1. Report Industry Investment Ratings - The investment ratings for different products are as follows: - **Three-star ratings**: Thread steel, hot-rolled coil, and iron ore, indicating a clearer long/short trend and relatively appropriate investment opportunities currently [1]. - **One-star ratings**: Coke, coking coal, and silicon manganese, suggesting a bias towards long/short with a driving force for price increase/decrease, but poor operability on the trading floor [1]. - **One-star with one white-star rating**: Ferrosilicon, indicating a certain long/short tendency but relatively balanced short-term trends and poor operability on the trading floor [1]. 2. Core Views of the Report - The overall steel market is under pressure due to weak demand during the peak season, the resurgence of the US tariff - adding issue, and weak domestic demand. The iron ore market is expected to fluctuate at a high level. The coke and coking coal markets are supported by high - level pig iron production, and the silicon manganese and ferrosilicon markets are affected by high pig iron production and external trade frictions [2][3][4][6][7][8]. 3. Summaries by Relevant Catalogs **Steel** - The steel trading floor showed a weak oscillation today. During the holiday, the apparent demand for thread steel and hot - rolled coil decreased significantly, production declined slightly, and inventories accumulated substantially. Pig iron production remained high, and downstream carrying capacity was insufficient. With the decline in steel mill profits, the negative feedback expectation in the industry chain continued to ferment. Domestic demand was still weak, but steel exports in September remained high. The trading floor was under short - term pressure, and attention should be paid to the progress of the game between the two countries and the promotion of domestic demand stimulus policies [2]. **Iron Ore** - The iron ore trading floor rose today, and the basis fluctuated recently. On the supply side, global shipments decreased环比 but were stronger than the same period last year. Domestic arrivals rebounded significantly. On the demand side, pig iron production was highly resilient, and steel mills had certain replenishment needs after the National Day, but the pressure for future production cuts was increasing. Considering the low direct exports to the US and the upcoming important domestic meeting in October, the emotional impact was within expectations. It is expected that iron ore will mainly fluctuate at a high level [3]. **Coke** - The coke price oscillated upward today. The first round of price increases for coking was fully implemented, and the second round was postponed. Profits were average, daily production decreased slightly, and inventories decreased slightly. After pre - holiday replenishment, downstream enterprises were mainly consuming inventories, and traders' purchasing willingness was average. Overall, the carbon element supply was abundant, and high - level pig iron production provided support. The coke trading floor had a slight premium, and there were expectations for safety production assessments in major coking coal production areas. Attention should be paid to the impact of US tariff - adding [4]. **Coking Coal** - The coking coal price oscillated upward today. The production of coking coal mines increased slightly, spot auction transactions decreased slightly, and transaction prices remained stable. Terminal inventories decreased. The total coking coal inventory decreased significantly环比, and production - end inventories increased slightly. During the double festivals, some coking coal mines voluntarily reduced production efficiency, leading to a decline in production. Overall, the carbon element supply was abundant, high - level pig iron production provided support. The coking coal trading floor had a slight discount to Mongolian coal, and there were expectations for safety production assessments in major coking coal production areas. Attention should be paid to the impact of US tariff - adding [6]. **Silicon Manganese** - The silicon manganese price mainly oscillated today. On the demand side, pig iron production remained high. Weekly silicon manganese production decreased slightly but remained at a high level, inventories decreased slightly, and both futures and spot demand were still good. The forward quotation of manganese ore increased slightly环比, and spot ores were boosted by the trading floor. Manganese ore inventories decreased slightly, and the contradiction was not prominent. Attention should be paid to the impact of external trade frictions [7]. **Ferrosilicon** - The ferrosilicon price mainly oscillated today. On the demand side, pig iron production remained high. Export demand remained at around 30,000 tons, with a marginal impact. The production of magnesium metal increased slightly环比, and secondary demand increased marginally. Overall, demand was acceptable. Ferrosilicon supply remained at a high level, and on - balance - sheet inventories continued to decline. Attention should be paid to the impact of external trade frictions [8].

Core Insights - The coke sector experienced a 1.48% increase on October 13, with Baotailong leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Baotailong (601011) closed at 3.60, up 10.09% with a trading volume of 449,300 shares and a transaction value of 162 million yuan [1] - Antai Group (600408) closed at 2.42, up 2.11% with a trading volume of 494,300 shares and a transaction value of 117 million yuan [1] - Yunwei Co. (600725) closed at 3.60, up 1.12% with a trading volume of 217,500 shares and a transaction value of 76.66 million yuan [1] - Meijin Energy (000723) closed at 4.99, up 0.60% with a trading volume of 1,890,300 shares and a transaction value of 439 million yuan [1] - Shaanxi Black Cat (601015) closed at 3.74, up 0.54% with a trading volume of 470,700 shares and a transaction value of 174 million yuan [1] - Yunmei Energy (600792) closed at 3.99, up 0.50% with a trading volume of 226,200 shares and a transaction value of 89.03 million yuan [1] - Shanxi Coking Coal (600740) closed at 4.10, down 0.73% with a trading volume of 362,400 shares and a transaction value of 1.47 billion yuan [1] Capital Flow - The coke sector saw a net outflow of 51.32 million yuan from institutional investors and 39.11 million yuan from retail investors, while retail investors had a net inflow of 90.43 million yuan [1] - Baotailong had a net inflow of 8.45 million yuan from institutional investors, but a net outflow of 8.79 million yuan from retail investors [2] - Yunwei Co. experienced a net inflow of 1.48 million yuan from retail investors despite a net outflow from institutional and speculative investors [2] - Shaanxi Black Cat had a net outflow of 5.27 million yuan from institutional investors but a net inflow of 15.40 million yuan from retail investors [2] - Yunmei Energy saw a significant net outflow from institutional and speculative investors, but a net inflow of 13.40 million yuan from retail investors [2] - Antai Group and Shanxi Coking Coal both experienced net outflows from institutional and speculative investors, with retail investors providing some support [2]

Group 1: Report Summary - The report includes three industry period - spot daily reports on steel, iron ore, and coke & coking coal, dated October 10 - 13, 2025 [1][5][10] Group 2: Steel Industry Investment Rating - Not provided Core View - Short - term macro sentiment is bearish due to escalating Sino - US friction; industry supply - demand is balanced with low inventory pressure, but poor peak - season demand expectations suppress valuation; there is no trending market in the real - world industry; short - term weak macro sentiment will push black metals down; focus on the support levels of 3000 for rebar and 3200 for hot - rolled coils in the January contract [2] Section Summaries - **Prices and Spreads**: Rebar and hot - rolled coil spot prices mostly declined; some contract prices had small changes; steel billet prices decreased, while slab prices were stable; production costs and profits varied by region and production method [2] - **Production**: Daily average pig iron output decreased by 0.1% to 241.5 tons; five major steel product output decreased by 0.4% to 863.3 tons; rebar output decreased by 1.7% to 203.4 tons; hot - rolled coil output decreased by 0.4% to 323.3 tons [2] - **Inventory**: Five major steel product inventory increased by 8.7% to 1600.7 tons; rebar inventory increased by 9.5% to 659.6 tons; hot - rolled coil inventory increased by 8.5% to 412.9 tons [2] - **Trading and Demand**: Building material trading volume decreased by 7.1% to 9.1 tons; five major steel product apparent demand decreased by 17.0% to 751.4 tons; rebar apparent demand decreased by 36.5% to 153.2 tons; hot - rolled coil apparent demand decreased by 9.1% to 295.0 tons [2] Group 3: Iron Ore Industry Investment Rating - Not provided Core View - Last week, iron ore futures fluctuated upwards; supply concerns have weakened; demand from steel mills is weakening; the market will fluctuate within a range due to weak steel prices and falling mill profitability; pay attention to production control policies, Sino - Australian negotiations, and Sino - US tariff wars; consider going long on the 2601 contract at low prices and the spread trade of long iron ore and short hot - rolled coils [5][6] Section Summaries - **Prices and Spreads**: Warehouse receipt costs of various iron ore types increased slightly; spot prices at Rizhao Port rose slightly; price indices also increased; some spreads changed [5] - **Supply**: 45 - port weekly arrivals increased by 10.5% to 2608.7 tons; global weekly shipments decreased by 5.7% to 3279.0 tons; monthly national imports increased by 0.6% to 10522.5 tons [5] - **Demand**: 247 steel mills' weekly average pig iron output decreased by 0.1% to 241.5 tons; 45 - port weekly average ore - removal volume decreased by 2.8% to 327.0 tons; monthly national pig iron output decreased by 1.4% to 6979.3 tons; monthly national crude steel output decreased by 2.9% to 7736.9 tons [5] - **Inventory**: 45 - port inventory increased by 0.3% to 14024.5 tons; 247 steel mills' imported ore inventory decreased by 9.9% to 9046.2 tons; 64 steel mills' available inventory days decreased by 16.0% to 21.0 days [5] Group 4: Coke and Coking Coal Industry Investment Rating - Not provided Core View Coke - Last week, coke futures rebounded; spot prices are showing signs of weakness; there is a possibility of the coke futures price falling again; pay attention to production reduction policies in Shanxi and the steel market; consider shorting the 2601 contract at high prices and the spread trade of long iron ore and short coke [10] Coking Coal - Last week, coking coal futures rebounded; spot prices are weakening; the futures price may fall after rising; consider shorting the 2601 contract at high prices and the spread trade of long iron ore and short coking coal [10] Section Summaries Coke - **Prices and Spreads**: Some coke spot prices decreased; contract prices increased slightly; basis and spreads changed [10] - **Supply**: Total coke output was stable, with a slight decrease in 247 steel mills' output [10] - **Demand**: 247 steel mills' pig iron output decreased slightly [10] - **Inventory**: Total coke inventory decreased slightly; coking plants' inventory increased, while steel mills' and port inventories decreased [10] Coking Coal - **Prices and Spreads**: Some coking coal spot prices changed; contract prices decreased slightly; basis and spreads changed [10] - **Supply**: Coal mine output decreased after the holiday and will gradually recover; imported Mongolian coal prices weakened [10] - **Demand**: Pig iron output and coking plant operation decreased slightly; downstream replenishment demand weakened [10] - **Inventory**: Coal mines' inventory increased, while other sectors' inventories decreased [10]

Group 1: Steel Industry Report Industry Investment Rating Not provided Core View The short - term macro sentiment is weak due to Sino - US friction, which will cause black metals to decline. There is no trend in the industrial reality. The 1 - month contract of rebar and hot - rolled coil should focus on the support levels around 3000 and 3200 respectively. The steel supply and demand are basically balanced, but the export demand is expected to weaken due to Sino - US friction escalation [2]. Summaries by Relevant Catalogs - **Prices and Spreads**: Rebar and hot - rolled coil spot prices mostly declined. Costs and profits showed mixed trends, with some costs increasing slightly and some profits decreasing. The daily average iron - making water output and the output of five major steel products decreased slightly [2]. - **Output**: The daily average iron - making water output was 241.5 (down 0.3 from the previous value, - 0.1%), the output of five major steel products was 863.3 (down 3.8, - 0.4%), and the rebar output was 203.4 (down 3.6, - 1.7%) [2]. - **Inventory**: The inventory of five major steel products increased by 8.7% to 1600.7, rebar inventory increased by 9.5% to 659.6, and hot - rolled coil inventory increased by 8.5% to 412.9 [2]. - **Trading and Demand**: The building materials trading volume decreased by 7.1%, and the apparent demand for five major steel products decreased by 17.0% [2]. Group 2: Iron Ore Industry Report Industry Investment Rating Not provided Core View Last week, iron ore futures fluctuated and rose. The supply concerns have weakened, but the demand is weakening due to the decline in steel mill profit margins and the weakening of steel mill restocking demand. The iron ore will fluctuate within a range. It is recommended to go long on the 2601 contract of iron ore at low prices and carry out an arbitrage strategy of long iron ore and short hot - rolled coil [5][6]. Summaries by Relevant Catalogs - **Prices and Spreads**: The prices of various iron ore varieties and price indices increased slightly. The spreads between different contracts also changed, with the 5 - 9 spread increasing by 4.9% and the 9 - 1 spread decreasing by 5.0% [5]. - **Supply**: The global shipping volume of iron ore decreased by 5.7% week - on - week, while the 45 - port arrival volume increased by 10.5%. The subsequent average arrival volume is expected to decline [5]. - **Demand**: The daily average iron - making water output of 247 steel mills decreased by 0.1%, the 45 - port daily average ore - handling volume decreased by 2.8%, and the national monthly pig iron and crude steel output decreased [5]. - **Inventory**: The 45 - port inventory increased by 0.3%, the imported ore inventory of 247 steel mills decreased by 9.9%, and the inventory - available days of 64 steel mills decreased by 16.0% [5]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating Not provided Core View - **Coke**: Last week, coke futures fluctuated and rebounded. The supply side has some problems, and the demand is weak. The coke inventory is moderately decreasing. The coke futures may fall again due to the weakening of spot prices and the weakening of steel prices. Attention should be paid to the implementation of capacity reduction in the coking industry and the steel market [10]. - **Coking Coal**: Last week, coking coal futures fluctuated and rebounded. The spot market is weakening, and the demand for restocking is weakening. Although the futures rebounded due to supply - side disturbances, the spot weakness may cause the futures to fall. It is recommended to go short on the 2601 contract of coking coal at high prices and carry out an arbitrage strategy of long iron ore and short coking coal [10]. Summaries by Relevant Catalogs - **Prices and Spreads**: Coke and coking coal contract prices showed different trends, with some contracts rising and some falling. The basis and spreads between different contracts also changed [10]. - **Supply**: The output of coking coal mines decreased during the holiday and will gradually resume production. The output of coke and coking coal has changed slightly [10]. - **Demand**: The iron - making water output decreased slightly, and the demand for coke and coking coal restocking is weakening [10]. - **Inventory**: The coke inventory of coking plants increased, while the inventory of steel mills and ports decreased. The coking coal inventory of mines increased, and the inventory of other links decreased [10].

Core Viewpoint - The current coking coal market is stable overall, but market sentiment is cautious with limited upward driving forces [2] Supply Side - Coking coal producers have slightly alleviated profit pressure after the first round of price increases, maintaining stable operations and low inventory levels, which provide some price support [2] - The main price for premium dry coke in Shanxi region is reported at 1540-1615 CNY/ton [1] - Port coking coal market is operating steadily, with a slight increase in the number of coking coal collected by traders, while total inventory has decreased slightly compared to the previous working day [1] Demand Side - Steel mills are operating steadily, but are constrained by environmental production limits and insufficient sinter ore inventory, leading to expectations of reduced blast furnace loads [2] - Steel mills currently show limited willingness to increase coking coal inventory, primarily purchasing based on demand [2] Market Outlook - Future market trends will depend on fluctuations in coking coal prices, steel mill profits and production cuts, as well as the recovery strength of terminal demand [2]

Group 1 - During the National Day holiday, major steel mills implemented a price increase for coke, with the first round of price adjustments occurring on October 1, resulting in an increase of 55 CNY/ton for solid dry coke and 50 CNY/ton for solid wet coke [1] - As of October 11, the price of first-grade coke is reported at 980 CNY/ton, while second-grade coke is at 1200 CNY/ton, and premium metallurgical coke is priced at 1900 CNY/ton in Henan Province [2] - The futures market saw the main contract for coke closing at 1646.5 CNY/ton, with a daily trading volume of 8796 lots, reflecting a decrease of 0.90% [2] Group 2 - A survey of 230 independent coke enterprises indicated a capacity utilization rate of 74.95%, a slight decrease of 0.05%, with an average daily coke production of 52.86 thousand tons, down by 0.03 thousand tons [3] - Coke inventory increased by 3.53 thousand tons to 42.54 thousand tons, while the total inventory of coking coal decreased by 69.15 thousand tons to 819.32 thousand tons, with available days of coking coal at 11.7 days, down by 0.98 days [3] - On October 9, the Dalian Commodity Exchange reported an increase of 2150 lots in coke futures warehouse receipts compared to the previous trading day [4] Group 3 - The analysis from Guohai Liangshi Futures Research indicates that despite the price increase for coke, the production levels of independent coke enterprises and steel companies remained relatively stable during the holiday, leading to a limited decrease in overall coke production [4] - The profit margins for coke enterprises have improved due to the price increase, but the pressure for further price hikes remains significant due to the thin profit margins of steel companies [4] - It is expected that the iron output in October will maintain a high level of around 2.4 million tons, providing support for coke supply, although coke prices are under pressure from reduced cost support and accumulated steel inventory [4]

Market Review - The main contract for coking coal futures closed at 1646.5 CNY/ton, a slight decrease of 0.90% [1] Fundamental Summary - The China Coastal Bulk Freight Index (CBFI) is reported at 1027.14 points, while the China Coastal Coal Freight Index (CBCFI) increased by 5.8% to 698.59 points [2] - Baotailong (601011) announced a comprehensive overhaul of its coke oven equipment scheduled for October 2024, which has been completed. The upgraded coke oven incorporates advanced environmental technology and intelligent equipment, aligning with national green and low-carbon development policies, enhancing product quality and market competitiveness. The company will assess economic benefits based on market conditions to determine the specific timing for resuming operations [2] - The capacity utilization rate for independent coking enterprises is 75.18%, an increase of 0.05%. The average daily output of coke is 66.12, up by 0.04, while coke inventory stands at 63.84, an increase of 1.53. The total inventory of coking coal is 959.06, down by 78.65, with available days of coking coal at 10.9 days, a decrease of 0.9 days [2] Institutional Perspectives - According to Everbright Futures, the supply side has stabilized as coking enterprises maintain normal production levels following the first round of price increases, alleviating profit pressures. However, demand has been affected by holiday logistics and rainfall in northern regions, leading to a decrease in inventory at steel mills and a general pressure on prices, resulting in limited replenishment of raw materials. Short-term expectations indicate wide fluctuations in coking coal prices [3] - Jinrui Futures notes that during the National Day holiday, pig iron production remained high, leading to a reduction in overall supply and an increase in demand for coking coal, accelerating inventory depletion and igniting expectations for replenishment post-holiday. However, due to significant inventory accumulation during the holiday and shrinking profits for steel mills, the outlook for steel demand in the fourth quarter appears weak, suggesting limited replenishment efforts and a pessimistic short-term price outlook for coking coal. Recommendations include short-selling strategies, with risks associated with unexpected growth in steel demand and tighter supply of dual coking coal [3]

Core Insights - The coke sector experienced a 2.59% increase on October 10, with Baotailong leading the gains, while the Shanghai Composite Index fell by 0.94% [1] Group 1: Market Performance - Baotailong's stock price closed at 3.27, reflecting a 10.10% increase with a trading volume of 835,300 shares and a transaction value of 270 million yuan [1] - Other notable performers included Shanxi Black Cat, which rose by 4.49% to 3.72, and Yunmei Energy, which increased by 3.93% to 3.97 [1] - The overall trading volume for the coke sector was significant, with Baotailong leading in both price increase and transaction value [1] Group 2: Capital Flow - The coke sector saw a net inflow of 40.27 million yuan from main funds, while retail funds experienced a net inflow of 231,000 yuan [1] - Baotailong attracted a net inflow of 80.73 million yuan from main funds, despite a net outflow of 30.20 million yuan from speculative funds [2] - The capital flow data indicates a mixed sentiment among retail investors, with significant outflows from several companies, including Meijin Energy and Antai Group [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For the steel industry, after the holiday, steel prices rebounded slightly. Steel production decreased slightly during the holiday, and inventory increased significantly due to stagnant demand. The supply - demand gap narrowed at the end of September. In October, demand is expected to recover seasonally, and inventory is expected to decline seasonally. The short - term supply and demand are basically balanced, and inventory pressure is not large. Pay attention to the support levels of 3050 and 3200 for rebar and hot - rolled coil January contracts respectively. The unilateral drive is not obvious. For arbitrage, reverse arbitrage on the monthly spread at high levels and convergence of the hot - rolled coil to rebar spread are recommended [3]. - For the iron ore industry, on the first trading day after the holiday, iron ore showed an oscillating upward trend. There are many disturbances on the supply side, but the external iron ore swap still follows the domestic price trend. Iron ore has a rebound drive, but the upward space depends on steel prices to give steel mills profits. Short - term, buy iron ore 2601 at low prices, with a price range of 760 - 830, go long on iron ore and short on hot - rolled coil, and buy out - of - the - money call options on iron ore 2601 [5]. - For the coke and coking coal industries, after the holiday, coke and coking coal futures rebounded from the bottom, showing a divergence between futures and spot. The coke market is expected to have another round of price increase, but may face downward pressure due to compressed steel mill profits. The coking coal market is expected to be weak but the futures have a rebound expectation. For coke, buy coking coal 2601 at low prices in the price range of 1550 - 1750, conduct 1 - 5 reverse arbitrage on coke, and buy out - of - the - money call options on coke 2601. For coking coal, buy at low prices in the price range of 1080 - 1180, conduct 1 - 5 reverse arbitrage, and buy out - of - the - money call options on coking coal 2601 [8][9]. Summary by Relevant Catalogs Steel Industry Prices and Spreads - Rebar spot prices in East, North, and South China are 3240, 3210, and 3320 yuan/ton respectively. Rebar 01, 05, and 10 contracts are at 3096, 3159, and 3020 yuan/ton respectively. Hot - rolled coil spot prices in East, North, and South China are 3350, 3290, and 3320 yuan/ton respectively. Hot - rolled coil 01, 05, and 10 contracts are at 3293, 3259, and 3370 yuan/ton respectively [2][4]. Cost and Profit - Steel billet price is 2960 yuan/ton, up 10 yuan. Plate billet price is 3730 yuan/ton, unchanged. Profits of East, North, and South China hot - rolled coils are 66, 16, and 46 yuan/ton respectively, all decreasing [3]. Supply and Inventory - Daily average pig iron output is 241.5, down 0.3 (- 0.1%). Five - major steel products output is 863.3 (down 3.8, - 0.4%) million tons. Rebar output is 203.4, down 3.6 (- 1.7%). Five - major steel products inventory is 1600.7 (up 127.9, 8.7%) million tons, rebar inventory is 659.6 (up 57.4, 9.5%), and hot - rolled coil inventory is 412.9 (up 32.3, 8.5%) [3]. Demand - Building materials trading volume is 12.0, up 3.9 (49.0%). Five - major steel products apparent demand is 751.4, down 153.4 (- 17.0%) [3]. Iron Ore Industry Prices and Spreads - Warehouse receipt costs of various iron ore powders and spot prices at Rizhao Port have different changes. The 5 - 9 spread is 20.5, up 1.5 (7.9%); the 9 - 1 spread is - 40.0, unchanged; the 1 - 5 spread is 19.5, down 1.5 (- 7.1%) [5]. Supply - 45 - port weekly arrivals are 2608.7, up 248.2 (10.5%) million tons. Global weekly shipments are 3279.0, down 196.4 (- 5.7%) million tons. National monthly import volume is 10522.5, up 61.5 (0.6%) [5]. Demand - 247 steel mills' weekly average daily pig iron output is 241.5, down 0.3 (- 0.1%). 45 - port weekly average daily port clearance is 0.0, down 336.4 (- 100.0%) million tons. National monthly pig iron and crude steel outputs are 6979.3 and 7736.9 respectively, both decreasing [5]. Inventory - 45 - port inventory decreased by 22.5 (- 0.2%) million tons compared to Monday. 247 steel mills' imported iron ore inventory increased by 300.4 (3.1%). 64 steel mills' inventory available days decreased by 4.0 (- 16.0%) [5]. Coke and Coking Coal Industries Prices and Spreads - Coke and coking coal contract prices and basis have different changes. For example, coke 01 contract is 1654, up 31 (1.9%); coking coal 01 contract is 1164, up 38 (3.4%) [9]. Supply - Coke production: The daily average output of all - sample coking plants is 66.1, unchanged; 247 steel mills' daily average output is 241.8, down 0.6 (- 0.2%) million tons. Coking coal production: Raw coal output is 836.7, down 31.3 (- 3.6%); refined coal product is 426.3, down 19.8 (- 4.4%) million tons [9]. Demand - 247 steel mills' pig iron output is 241.5, down 0.3 (- 0.1%) million tons. The daily average output of all - sample coking plants for coke demand is 66.1, unchanged [9]. Inventory - Coke total inventory is 909.8, down 10.1 (- 1.1%). Coking coal inventory: Fenwei coal mine refined coal inventory increased by 14.1 (14.5%), and other inventories had different changes [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The supply and demand of coking coal and coke remain relatively high. The peak demand season combined with the downstream's remaining restocking space supports the confidence of the raw material market to hold prices firm. In the short term, the futures market will maintain a wide - range volatile operation [3] Group 3: Summary by Related Content Coal and Coke Market - On the first trading day after the holiday, the futures prices of coking coal and coke rebounded with oscillations and closed in the green. Driven by downstream restocking during the holiday, the first round of coke price increase was completed. The price of tamped dry - quenched coke increased by 55 yuan/ton, and tamped wet - quenched coke increased by 50 yuan/ton [2] - After the first - round price increase of coke, the profits of coke enterprises have improved. Most coke enterprises maintain a normal production rhythm, with a capacity utilization rate of around 75%. Although the transportation capacity in the main production areas was slightly affected during the holiday and logistics was relatively slow, coke shipments were in an orderly manner without blockages [2] - Steel mills' operations remain at a relatively high level, with the daily average pig iron output maintained at around 2.42 million tons, which supports the demand for raw materials [2] Coking Coal Market - The coking coal market is generally stable, with individual mine prices adjusting downward from high levels. Currently, the inventory pressure at the coal mine end is not obvious, supporting relatively firm prices [3] - The fourth - quarter long - term contract price of Mongolian coking coal at the pithead has increased from 53.54 - 54.35 US dollars to 57.3 - 58.15 US dollars, an increase of about 7%, with the warehouse - delivery equivalent price at about 770 - 800 yuan/ton. It is rumored that after the National Day, Mongolian coal customs clearance will increase the transportation capacity through automated loading and unloading, with the daily customs clearance volume increasing from the previous upper limit of 1,500 to 2,000, and a one - month trial operation after the National Day, which needs continuous tracking [3]