Report Summary 1) Report Industry Investment Rating - Not provided in the content 2) Core View of the Report - The price of finished steel products is in a small - range shock consolidation, with a doji candlestick in price, and the weak downstream demand is the key factor dragging down steel prices. As the Spring Festival holiday approaches, the spot market is gradually entering the holiday rhythm, and there may still be funds leaving the market, leading to a decline in market trading. The macro - level is calm and has little impact on prices. The raw materials are expected to run weakly in a shock, and attention should be paid to the 3000 support level for rebar. [2][4] 3) Summary by Relevant Catalogs Finished Steel Products - As of February 11, 2026, only two domestic hot - rolled strip steel producers have introduced winter storage preferential policies, both for internal agreement customers and surrounding strategic customers, and the rest of the steel mills have not introduced such policies and will follow the usual sales policies during the Spring Festival. This week, the average tax - free hot - metal cost and the average tax - included billet cost of mainstream sample steel mills in Tangshan have decreased slightly, and the loss per ton of steel mills has increased by 10 yuan compared with the ex - factory price of common billets at 2,900 yuan/ton. [3] - The price of finished steel products is in small - range shock consolidation, and the weak downstream demand drags down prices. As the Spring Festival approaches, the spot market enters the holiday rhythm, with possible fund outflows and reduced trading. The macro - level is calm and has little impact on prices. [2][4] Raw Materials - The raw materials are expected to run weakly in a shock, and attention should be paid to the 3000 support level for rebar. The later - stage concerns are macro policies and downstream demand. [4]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - In November, the downward trend of coke was driven by increased coking coal supply and weak downstream demand, along with policy factors. However, in December, with the expected macro - economic improvement and potential coal mine production cuts, the downward pressure on coke may ease, and the main contract is expected to gradually stabilize. The main risk is the unexpectedly loose supply of coking coal [2][6] Group 3: Summary by Related Content Current Market Situation of Coke Futures - In November, the J2601 contract of coke futures dropped 11.4%, with the lowest price at 1562.0 yuan/ton. As of December 3, the main contract closed at 1624.5 yuan/ton, down 1.23% daily [2] Spot Market Situation - Since mid - November, coking coal prices have weakened due to increased supply and futures drag. As of November 28, the daily output of coking coal in 523 mines was 76.4 tons, up 2.6 tons/day from November 7. In November, the Ganqimaodu Port's cumulative customs clearance increased by 38.6% month - on - month and 5.5% year - on - year. The coking coal auction failure rate rose to 30% - 60% in mid - to - late November. On December 3, the price of low - sulfur coking coal in Linfen, Shanxi and Mongolian coking coal at Ganqimaodu Port dropped significantly from the November high. On December 1, the first round of coke price cuts was implemented, but the subsequent price cut space may be limited [3] Supply and Demand Analysis - In the short term, coke supply has increased while demand has decreased. As of November 28, the combined daily output of coke from coking plants and steel mills was 110.08 tons, up 1.19 tons week - on - week. The daily output of molten iron in 247 steel mills was 234.68 tons, down 1.60 tons week - on - week. In the future, the demand pressure on coke is expected to ease [4] Overall Conclusion - In November, coke futures declined due to negative factors in the fundamentals and policies. In December, with the expected macro - economic improvement and potential coal mine production cuts, the negative drivers for coke are weakening, and the main contract is expected to stabilize at the lower edge of the shock range. The main risk is the unexpectedly loose supply of coking coal [6]