Core Viewpoint - The gold market experienced significant volatility on January 30, with prices reaching a historical high of $5596.33 per ounce before dropping over 5% to a low of $5104.98, ultimately closing at $5377.14 per ounce. This fluctuation was primarily driven by profit-taking among investors following the record high, alongside easing concerns over a potential U.S. government shutdown, which catalyzed the selling pressure. However, ongoing geopolitical uncertainties continue to provide strong support for gold buying on dips [1][2]. Market Dynamics - The gold market's dramatic price movements were influenced by multiple factors, including the alleviation of U.S. government shutdown fears, a temporary ceasefire signal in the Russia-Ukraine conflict, stalled negotiations between the U.S. and Iran, and comments from Trump regarding interest rates. These events collectively shaped the short-term price trajectory of gold [1][2]. Technical Analysis - Following a volatile trading session with a price swing of approximately 500 points, gold prices returned to a more normalized rebound pattern. The daily chart showed a slight change from a continuous upward trend, with support levels moving up to around $5270, aligning with the 4-hour Bollinger Band midline at approximately $5275. The 1-hour chart indicated a downward bias in the Bollinger Band, suggesting a gradual stabilization after the recent fluctuations. The early trading on January 30 saw gold oscillating between $5450 and $5301, with these levels serving as key support and resistance points [1][2]. Support and Resistance Levels - Daytime support levels identified include $5305, $5275, $5200, and $5175. Resistance levels are noted at $5450, $5500, $5550, and $5595 [1][2].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On January 15, the coke main contract closed at 1,745 yuan/ton, with an intraday decline of 0.11%. The trading volume of the main contract was 37,248 lots, a decrease of 1,163 lots from the previous trading day. The spot market price of Rizhao Port's quasi-primary wet quenched coke remained flat week-on-week, while that of Qingdao Port increased by 0.68%. Downstream steel mills are gradually resuming production this week, but the recovery rate is slow, and the improvement in coke fundamentals is limited. The relative positive factor lies in the strong supply-side expectations of upstream coking coal. Currently, the fundamentals of coke itself are still weak, but after entering the new year, the upward drivers of economic policy expectations, "anti-involution" policy expectations, and downstream winter storage replenishment expectations are gradually emerging, resulting in a low-level adjustment of coke prices under the influence of both long and short factors [5][31]. - On January 15, the coking coal main contract closed at 1,187.5 points, with an intraday decline of 1.00%. The trading volume of the main contract was 505,837 lots, an increase of 4,539 lots from the previous trading day. After a rebound last week, coking coal futures returned to a volatile pattern this week. At present, the supply and demand of coking coal are both increasing, and the fundamentals have not improved significantly. The expectations of winter storage replenishment and coal mine shutdown during the Spring Festival have already been factored in. Future upward momentum of coal prices may rely on policy drivers. Without policy intervention, coal prices may be suppressed by fundamentals and remain at a low level before the Spring Festival [6][32]. Summary by Directory Industry News - The central bank decided to cut the rediscount and relending rates by 0.25 percentage points starting from January 19, 2026. After the cut, the 3-month, 6-month, and 1-year relending rates for supporting agriculture and small businesses are 0.95%, 1.15%, and 1.25% respectively. The rediscount rate is 1.5%, the pledged supplementary lending rate is 1.75%, and the special structural monetary policy tool rate is 1.25% [8]. - On January 15, the price of coking coal in the Linfen Anze market remained stable. The ex-factory price of low-sulfur primary coking coal with A9, S0.5, V20, and G85 was 1,620 yuan/ton including tax [9]. Spot Market - Rizhao Port's quasi-primary coke flat price was 1,470 yuan/ton, unchanged from the previous week, down 3.29% from the end of last month, down 13.02% from the end of last year, and down 10.37% year-on-year. Qingdao Port's quasi-primary coke ex-warehouse price was 1,480 yuan/ton, up 0.68% from the previous week, up 2.07% from the end of last month, down 8.64% from the end of last year, and down 5.13% year-on-year. - The price of Mongolian coal at the Ganqimao Port was 1,215 yuan/ton, up 9.46% from the previous week, up 7.52% from the end of last month, up 2.97% from the end of last year, and up 2.97% year-on-year. The price of Australian coking coal at Jingtang Port was 1,590 yuan/ton, up 3.25% from the previous week, up 5.30% from the end of last month, up 6.71% from the end of last year, and up 7.43% year-on-year. The price of Shanxi coking coal at Jingtang Port was 1,750 yuan/ton, up 6.06% from the previous week, up 2.94% from the end of last month, up 14.38% from the end of last year, and up 14.38% year-on-year [10]. Futures Market - The closing price of the coke main contract was 1,745 yuan/ton, with a decline of 0.11%. The highest price was 1,769.5 yuan/ton, the lowest price was 1,717 yuan/ton, the trading volume was 19,540 lots, a decrease of 2,865 lots from the previous trading day, and the trading volume was 37,248 lots, a decrease of 1,163 lots from the previous trading day. - The closing price of the coking coal main contract was 1,187.5 points, with a decline of 1.00%. The highest price was 1,206.5 points, the lowest price was 1,168 points, the trading volume was 1,022,581 lots, a decrease of 234,639 lots from the previous trading day, and the trading volume was 505,837 lots, an increase of 4,539 lots from the previous trading day [13]. Related Charts - The report provides charts on coke inventory (including 230 independent coking plants, port total inventory, 247 steel mill coking plants, and total inventory), coking coal inventory (including mine-mouth, all-sample independent coking plants, port, and 247 sample steel mills), domestic steel mill production, Shanghai terminal wire rod procurement volume, coal washing plant production, and coking plant operation [14][20][26]. Market Outlook - The analysis of coke and coking coal is consistent with the core viewpoints, emphasizing the current market situation, influencing factors, and future trends of the two [31][32].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - On January 14, the coke main contract closed at 1,738.5 yuan/ton, with an intraday decline of 1.28%. The downstream steel mills are gradually resuming production this week, but the resumption speed is slow, and the improvement of coke fundamentals is limited. The relative positive lies in the strong supply - side expectation of upstream coking coal. After entering the new year, the upward driving forces such as economic policy expectations, "anti - involution" policy expectations, and downstream winter storage and replenishment expectations are gradually emerging, driving coke to be sorted at a low level [5][30]. - On January 14, the coking coal main contract closed at 1,196.5 points, with an intraday decline of 1.52%. After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. The short - term fundamentals are hard to show obvious improvement, but the positive driving forces such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage and replenishment expectations, and the expectation of coal mine production reduction during the Spring Festival are gradually emerging. Multiple long and short factors are intertwined, driving coking coal futures to adjust in a low - level shock [6][31]. Summary by Related Catalogs Industrial Information - In 2025, China imported 49,027.0 tons of coal and lignite, a year - on - year decrease of 9.6%. In December, China imported 5,859.7 tons of coal and lignite, an increase of 1,454.4 tons from the previous month, a month - on - month increase of 33.0% [8]. - On January 14, Mongolia's ER company conducted an online auction of coking coal. The starting price of Mongolian No. 3 clean coal was 800 yuan/ton, and the listed quantity of 12,800 tons was all sold at a transaction price of 915 yuan/ton, 20 yuan/ton lower than the previous auction on the 12th. The supply location is the supervision area of Ganqimaodu Port in China, and the supply time is within 90 days after payment, with the final supply date being April 14, 2026 [9]. Spot Market - Coke: The latest quoted price of the flat - closing price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,490 yuan/ton, with a week - on - week increase of 1.36% [5][30]. - Coking coal: The latest quoted price of Mongolian coal at Ganqimaodu Port is 1,215.0 yuan/ton, with a week - on - week increase of 9.46% [6][31]. Futures Market - Coke: The main contract closed at 1,738.5 yuan/ton, with an intraday decline of 1.28%. The trading volume was 22,405, with a volume difference of 2,021. The position was 38,411 lots, with a position difference of +472 compared with the previous trading day [13]. - Coking coal: The main contract closed at 1,196.5 points, with an intraday decline of 1.52%. The trading volume was 1,257,220, with a volume difference of - 35,038. The position was 501,298 lots, with a position difference of - 3,199 compared with the previous trading day [13]. Related Charts - The report provides multiple charts related to coke and coking coal inventories, including the inventories of 230 independent coking plants, port coke inventories, 247 steel mill coking plant inventories, total coke inventories, mine - mouth coking coal inventories, full - sample independent coking plant coking coal inventories, port coking coal inventories, 247 sample steel mill coking coal inventories, as well as other charts such as domestic steel mill production, Shanghai terminal wire and screw procurement volume, coal washing plant production, and coking plant operation [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30]. Market Outlook - Coke: The downstream steel mills are gradually resuming production, but the resumption speed is slow, and the improvement of coke fundamentals is limited. The relative positive lies in the strong supply - side expectation of upstream coking coal. After entering the new year, the upward driving forces are gradually emerging, driving coke to be sorted at a low level [5][30]. - Coking coal: After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. The short - term fundamentals are hard to show obvious improvement, but the positive driving forces are gradually emerging. Multiple long and short factors are intertwined, driving coking coal futures to adjust in a low - level shock [6][31].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Views - **Coke**: On January 13, the main coke contract closed at 1,745 yuan/ton, with an intraday decline of 1.08%. The position of the main contract was 37,900 lots, a decrease of 1,031 lots from the previous trading day. In the spot market, the latest quoted price of the first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, flat week - on - week; the ex - warehouse price of the first - grade wet - quenched coke at Qingdao Port was 1,500 yuan/ton, up 2.04% week - on - week. This week, downstream steel mills gradually resumed production, but the resumption speed was slow, and the improvement of the coke fundamentals was limited. The relative positive factor lies in the strong supply - side expectation of upstream coking coal. In summary, the fundamentals of coke itself are still weak, but after entering the new year, the upward driving forces such as economic policy expectations, "anti - involution" policy expectations, and downstream winter storage replenishment expectations are gradually emerging, driving coke to consolidate at a low level [5][32]. - **Coking Coal**: On January 13, the main coking coal contract closed at 1,191 points, with an intraday decline of 2.50%. The position of the main contract was 504,500 lots, a decrease of 8,128 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at Ganqimaodu Port was 1,200 yuan/ton, up 8.11% week - on - week. Overall, after New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. The short - term fundamentals are hard to show obvious improvement, but the positive driving forces such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage replenishment expectations, and the expectation of coal mine production reduction during the Spring Festival are gradually emerging. With multiple factors intertwined, coking coal futures are oscillating and adjusting at a low level [6][33]. 3. Summary According to Relevant Catalogs 3.1 Industry News - **Manufacturing Policy**: On January 13, the Minister of Industry and Information Technology, Li Lecheng, presided over the 18th symposium for manufacturing enterprises. The meeting emphasized that entrepreneurs should adhere to their main business, accelerate high - quality development, deepen innovation, and strengthen self - discipline to create a benign ecological environment and contribute to the construction of a manufacturing power [8]. - **Coking Coal Auction**: On January 13, the online auction price of coking coal in Changzhi Qinyuan market increased. The starting price of low - sulfur lean primary coking coal (A8, S0.5, G65) was 1,450 yuan/ton, the average transaction price was 1,579 yuan/ton, and 30,000 tons were traded, with a price increase of 100 yuan/ton compared with the previous period on the 5th. All are ex - factory prices including cash and tax [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, first - grade flat - price) | 1,470 yuan/ton | 0.00% | - 3.29% | - 13.02% | - 10.37% | | Coke (Qingdao Port, first - grade ex - warehouse) | 1,500 yuan/ton | 2.04% | 3.45% | - 7.41% | - 3.85% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,200 yuan/ton | 8.11% | 6.19% | 1.69% | 2.56% | | Coking Coal (Jingtang Port, Australian - produced) | 1,620 yuan/ton | 5.19% | 7.28% | 8.72% | 9.46% | | Coking Coal (Jingtang Port, Shanxi - produced) | 1,650 yuan/ton | 0.00% | - 2.94% | 7.84% | 7.84% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Volume | Volume Difference | Position | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,745 yuan/ton | - 1.08% | 1,785 yuan/ton | 1,738 yuan/ton | 20,384 | - 1,868 | 37,939 | - 1,031 | | Coking Coal | | 1,191 points | - 2.50% | 1,244 points | 1,188 points | 1,292,258 | - 304,912 | 504,497 | - 8,128 | [14] 3.4 Related Charts - **Coke Inventory**: There are charts showing the inventory of 230 independent coking plants, port coke inventory, 247 steel mill coking plant inventory, and total coke inventory [14][15][16]. - **Coking Coal Inventory**: There are charts showing the coking coal inventory at the mine mouth, the coking coal inventory of all - sample independent coking plants, port coking coal inventory, and the coking coal inventory of 247 sample steel mills [21][23][24]. - **Other Charts**: There are charts showing domestic steel mill production, Shanghai terminal screw steel procurement volume, coal washing plant production, and coking plant operation [27][28][32]. 3.5 Market Outlook - **Coke**: The analysis is the same as the core view of coke, with the main contract price, position change, spot price change, and market situation analyzed, and it is expected to consolidate at a low level [5][32]. - **Coking Coal**: The analysis is the same as the core view of coking coal, with the main contract price, position change, spot price change, and market situation analyzed, and it is expected to oscillate and adjust at a low level [6][33].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - **Coke**: As of the week ending January 9, the total daily coke output of sample independent coking plants and steel mill coking plants was 1.1045 million tons, a week-on-week increase of 0.009 million tons. The daily hot metal output of 247 downstream steel mills was 2.295 million tons, a week-on-week increase of 0.0207 million tons. This week, downstream steel mills gradually resumed production, but the resumption speed was slow, and the improvement in the coke fundamentals was limited. The relative positive factor lies in the strong supply-side expectations of upstream coking coal. Overall, the fundamentals of coke itself are still relatively weak. However, after entering the new year, the upward drivers of economic policy expectations, "anti-involution" policy expectations, and downstream winter storage replenishment expectations are gradually emerging, driving the coke futures to rebound from the low level [5][31]. - **Coking Coal**: As of the week ending January 9, the daily output of clean coal from 523 coking coal mines nationwide was 0.734 million tons, a week-on-week increase of 0.044 million tons, and 0.069 million tons lower than the same period last year. In terms of demand, as of the week ending January 9, the total daily coke output of sample independent coking plants and steel mill coking plants was 1.1045 million tons, a week-on-week increase of 0.009 million tons. Overall, after the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. The short-term fundamentals are difficult to show obvious improvement, but the positive drivers such as economic policy expectations, "anti-involution" policy expectations, downstream winter storage replenishment expectations, and the expectation of coal mine production reduction during the Spring Festival are gradually emerging, driving the coking coal futures to rebound from the low level [5][31]. Summary by Directory Industry News - In December 2025, 472 projects started across the country, with a total investment of about 534.092 billion yuan. The total investment in 2025 was about 27.52 trillion yuan. The top three provinces in terms of start-up investment in December were Guangxi, Jiangxi, and Anhui, with total investments of 121.238 billion yuan, 59.41 billion yuan, and 49.103 billion yuan respectively. In 2025, the main development indicators of transportation increased steadily, and it is expected to complete over 3.6 trillion yuan in transportation fixed asset investment. On December 31, Li Chao, the deputy director of the Policy Research Office of the National Development and Reform Commission, said that the NDRC recently approved or approved transportation facilities such as the new Guangzhou Airport and the new Zhanjiang-Haikou cross-sea ferry and related line projects, water conservancy facilities such as the water resource allocation project in the Liaodong Peninsula of Liaoning Province, energy facilities such as the Zhejiang UHV AC ring network project, and major scientific research platforms such as the Huairou and Yazhouwan laboratories, with a total investment of over 400 billion yuan [7]. - On January 12, the price of anthracite in the Jincheng market remained stable. The price of low-sulfur main coking clean coal (A9, S0.5, V20, G85) in the Linfen Anze market remained stable, with the ex-factory price of 1,500 yuan/ton including tax in cash [8]. Spot Market - **Coke**: The current price of quasi-primary coke at Rizhao Port's flat price is 1,470 yuan/ton, a week-on-week decrease of 3.29%, a month-on-month decrease of 3.29%, a year-on-year decrease of 13.02%, and a decrease of 10.37% compared with the same period. The current price of quasi-primary coke at Qingdao Port's ex-warehouse price is 1,470 yuan/ton, a week-on-week increase of 1.38%, a month-on-month increase of 1.38%, a year-on-year decrease of 9.26%, and a decrease of 7.55% compared with the same period [9]. - **Coking Coal**: The current price of Mongolian coking coal at the Ganqimao Port is 1,110 yuan/ton, a week-on-week decrease of 0.89%, a month-on-month decrease of 1.77%, a year-on-year decrease of 5.93%, and a decrease of 5.93% compared with the same period. The current price of Australian coking coal at Jingtang Port is 1,540 yuan/ton, a week-on-week increase of 1.32%, a month-on-month increase of 1.99%, a year-on-year increase of 3.36%, and an increase of 3.36% compared with the same period. The current price of Shanxi coking coal at Jingtang Port is 1,650 yuan/ton, a week-on-week decrease of 2.94%, a month-on-month decrease of 2.94%, a year-on-year increase of 7.84%, and an increase of 7.84% compared with the same period [9]. Futures Market - **Coke**: The closing price of the active contract of coke futures is 1,770 yuan/ton, with a daily increase of 1.35%. The highest price is 1,783 yuan/ton, the lowest price is 1,745 yuan/ton, the trading volume is 22,252 lots, a decrease of 57 lots, and the open interest is 38,970 lots, an increase of 922 lots [13]. - **Coking Coal**: The closing price of the active contract of coking coal futures is 1,238 yuan/ton, with a daily increase of 4.21%. The highest price is 1,246 yuan/ton, the lowest price is 1,202 yuan/ton, the trading volume is 1,597,170 lots, an increase of 96,465 lots, and the open interest is 512,625 lots, a decrease of 6,987 lots [13]. Related Charts - **Coke Inventory**: The report provides charts of the coke inventory of 230 independent coking plants, port coke total inventory, 247 steel mill coking plants, and total coke inventory [13][14][15]. - **Coking Coal Inventory**: The report provides charts of the coking coal inventory at the mine mouth, the coking coal inventory of all sample independent coking plants, port coking coal inventory, and the coking coal inventory of 247 sample steel mills [18][20][21]. - **Other Charts**: The report also provides charts of domestic steel mill production, Shanghai terminal wire rod procurement volume, coal washing plant production, and coking plant operation [24][25][29]. Market Outlook - **Coke**: The fundamentals of coke itself are still relatively weak, but the upward drivers of economic policy expectations, "anti-involution" policy expectations, and downstream winter storage replenishment expectations are gradually emerging, driving the coke futures to rebound from the low level [5][31]. - **Coking Coal**: After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. The short-term fundamentals are difficult to show obvious improvement, but the positive drivers such as economic policy expectations, "anti-involution" policy expectations, downstream winter storage replenishment expectations, and the expectation of coal mine production reduction during the Spring Festival are gradually emerging, driving the coking coal futures to rebound from the low level [5][31].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For the 2605 contract of coking coal, the short - term view is bullish, the medium - term view is oscillatory, and the intraday view is oscillatory and bullish, with an overall view of oscillatory and bullish due to supply disturbances and a low - level rebound [1]. - For the 2605 contract of coke, the short - term view is bullish, the medium - term view is oscillatory, and the intraday view is oscillatory and bullish, with an overall view of oscillatory and bullish due to improved cost support and a low - level rebound [1]. 3. Summary by Related Catalogs 3.1 Price and Market Analysis of Coking Coal - As of the week of January 9, the daily average output of clean coal from 523 coking coal mines nationwide was 734,000 tons, a week - on - week increase of 44,000 tons and 69,000 tons lower than the same period last year. The daily average combined output of coke from sample independent coking plants and steel - mill coking plants was 1.1045 million tons, a week - on - week increase of 9,000 tons. After New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. Although the short - term fundamentals are not significantly improved, positive drivers such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage replenishment expectations, and Spring Festival coal mine production reduction expectations are emerging, driving the low - level rebound of coking coal futures [5]. 3.2 Price and Market Analysis of Coke - As of the week of January 9, the daily average combined output of coke from sample independent coking plants and steel - mill coking plants was 1.1045 million tons, a week - on - week increase of 9,000 tons; the daily average output of hot metal from 247 downstream steel mills was 2.295 million tons, a week - on - week increase of 20,700 tons. This week, downstream steel mills are gradually resuming production, but the resumption speed is slow. The improvement of coke fundamentals is limited, and the relatively positive factor lies in the strong supply - side expectations of upstream coking coal. Although the fundamentals of coke itself are still weak, the upward drivers such as economic policy expectations, "anti - involution" policy expectations, and downstream winter storage replenishment expectations are emerging after the new year, driving the low - level rebound of coke futures [6].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views - For coke, as of the week ending January 9, the total daily coke output of sample independent coking plants and steel mill coking plants was 1.1045 million tons, a week - on - week increase of 9,000 tons. The daily hot metal output of 247 downstream steel mills was 2.295 million tons, a week - on - week increase of 20,700 tons. The resumption of production of downstream steel mills was slow, and the improvement of coke fundamentals was limited. The relative positive factor was the strong supply - side expectation of upstream coking coal. Although the coke's own fundamentals were still weak, economic policy expectations, "anti - involution" policy expectations, and downstream winter storage replenishment expectations drove the coke futures to rebound from the low level [5][32]. - For coking coal, as of the week ending January 9, the daily output of clean coal from 523 coking coal mines nationwide was 734,000 tons, a week - on - week increase of 44,000 tons, and 69,000 tons lower than the same period last year. In terms of demand, as of the week ending January 9, the total daily coke output of sample independent coking plants and steel mill coking plants was 1.1045 million tons, a week - on - week increase of 9,000 tons. After New Year's Day, coking coal was expected to enter a pattern of increasing supply and demand. The short - term fundamentals were difficult to improve significantly, but economic policy expectations, "anti - involution" policy expectations, downstream winter storage replenishment expectations, and the expectation of coal mine production cuts during the Spring Festival drove the coking coal futures to rebound from the low level [5][32]. Group 3: Summary by Directory Industry News - The Ministry of Water Resources aimed to maintain large - scale and high - level water conservancy infrastructure construction and investment in 2026, ensuring a good start for water conservancy work in the 15th Five - Year Plan [8]. - On January 9, the price of anthracite in the Jincheng market remained stable, with the ex - factory price of washed anthracite medium lumps at 890 yuan/ton and washed anthracite small lumps at 900 yuan/ton, both including tax [9]. Spot Market - For coke, the ex - warehouse price of quasi - first - grade coke at Rizhao Port was 1,470 yuan/ton, a week - on - week decrease of 3.29%, a month - on - month decrease of 3.29%, a year - on - year decrease of 13.02%, and a decrease of 10.37% compared with the same period. The ex - warehouse price of quasi - first - grade coke at Qingdao Port was 1,470 yuan/ton, a week - on - week increase of 1.38%, a month - on - month increase of 1.38%, a year - on - year decrease of 9.26%, and a decrease of 7.55% compared with the same period [10]. - For coking coal, the price of Mongolian coking coal at the Ganqimao Port was 1,110 yuan/ton, a week - on - week decrease of 0.89%, a month - on - month decrease of 1.77%, a year - on - year decrease of 5.93%, and a decrease of 5.93% compared with the same period. The price of Australian - produced coking coal at Jingtang Port was 1,540 yuan/ton, a week - on - week increase of 1.32%, a month - on - month increase of 1.99%, a year - on - year increase of 3.36%, and an increase of 3.36% compared with the same period. The price of Shanxi - produced coking coal at Jingtang Port was 1,650 yuan/ton, a week - on - week decrease of 2.94%, a month - on - month decrease of 2.94%, a year - on - year increase of 7.84%, and an increase of 7.84% compared with the same period [10]. Futures Market - The closing price of the active coke futures contract was 1,748.0 yuan/ton, a decrease of 1.83%. The highest price was 1,773.0 yuan/ton, the lowest price was 1,719.0 yuan/ton, the trading volume was 22,309, a decrease of 25,522, and the open interest was 38,048, an increase of 113 [14]. - The closing price of the active coking coal futures contract was 1,195.5 yuan/ton, a decrease of 0.71%. The highest price was 1,210.0 yuan/ton, the lowest price was 1,162.0 yuan/ton, the trading volume was 1,500,705, a decrease of 765,002, and the open interest was 519,612, an increase of 16,750 [14]. Related Charts - The report presented various inventory charts for coke and coking coal, including the inventory of 230 independent coking plants, port coke inventory, 247 steel mill coking plant inventory, total coke inventory, mine - mouth coking coal inventory, independent coking plant coking coal inventory, port coking coal inventory, and 247 sample steel mill coking coal inventory [14][15][16][17][18][20][21][23]. - Other charts included domestic steel mill production, Shanghai terminal wire and screw procurement volume, coal washing plant production, and coking plant operation [26][27][30][31]. Market Outlook - The analysis of coke and coking coal was the same as the core views, emphasizing the current production situation, the limited improvement of fundamentals, and the positive factors driving the futures to rebound from the low level [32].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - For the short - term and intraday, both coking coal and coke 2605 contracts are expected to have a strong - biased oscillation, and in the medium - term, they are expected to oscillate. The core logic for coking coal is that supply disturbances support its low - level rebound, and for coke, it is that raw material support makes it run strongly [1]. Group 3: Summary by Related Catalogs Coking Coal (JM) - **Price**: The latest quotation of Mongolian coking coal at Ganqimaodu Port is 1110.0 yuan/ton, with a week - on - week decrease of 0.9% [5]. - **Market Outlook**: After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. In the short - term, the fundamentals are difficult to improve significantly, but positive drivers such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage replenishment expectations, and Spring Festival coal mine production reduction expectations are emerging, driving the low - level rebound of coking coal futures [5]. Coke (J) - **Price**: The latest quotation of the first - class wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week decrease of 3.29%; the ex - warehouse price of the first - class wet - quenched coke at Qingdao Port is 1470 yuan/ton, with a week - on - week increase of 1.38% [6]. - **Market Outlook**: This week, coke futures rebounded upwards, mainly supported by the supply - side disturbances of coking coal. In addition, after entering the new year, positive drivers such as economic policy expectations, "anti - involution" policy expectations, and downstream winter storage replenishment expectations are emerging, driving the low - level rebound of coke futures [6].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - On January 8th, the coke主力合约 was reported at 1,765 yuan/ton, with an intraday increase of 2.56%. The spot price of Rizhao Port's quasi - first - grade wet - quenched coke decreased by 3.29% week - on - week, while that of Qingdao Port increased by 1.38% week - on - week. The coke futures rebounded this week, supported by disturbances on the coking coal supply side and positive expectations such as economic policies, "anti - involution" policies, and downstream winter storage replenishment [5][32]. - On January 8th, the coking coal主力合约 closed at 1,190 points, with an intraday increase of 4.75%. The latest quotation of Mongolian coal at Ganqimaodu Port decreased by 0.9% week - on - week. After New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand, and short - term fundamentals are difficult to improve significantly. However, positive expectations such as economic policies, "anti - involution" policies, downstream winter storage replenishment, and Spring Festival coal mine production cuts are driving the coking coal futures to rebound from a low level [5][32]. 3. Summary by Directory 3.1 Industry News - In 2025, the average annual working hours of major construction machinery products were 926 hours, a year - on - year decrease of 6.15%. The working hours of excavators were 815 hours [7]. - On January 8th, the price of coking coal in the Linfen Anze market remained stable, with the ex - factory price of low - sulfur main coking clean coal (A9, S0.5, V20, G85) being 1,500 yuan/ton [8]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (Flat - price) | 1,470 yuan/ton | - 3.29% | - 3.29% | - 13.02% | - 10.37% | | Qingdao Port Quasi - First - Grade Coke (Ex - warehouse) | 1,470 yuan/ton | 1.38% | 1.38% | - 9.26% | - 7.55% | | Ganqimaodu Port Mongolian Coking Coal | 1,110 yuan/ton | - 0.89% | - 1.77% | - 5.93% | - 5.93% | | Jingtang Port Australian - Produced Coking Coal | 1,540 yuan/ton | 1.32% | 1.99% | 3.36% | 3.36% | | Jingtang Port Shanxi - Produced Coking Coal | 1,650 yuan/ton | - 2.94% | - 2.94% | 7.84% | 7.84% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,765 yuan/ton | 2.56% | 1,817.5 yuan/ton | 1,735.5 yuan/ton | 47,831 | 2,348 | 37,935 | - 481 | | Coking Coal | | 1,190 points | 4.75% | 1,237.5 points | 1,168.5 points | 2,265,707 | 1,004,789 | 502,862 | - 7,740 | [12] 3.4 Related Charts - The report provides charts of coke inventory (including 230 independent coking plants, 247 steel mill coking plants, port total inventory, and total inventory), coking coal inventory (including mine - mouth, port, 247 sample steel mills, and all - sample independent coking plants), as well as other charts such as domestic steel mill production, Shanghai terminal screw steel procurement volume, coal washing plant production, and coking plant operation [13][15][17][20][23][25][27][31]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The short - term view for both coking coal 2605 and coke 2605 is upward, the medium - term view is oscillating, and the intraday view is upward, with both being considered strong. For coking coal, the supply strong expectation has reappeared, leading to a significant rebound. For coke, the support from the cost side has led to a rebound from the low level [1]. Group 3: Summary by Relevant Catalogs Coking Coal (JM) - **Price**: The latest quotation of Mongolian coal at Ganqimaodu Port is 1110.0 yuan/ton, with a week - on - week decrease of 0.9% [5]. - **Market Outlook**: After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. In the short - term, the fundamentals are difficult to show obvious improvement. However, positive drivers such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage and replenishment expectations, and the expectation of coal mine production cuts during the Spring Festival are gradually emerging, driving the coking coal futures to strengthen [5]. Coke (J) - **Price**: The latest quotation of the warehouse - clearance price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week decrease of 3.29%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1420 yuan/ton, with a week - on - week decrease of 2.07% [6]. - **Market Outlook**: This week, coke futures rebounded upwards, mainly supported by the supply - side disturbances of coking coal. In addition, after entering the new year, the upward drivers of economic policy expectations, "anti - involution" policy expectations, and downstream winter storage and replenishment expectations are gradually emerging, driving the coke futures to strengthen [6].