The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Nanhua Futures Co., Ltd. 南華期貨股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republic of China with limited liability u ...

Group 1: Report Overview - The report is the South China Futures Corn & Starch Industry Daily, dated October 29, 2025, written by Dai Hongxu and research assistant Kang Quangui [1] Group 2: Core Views - The national autumn grain harvest in major producing areas is over 85%. The corn market harvest is nearing completion, but selling pressure remains high, pressuring prices. Futures prices are in a post - bottoming - out and retracement phase, while spot prices are in a post - stop - falling and stabilizing and fluctuating process [2] - On Tuesday, the corn futures market showed a narrow - range and slightly upward trend, supported by the rise in the outer market and the strength of soybeans. The main 01 contract rose 0.28% to close at 2123 yuan, with decreased trading volume and a slight increase in open interest. The corn starch futures market was weak, with the main 01 contract closing at 2424 yuan [2] Group 3: Market Influencing Factors Bullish Factors - State reserve purchase points in the Northeast region are supporting prices, limiting downward movement [6] - The shortage of high - quality corn in North China will become more apparent over time, supporting the expectation of stronger long - term prices [6] - After the peak of harvest and selling pressure, it will become more dispersed, and price pressure is expected to gradually ease [6] Bearish Factors - The pig industry is in the process of capacity regulation, which may affect long - term corn feed demand. However, the high inventory in the fourth quarter and the current entry of second - fattening pigs support the feed demand at a relatively good level [3] - Short - term supply pressure remains high, and prices are consolidating at a low level [3] Group 4: Price Forecast - The monthly price forecast for corn is in the range of 2050 - 2200 yuan, with a current volatility of 8.75% and a volatility percentile of 23.6%. The monthly price forecast for starch is in the range of 2350 - 2550 yuan, with a current volatility of 10.40% and a volatility percentile of 4.92% [3] Group 5: Price and Basis Data Spot Price and Basis - For corn, the price at Jinzhou Port is 2140 yuan (down 10 yuan), at Shekou Port is 2270 yuan (down 20 yuan), and in Harbin is 2010 yuan (unchanged). The Jinzhou Port main - continuous basis is 17 yuan (down 21 yuan) [3] - For corn starch, the price in Shandong is 2750 yuan (down 10 yuan), in Jilin is 2550 yuan (unchanged), and in Heilongjiang is 2460 yuan (unchanged). The Shandong main - continuous basis is 326 yuan (down 9 yuan) [3] Futures Price - From October 27 to 28, 2025, corn futures contracts 11, 01, 03, 05, 07 showed price increases, with increases ranging from 0.49% - 0.59%. Corn starch futures contracts 11, 01, 03, 05, 07, 09 showed price decreases, with decreases ranging from 0.04% - 0.25%. The wheat average price increased by 0.04% [4][7] Group 6: International Market Data - For US corn - related prices, the CBOT corn main - continuous contract price is 431.75, up 3.75 (0.88%); the COBT soybean main - continuous contract price is 1093.5, up 10 (0.92%); the CBOT wheat main - continuous contract price is 530.25, up 4.25 (0.81%). The US Gulf完税 price is 2141.89, up 13.84 (0.65%), with an import profit of 148.11; the US West完税 price is 2019.92, up 14.03 (0.7%), with an import profit of 270.08 [34]

Group 1 - The Guangxi Securities Regulatory Bureau issued a warning letter to Foshan Jinkong Futures Co., Ltd. Nanning Branch for failing to include integrity assessment in the performance evaluation of marketing staff, violating regulations [1] - The warning letter is part of administrative supervision measures, and the branch is required to improve internal compliance management and submit a written report within 30 days [1] - The company has the option to appeal the decision within 60 days or file a lawsuit within six months [1] Group 2 - Foshan Jinkong Futures Co., Ltd. was established in January 1996 with a registered capital of 316 million RMB, and it is the only state-owned futures company platform in Foshan [2] - The company is headquartered in Guangdong Financial High-tech Zone and has established 10 branches in various provinces including Guangdong, Guangxi, Shandong, Jiangxi, Henan, and Shanxi [2] - The shareholders consist of a state-owned enterprise, Foshan Financial Investment Holding Co., Ltd. (51% ownership), and a private enterprise, Foshan Ximingzhu Enterprise Group Co., Ltd. (49% ownership) [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View New-season soybeans are still in the listing period. Affected by positive factors such as stable grain - selling sentiment and increased purchasing behavior driven by the reduction in southern production areas, the price of domestic soybeans has run stronger than the season. The main contradiction of loose supply and price pressure has changed. However, with the progress of Sino - US trade negotiations and the possible restart of US soybean imports, the market's bullish sentiment is suppressed. The market has entered a consolidation stage after the rise. In the later stage, the purchasing intensity in the spot market is the key to determining the soybean price trend, and the situation of price variation may continue [4]. 3. Summary by Related Catalogs 3.1 Price Range Forecast and Risk Strategies - **Price Range Forecast**: The price range forecast for the bean - one 11 - contract in the month is 3900 - 4100, with a current 20 - day rolling volatility of 10.72% and a historical percentile of 29.3% [3]. - **Risk Strategies** - **Inventory Management for Sellers**: For those with long positions due to large new - bean sales demand in autumn and concentrated listing, two strategies are recommended. One is to short bean - one futures (A2601) with a 30% hedging ratio when the price is above 4100 to lock in planting profits. The other is to sell the call option A2511 - C - 4050 with a 30% ratio at 30 - 50 (holding) to increase the grain - selling price [3]. - **Procurement Management for Buyers**: For those worried about rising raw - material prices and increased procurement costs (short positions), the main strategy is to wait to purchase spot goods in the medium - term and focus on long - term procurement management. Long positions in A2603 and A2605 are recommended, waiting for the price to bottom out in the fourth quarter [3]. 3.2 Core Contradiction Analysis - **Positive Factors**: Stable grain - selling sentiment, repayment needs, improved storage conditions due to colder weather, and strong purchasing willingness from the mid - and downstream support the price. The non - start of previous years' state - reserve purchases also restricts price decline [4][7]. - **Negative Factors**: The resumption of new - season soybean harvesting and listing in southern production areas ensures short - term supply. The progress of Sino - US trade negotiations and the possible restart of US soybean imports change the market's bullish logic [4][7]. 3.3 Price and Market Data - **Spot Price and Basis**: On October 27, 2025, the spot price of Harbin (domestic third - grade) soybeans was 3900 yuan/ton with a basis of - 177, and that of Nenjiang was 3860 yuan/ton with a basis of - 244 [5]. - **Futures Closing Price**: From October 24 to 27, 2025, the closing prices of bean - one futures contracts all declined. For example, the bean - one 11 - contract decreased by 0.54% from 4076 to 4054 yuan/ton [8].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View Policy disruptions may affect the future supply of live pigs. Recently, the出栏 of large - scale farms and second - fattening groups has decreased, and some second - fattening operations have started to replenish. The futures market shows signs of a bottom. As the peak season approaches, demand is expected to improve, and there may be a structural shortage of large pigs, which will support prices during the peak season [2]. 3. Summary by Related Content - **Price and Quantity Indicators** - The report presents the average live pig出栏 price in China from 2021 - 2025, the seasonal changes in live pig warehouse receipts, and the relationship between the inventory of breeding sows and live pig prices [3]. - It also shows the comparison between national and Henan live pig prices, the changes in the live pig inventory structure, and the average live pig出栏 weight from 2021 - 2025 [3][4]. - **Production - related Indicators** - The PSY production index of breeding sows from 2018 - 2023 is presented, which reflects the reproductive efficiency of sows [6]. - The daily slaughter volume from 2021 - 2025 is shown [7]. - **Inventory and Profit Indicators** - The frozen pork storage capacity ratio from 2021 - 2025, the average price of culled sows, and the culling volume of breeding sows are provided [8]. - The seasonal profit of purchasing pigs for fattening, self - breeding and fattening, and the weekly seasonal slaughter gross profit from 2021 - 2025 are presented [9][10][11]. - The开工 rate of key slaughter enterprises from 2021 - 2025 and the average price of piglets from 2021 - 2025 are also included [12][14].

Report Industry Investment Rating - No information provided Core Viewpoints - Egg prices are at a low level, and the breeding side has a certain sentiment of supporting prices. Coupled with the drop in temperature, which is conducive to the storage and transportation of eggs, the shipping speed in low - price areas has accelerated, supporting the rebound of spot prices. Driven by the rise in spot prices, the near - month contracts have also strengthened significantly. However, the inventory of laying hens in production is still high, and old hens have not been over - culled. High production capacity is still the main concern of the market, which may limit the upside space. The recent futures prices have also risen, but the high - production capacity pressure still exists, and it is necessary to be cautious about chasing up [2] Summary by Directory Futures Market - The futures closing price of the active egg contract is 3134 yuan/500 kilograms, with a week - on - week increase of 48; the net long position of the top 20 futures holders is - 23326 lots, with a week - on - week decrease of 1261; the monthly spread between contracts 1 - 5 is - 118 yuan/500 kilograms, with a week - on - week increase of 24; the futures open interest of the active contract is 240449 lots, with a week - on - week increase of 6219; the registered warehouse receipt volume is 20 lots, with no week - on - week change [2] 现货市场 - The spot price of eggs is 2.98 yuan/jin, with a week - on - week increase of 0.03; the basis (spot - futures) is - 159 yuan/500 kilograms, with a week - on - week decrease of 17 [2] Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 = 100), with a month - on - month increase of 0.86; the national culled laying hen index is 124.63 (with 2015 = 100), with a month - on - month increase of 31.02; the average price of laying hen chicks in the main production areas is 2.65 yuan/chick, with a week - on - week increase of 0.05; the national new - born chick index is 76.65 (with 2015 = 100), with a month - on - month increase of 3.3; the average price of laying hen compound feed is 2.76 yuan/kg, with a week - on - week increase of 0.01; the breeding profit of laying hens is - 0.45 yuan/hen, with a week - on - week increase of 0.01; the average price of culled hens in the main production areas is 8.58 yuan/kg, with a week - on - week decrease of 0.06; the national culling age of hens is 507 days, with a month - on - month decrease of 3 [2] Industry Situation - The average wholesale price of pork is 17.96 yuan/kg, with a week - on - week increase of 0.23; the average wholesale price of 28 key - monitored vegetables is 5.49 yuan/kg, with a week - on - week increase of 0.12; the average wholesale price of white - striped chickens is 17.58 yuan/kg, with a week - on - week decrease of 0.11; the weekly inventory in the circulation link is 1.1 days, with no week - on - week change; the weekly inventory in the production link is 1.04 days, with a week - on - week decrease of 0.01; the monthly export volume of fresh eggs is 13215.79 tons, with a month - on - month increase of 94.76 [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7498 tons, with a week - on - week increase of 118 [2] Industry News - The average price of eggs in Shandong's main production area is 5.82 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 5.79 yuan/kg, up 0.17 from yesterday; the average price of eggs in Guangdong is 6.73 yuan/kg, up 0.33 from yesterday; the average price of eggs in Beijing is 6.30 yuan/kg, unchanged from yesterday. Egg prices are at a low level, the breeding side has a certain sentiment of supporting prices, and the shipping speed in low - price areas has accelerated, supporting the rebound of spot prices [2]

Core Viewpoint - The training event aims to enhance the understanding and application of options in the futures and derivatives market, thereby supporting the development of the real economy in Hebei province [1] Group 1: Training Event Details - The training was held on October 21 in Shijiazhuang, organized by Hebei Securities Regulatory Bureau in collaboration with Zhengzhou Commodity Exchange [1] - Over 180 participants from local securities and futures institutions attended the training [1] - The training featured experts from Zhengzhou Commodity Exchange, Yong'an Futures, CITIC Futures, Zheshang Futures, and Galaxy Futures, along with industry representatives from Zhengda Glass [1] Group 2: Training Content - The training covered a wide range of topics including basic theory, practical applications, market operation conditions, trading rules, options functions, trading strategies, common analysis indicators, OTC options, and risk management for enterprises [1] - The objective is to improve the capabilities of industry professionals in serving industrial clients and to better utilize the functions of the futures and derivatives market [1] Group 3: Future Plans - The Hebei Securities Regulatory Bureau plans to strengthen cooperation with futures exchanges like Zhengzhou Commodity Exchange and continue organizing various activities to build a robust talent pool in the industry [1] - There will be ongoing efforts in policy promotion, development cultivation, and talent reserve work to facilitate high-quality development of the futures market and enhance its service to the real economy [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The core contradictions affecting apple prices are the low high - quality fruit rate due to continuous rain delaying the harvest time and reducing the sales period, and the uncertainty of apple storage volume. The storage volume in Gansu is expected to be lower than last year, while Shaanxi's storage volume may be higher but with lower effective inventory, and Shandong will also have lower effective inventory [2]. - In the short - term trading logic, the market bets on the quality and low high - quality fruit rate of late Fuji apples, causing the futures price to rise. The recent increase of 11, 12, and 01 contracts is weaker than that of the far - month contracts because the logic that the later the contract, the fewer deliverable fruits, prevails [3]. - In the long - term trading logic, the market expects the price to decline after a high opening price. However, if the low high - quality fruit rate leads to low storage data and a shortage of high - quality fruits in the later sales period, the 05 contract may have no goods for delivery [4]. - The upward momentum of apple prices has increased recently, but the profitable seats have reduced their long positions, indicating a lack of confidence in further price increases [7]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - The main reason for the recent rise in apple futures prices is the low high - quality fruit rate. Continuous rain has postponed the harvest time in the east and west regions, and the approaching frost has compressed the sales period [2]. - Affected by the quality decline, the storage volume in Gansu is expected to be lower than last year. Shaanxi's storage volume may be higher, but the effective inventory will be lower, and Shandong will also have lower effective inventory [2]. 3.1.2 Speculative Strategy Recommendations - **Market Positioning**: The upward momentum of apple prices has increased, but the profitable seats have reduced their long positions, with a net long position of only 1632 lots [7]. - **Basis, Spread, and Hedging Arbitrage Strategy Recommendations**: There is no basis strategy. The recommended spread strategy is to short the 01 - 05 spread [8][9]. 3.1.3 Industry Customer Operation Recommendations - **Price Range Forecast**: The monthly price range of apples is predicted to be 8400 - 9000 yuan/ton, with a current volatility of 10.5% and a historical percentile of 26.6% (3 - year) [10]. - **Hedging Strategy**: For inventory management, when worried about low apple purchase prices due to a bumper harvest, enterprises can short apple futures (AP2601, sell, 25%, entry range 8900 - 9000) and sell call options (AP2601C, sell, 25%, entry range 200 - 300) to lock in profits and reduce costs. For procurement management, when worried about high purchase prices due to low inventory and a shortage of high - quality fruits, enterprises can buy apple futures (AP2601, buy, 75%, entry range 8600 - 8700) and sell put options (AP2511P8600, buy, 75%, entry range 150 - 180) to lock in purchase costs and reduce costs [10]. 3.2 This Week's Important Information and Next Week's Focus Events 3.2.1 This Week's Important Information - In Gansu, there is no more apple supply for purchase. In Shandong, the supply has increased recently, about one week later than usual. The prices of different grades of apples are as follows: 80 above general goods are 2.4 - 2.8 yuan/jin, first - and second - grade semi - products are 2.8 - 3.4 yuan/jin, and first - and second - grade products are 3.2 - 3.6 yuan/jin. Shaanxi has a serious water - rot problem, and merchants have suspended purchases. In Liaoning, high - quality apples are attractive, with prices exceeding 4 yuan/jin [11]. - The opening prices of western late Fuji apples are 0.5 - 1 yuan/jin higher than last year [11]. - The number of apple trucks arriving at the three major markets in Guangdong has fluctuated significantly. After the Mid - Autumn Festival, the number has decreased. The sales of new late Fuji high - quality apples are okay, but there is pressure on daily digestion, and there is some inventory backlog in transit warehouses [13]. - The cold storage of new apples in Gansu is likely to be lower than last year. In Shandong, the effective inventory will be lower due to quality problems. In Shaanxi, the storage volume may be higher, but the effective inventory will be lower [13]. 3.2.2 Next Week's Important Information No information provided in the report. 3.3 Disk Interpretation 3.3.1 Price, Volume, and Fund Interpretation - Last week, the apple futures price rose, but the main contract fluctuated greatly, and the price increase was much smaller than that of the 05 contract. The total apple position is similar to that of last year and the year before. The profitable seats reduced their positions last week. Technically, the main contract of apple futures maintains an oscillating upward structure, and the short - term trend is still strong [19]. 3.3.2 Basis and Spread Structure - **Apple Basis Structure**: The apple basis structure is very complex. The quality of apples varies each year, and the grading conditions in Shandong and the northwest are different. The futures delivery rules are constantly changing, and the number of deliverable fruits this year is unknown due to the low overall quality [21]. - **Apple Spread Structure**: The apple spread structure has typical large - volume fluctuations when the near - month contract approaches the delivery month, which is related to the number of deliverable fruits. According to seasonal rules, the 10 - contract trades the opening price, and the short - term supply is much lower than that of the 11 - and 12 - contracts. The 01 - contract is around the Spring Festival, with a relatively large delivery volume and tight delivery time. However, due to the low overall quality of apples this year, the pre - festival contract may be weak, and the post - festival high - quality apples may be in short supply and strengthen [21][22]. 3.4 Valuation and Profit Analysis - Apple profits are mainly divided into planting profits and storage profits. Currently, the market focuses on storage profits, which are closely related to the opening price. The storage profit for the 25/26 season is undetermined. Due to the large number of low - quality apples and a shortage of high - quality apples this year, storage is facing a huge test [24]. 3.5 Supply and Inventory Deduction - According to the previous bagging data, the 25/26 apple season is expected to have a slight increase in production, with a 2.35% increase to 3736.64 million tons. Shaanxi is expected to increase production by 7.57% to 878.84 million tons, Shandong to decrease by 9.89% to 782.37 million tons, Gansu to increase by 2.18% to 379.15 million tons, Henan to increase by 21.09% to 274.28 million tons, and Shanxi to increase by 28.39% to 352.19 million tons. However, considering only the bagging number cannot accurately infer the production, and not considering the quality cannot determine the price. Due to dry - hot wind in April 2025 and excessive rainfall since September, the final apple production may decrease compared to last year, and the quality may decline significantly [26][27].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No clear core viewpoints are presented in the given content. It mainly provides data on the pulp market. 3. Summary by Relevant Catalog SP Main Contract Information - The closing price of the SP main contract on October 24, 2025, was 5240.00. The price trends from October 20 - 24, 2025, showed fluctuations, with a -0.19048% change from the previous day on October 24 [3]. - The converted US - dollar prices from October 20 - 24, 2025, were 631.87, 634.15, 639.70, 643.64, and 643.64 respectively. The basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing also showed certain changes during this period [3]. Pulp Import Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion and Lion, and Chilean brand Yinxing, the port US - dollar prices, Shandong region RMB prices, and import profits are provided. For example, the import profit of Golden Lion was -145.57 [4]. Pulp Price Averages - From October 20 - 24, 2025, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged. The prices of cultural paper, packaging paper, and tissue paper also showed no change during this period [4]. Pulp Profit Margins - The profit margins of double - offset paper, double - copper paper, white cardboard, and tissue paper were presented. The profit margin of tissue paper had a 0.0382 change from October 21 - 24, 2025, while the others remained unchanged [4]. Pulp Price Spreads - The price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp were provided. These spreads showed little change from October 20 - 24, 2025 [4].

Group 1: Report Information - Report Name: Nanhua Coal and Coke Industry Risk Management Daily Report [1] - Date: October 24, 2025 [1] - Research Team: Nanhua Research Institute, Black Research Team [2] - Analyst: Zhang Xuan [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [2] Group 2: Price Forecast and Risk Management Strategy Price Forecast - **Coking Coal**: The monthly price range is predicted to be between 1,100 and 1,350. The current 20 - day rolling volatility is 37.43%, and its historical percentile is 71.00% [3]. - **Coke**: The monthly price range is predicted to be between 1,550 and 1,850. The current 20 - day rolling volatility is 30.04%, and its historical percentile is 63.17% [3]. Risk Management Strategy - **Inventory Hedging**: For coke, when steel mills' profit margins shrink and coke enterprises face difficulties in price hikes, coke enterprises worried about future price drops can short - sell the J2601 contract. The recommended hedging ratios are 25% at the price range of (1,780, 1,830) and 50% at (1,830 - 1,880) [3]. - **Procurement Management**: For coking coal, due to factors like macro - sentiment fluctuations, seasonal low mine开工率, and potential supply disruptions, coking plants worried about future price increases can buy the JM2605 contract. The recommended hedging ratios are 25% at the price range of (1,150, 1,180) and 50% at (1,120, 1,150) [3]. Group 3: Black Warehouse Receipt and Market Analysis Black Warehouse Receipt Data - **Steel Products**: On October 24, 2025, the inventory of rebar was 150,419 tons (up 1,437 tons day - on - day and down 148,632 tons week - on - week), and the inventory of hot - rolled coils was 137,065 tons (down 4,799 tons day - on - day and down 11,346 tons week - on - week) [4]. - **Raw Materials**: The inventory of iron ore was 700 lots (unchanged day - on - day and down 700 lots week - on - week), coking coal was 100 lots (unchanged day - on - day and down 100 lots week - on - week), coke was 2,070 lots (unchanged day - on - day and down 40 lots week - on - week), ferrosilicon was 11,163 contracts (down 21 contracts day - on - day and down 1,042 contracts week - on - week), and ferromanganese was 44,876 contracts (down 960 contracts day - on - day and down 3,064 contracts week - on - week) [4]. Market Analysis - **Positive Factors**: In Q4, domestic mine开工率 is restricted by policies, coking coal supply elasticity is limited; the winter - storage scale in 2025 may be better than last year, supporting coal and coke prices; recent downstream restocking and reduced mine开工率 have improved coking coal inventory, and short - term coke prices may be strong due to supply tightness and cost support [4][6]. - **Negative Factors**: In the short term, steel inventory pressure is high, and if steel contradictions cannot be resolved, it may trigger a negative feedback risk in the black - metal market [7]. Group 4: Price Data Coal and Coke Futures Price - **Coking Coal**: On October 24, 2025, the warehouse - receipt cost of Tangshan Mongolian No. 5 coking coal was 1,238 yuan/ton (unchanged day - on - day and up 38 yuan/ton week - on - week), and the basis of the main contract was - 11.0 yuan/ton (up 10.0 yuan/ton day - on - day and down 31.5 yuan/ton week - on - week) [8]. - **Coke**: The warehouse - receipt cost of Rizhao Port wet - quenched coke was 1,637 yuan/ton (unchanged day - on - day and up 43 yuan/ton week - on - week), and the basis of the main contract was - 120.3 yuan/ton (up 10.5 yuan/ton day - on - day and down 38.5 yuan/ton week - on - week) [8]. Coal and Coke Spot Price - **Coking Coal**: The ex - factory price of Anze low - sulfur main coking coal was 1,600 yuan/ton (unchanged day - on - day and up 50 yuan/ton week - on - week), and the self - pick - up price of Mongolian No. 5 raw coal at the 288 Port was 1,127 yuan/ton (unchanged day - on - day and up 76 yuan/ton week - on - week) [9]. - **Coke**: The ex - factory price of Jinzhong quasi - first - grade wet - quenched coke was 1,330 yuan/ton (unchanged day - on - day and week - on - week), and the ex - factory price of Lvliang quasi - first - grade dry - quenched coke was 1,530 yuan/ton (unchanged day - on - day and week - on - week) [10]. Profit Data - **Coking Profit**: The immediate coking profit was - 44 yuan/ton (down 6 yuan/ton day - on - day and down 42 yuan/ton week - on - week) [10]. - **Import Profit**: The import profit of Mongolian coal under long - term contracts was 405 yuan/ton (up 32 yuan/ton day - on - day and up 87 yuan/ton week - on - week), and the import profit of Australian medium - volatile coal was 164 yuan/ton (up 122 yuan/ton day - on - day and up 112 yuan/ton week - on - week) [10].