Revolutionary Guard Corps of Iran announced a ban on any ships passing through the Hormuz Strait. An oil tanker was hit and began to sink on March 1. The global shipping situation has been affected, with major shipping companies avoiding the Persian Gulf, and some ports and airlines suspending operations. The Organization of the Petroleum Exporting Countries (OPEC) announced on March 1 that eight major oil - producing countries decided to increase daily production by 206,000 barrels in April. Thailand plans to suspend fuel exports and take measures to ensure domestic energy supply [11][12][13]. - The World Stainless Steel Association data shows that in 2025, the global stainless steel crude steel production was 64.2 million tons, a year - on - year increase of 2.1%. Asian production increased by 2.7% year - on - year, EU production decreased by 1.9%, US production increased by 7.6%, and production in other countries decreased by 11.3% [13]. 3.4 Data Overview The report provides multiple data charts, including the spot price index of metallurgical coke, the summary price of primary coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average hot metal production, the coke and coking coal inventories of ports, steel mills, and coking plants, and the basis between spot and futures contracts [15][16][17].