Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For both coking coal and coke, the short - term and medium - term views are “oscillation”, and the intraday view is “oscillation on the strong side”. The overall reference view is an “oscillation mindset” [1][5][6]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Trend and View**: The short - term, medium - term, and intraday views are “oscillation”, “oscillation”, and “oscillation on the strong side” respectively, with an overall “oscillation mindset” [1][5]. - **Driving Logic**: The supply side is the core factor driving the market. The National Development and Reform Commission's emphasis on energy supply during the heating season and stable domestic production and increased imports have weakened the supply - side support for coal prices. However, due to the December Politburo economic meeting and the expected year - end coal mine production cuts, there is resistance to further price drops, and the main contract has rebounded at the lower edge of the previous oscillation range [5]. Coke (J) - **Price Trend and View**: The short - term, medium - term, and intraday views are “oscillation”, “oscillation”, and “oscillation on the strong side” respectively, with an overall “oscillation mindset” [1][6]. - **Driving Logic**: On December 1st, the first round of price cuts for coke was implemented. The supply is increasing, with the daily coke output increasing by 1.19 million tons to 110.08 million tons. The demand is under pressure, as the daily hot metal output of 247 steel mills decreased by 1.6 million tons to 234.68 million tons, and the steel mill profitability rate dropped to 35.06%. Due to the uncertainty in coking coal supply in December, there is resistance to further price drops for coke futures, and the main contract has rebounded at the lower edge of the oscillation range [6].

1. Report's Industry Investment Rating - No information provided 2. Core Views of the Report - For coke, as of the week ending November 28, the total daily coke output of all - sample coking plants and steel mills was 110,080 tons, a week - on - week increase of 1,190 tons. The daily hot - metal output of 247 steel mills was 234,680 tons, a week - on - week decrease of 1,600 tons. The steel mill profitability rate dropped 2.6 percentage points to 35.06%, with widespread losses. Coke inventory increased overall this week. With uncertainties in coking coal supply in December, there is resistance to further decline in coke futures, and the main contract rebounded at the lower edge of the trading range [6][34]. - For coking coal, the demand side has no obvious differences, and the supply side is the core factor guiding the market. The National Development and Reform Commission's emphasis on energy supply during the heating season has reduced market expectations of new anti - involution measures in the coal industry. Coking coal output was not affected by the inspection, and imports accelerated, weakening the supply - side logic. Since November, coking coal futures have been in a correction. However, considering the December Political Bureau economic meeting and the year - end production cut expectations, there is resistance to further decline, and the main contract rebounded at the lower edge of the previous trading range [7][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - Guangzhou launched 102 urban renewal projects on November 28, with a total investment of about 807.7 billion yuan, covering various types such as old - community renovation, dilapidated - building reconstruction, and infrastructure upgrading [8]. - On December 1, the coking coal price in Linfen Anze market remained stable, with the ex - factory cash - inclusive price of low - sulfur main - coking clean coal (A9, S0.5, V20, G85) at 1,580 yuan/ton [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | | Monthly Change | | Annual Change | | Year - on - Year Change | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Last Weekend | Change Rate | Last Month End | Change Rate | Last Year End | Change Rate | Same - Period Value | Change Rate | | Coke (Rizhao Port Quasi - first - grade FOB) | 1,670 | 1,670 | 0.00% | 1,570 | 6.37% | 1,690 | - 1.18% | 1,790 | - 6.70% | | Coke (Qingdao Port Quasi - first - grade Ex - warehouse) | 1,450 | 1,480 | - 2.03% | 1,550 | - 6.45% | 1,620 | - 10.49% | 1,670 | - 13.17% | | Coking Coal (Ganqimaodu Port Mongolian Coal) | 1,280 | 1,280 | 0.00% | 1,390 | - 7.91% | 1,180 | 8.47% | 1,330 | - 3.76% | | Coking Coal (Jingtang Port Australian - produced) | 1,570 | 1,590 | - 1.26% | 1,660 | - 5.42% | 1,490 | 5.37% | 1,630 | - 3.68% | | Coking Coal (Jingtang Port Shanxi - produced) | 1,710 | 1,790 | - 4.47% | 1,740 | - 1.72% | 1,530 | 11.76% | 1,700 | 0.59% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate (%) | High Price | Low Price | Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,574.5 | - 1.99 | 1,599.0 | 1,562.0 | 20,980 | 5,174 | 35,266 | 1,953 | | Coking Coal | | 1,067.0 | - 0.79 | 1,074.0 | 1,053.0 | 505,376 | 47,555 | 449,323 | - 3,013 | [13] 3.4 Relevant Charts - The report shows various charts related to coke and coking coal inventories, including those of 230 independent coking plants, 247 steel - mill coking plants, ports, and total inventories. It also includes charts on domestic steel - mill production, Shanghai terminal wire - rod procurement, coal - washing plant production, and coking - plant operation [14][27][32]. 3.5 Market Outlook - Similar to the core views, for coke, considering production, inventory, and supply - side uncertainties, there is resistance to further decline in futures, and the focus is on actual coal - mine production. For coking coal, the supply side is the key factor, and although the market has been in a correction, there is resistance to further decline due to policy and production - cut expectations, with the focus on coal - mine production [34][35].