1. Report Industry Investment Rating - Not provided in the content 2. Report Core Views Coke - Coke's third round of price cuts has been implemented, with another round expected. Due to profit decline and environmental inspections, coke production has decreased. With the off - season of steel demand, iron - water production will continue to decline, weakening coke demand. All inventory levels of coke decreased last week. Considering cost factors, a bullish view on pullbacks is recommended, with the coke index expected to range between 1300 - 1410 [2]. Coking Coal - Environmental inspections in the "Sanxi" region have led to a five - week decline in coal mine production and a significant drop in coal washery output, providing some support to the market. In the long - term, coking coal demand is under pressure as iron - water production declines. Upstream inventory is high, and downstream procurement is cautious. A bullish view on pullbacks is recommended, with the coking coal index expected to range between 740 - 840 [4]. 3. Summary by Related Catalogs Coke Supply - Coke's third - round price cut has been implemented, and another cut is expected. Due to profit decline and environmental inspections in some areas, coke production has decreased. As of June 13, the daily coke output of all - sample coking plants was 65.04 million tons (-1.48), and that of 247 steel - mill coking plants was 47.24 million tons (-0.06), with a total output of 112.28 million tons (-1.54) [15]. Profit - After the third - round price cut, the average profit per ton of independent coking enterprises was -46 yuan/ton (-27) as of June 13 [19]. Demand - Iron - water production continued to decline slightly. With the off - season of steel demand, iron - water production will maintain a downward trend, weakening coke demand. As of June 13, the daily iron - water production was 241.61 million tons (-0.19) [23]. Inventory - Traders actively reduced inventory. Last week, all inventory levels of coke decreased. As of June 13, the inventory of all - sample independent coking plants was 125.71 million tons (-1.3), that of 247 steel mills was 642.84 million tons (-2.96), and the total inventory of four major ports was 203.09 million tons (-11.06), with a total coke inventory of 971.64 million tons (-15.32) [27]. Inventory Available Days - The inventory available days of 247 steel - mill coking plants increased slightly to 11.62 days (+0.04) as of June 13 [31]. Coke Basis - As of June 13, the warehouse - folded unit price of quasi - first - class metallurgical coke at Rizhao Port was 1304 yuan/ton. The basis of the January contract was -63, the May contract was -78, and the September contract was -46, indicating weak basis drivers [34]. Coke Calendar Spread - As of June 13, the September - January contract spread was -17, and the January - May contract spread was -15 [38]. Coking Coal Supply - Recently, there have been significant disturbances in the coking coal supply. In June, due to safety production month and stricter environmental inspections in the "Sanxi" region, some coal washeries stopped production and coal mine shipments were suspended. As of June 13, the daily output of 523 sample coal mines was 187.77 million tons (-2.11), with an operating rate of 83.71% (-0.94); the daily output of coal washeries was 47.79 tons (-3.67), with an operating rate of 57.36% (-3.23) [43]. Mongolian Coal Clearance - The clearance volume of Mongolian coal increased month - on - month [45]. Demand - Due to the decline in coking enterprise profits and coke production, coking coal demand support is weakening. In the long - term, coking coal demand will weaken as iron - water production declines. As of June 13, the total inventory of 230 independent coking plants was 669.53 million tons (-21.32), with available days of 9.65 days (-0.13), corresponding to a daily coking coal consumption of 69.38 million tons (-1.26); the inventory of 247 steel mills was 773.98 million tons (+3.07), with available days of 12.32 days (+0.06), and the converted daily consumption was 62.82 million tons (-0.06), with a total daily consumption of 132.2 million tons (-1.31) [50]. Coal Washery Inventory - As of June 13, the raw coal inventory of coal washeries was 336.13 million tons (+8.72), and the clean coal inventory was 251.47 million tons (+6.41) [54]. Inventory - Upstream coking coal inventory is at a high level. The inventory of coking enterprises decreased, while that of steel mills increased slightly, and port inventory decreased slightly. As of June 13, the total port inventory was 312.02 million tons (-1); the inventory of 247 steel mills was 773.98 million tons (+3.07); the coking coal inventory of all - sample independent coking plants was 798.07 million tons (-20.85); the clean coal inventory of 532 sample coal mines was 486.04 million tons (+5.31) [61]. Inventory Available Days - The inventory available days of coking enterprises decreased to 9.65 days (-0.31), while that of 247 steel enterprises increased slightly to 12.32 days (+0.06) as of June 13 [61]. Coking Coal Basis - As of June 13, the warehouse - folded unit price of Tangshan Mongolian No. 5 clean coal was 793 yuan/ton. The basis of the January contract was 5, the May contract was -20, and the September contract was 18 [64]. Coking Coal Calendar Spread - As of June 13, the September - January contract spread was -13.5, and the January - May contract spread was -24, with no calendar - spread trading opportunities [68].