1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Although the supply - side pressure of coking coal is evident due to the increase in production and Mongolian coal customs clearance, and the iron - water output has decreased due to environmental protection restrictions, with the end of environmental protection restrictions and the progress of resuming work and production, the iron - water output is expected to significantly rebound. The increase in the listing and trading volume of coking coal last week also proves the current rigid demand resilience, so there is no need to be overly pessimistic about the future market trend. Key factors to focus on in the future include the trend of iron - water output, mine operation, and geopolitical situation [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Data - **Closing Prices**: For coking coal futures, the previous day's closing prices for January, May, and September contracts were 1482.0, 1181.0, and 1280.5 respectively; for coke futures, they were 1908.5, 1746.0, and 1813.5 respectively. The previous two - day closing prices and price changes are also provided [2] - **Price Changes**: The price increases for coking coal futures contracts in January, May, and September were 0.17%, 0.25%, and 0.31% respectively; for coke futures, they were 0.08%, 0.49%, and 0.08% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of coking coal futures contracts in January, May, and September were 5173, 889002, and 109235 respectively; for coke futures, they were 71, 16554, and 1623 respectively. The open interests and their changes are also presented [2] - **Price Spreads**: The current price spreads and their changes between different contracts of coking coal and coke are given, such as the spread between January - May contracts, May - September contracts, and September - January contracts [2] 3.2 Spot Market Data - **Spot Prices**: Spot prices of different types of coking coal and coke are provided, including Mongolian No. 5 main coking coal, low - sulfur main coking coal, Tangshan first - grade coke, etc., and their price changes are all 0 [2] 3.3 Industry News - On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice to deploy the pilot work of comprehensive hydrogen energy application, aiming to reduce hydrogen energy costs through multi - scenario large - scale applications and promote the high - quality development of the hydrogen energy industry. The same day, the Ministry of Industry and Information Technology also deployed multiple key tasks, including consolidating the stable and positive state of the industrial economy, starting major projects in the "15th Five - Year Plan", using policy tools such as ultra - long - term special treasury bonds and technical transformation special re - loans, and promoting the optimization and upgrading of the industrial system [2]

Report Overview - The report is the Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) on March 4, 2026, released by Shenwan Hongyuan Futures [1] Core View - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total position of coking coal remained basically flat compared with the previous period. The suspension of operations at Qatar Energy's facilities due to geopolitical conflicts led to a reduction in natural gas supply, prompting the power industry to switch fuels and causing the futures market to strengthen significantly. After the Spring Festival, with the resumption of work and production, there is an expectation of an increase in hot metal production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy commodities. The future focus should be on the trend of hot metal production, mine operation, import - related policies, and geopolitical trends [2] Key Data Futures Market | Contract Month | 1st Month | 5th Month | 9th Month | 1st Month | 5th Month | | --- | --- | --- | --- | --- | --- | | Previous Day's Closing Price | 1420.0 | 1127.0 | 1222.0 | 1856.0 | 1694.0 | | Two Days Ago's Closing Price | 1392.5 | 1094.0 | 1194.5 | 1818.0 | 1652.0 | | Change | 27.5 | 33.0 | 27.5 | 38.0 | 42.0 | | Change Rate | 1.97% | 3.02% | 2.30% | 2.09% | 2.54% | | Trading Volume | 5280 | 1151632 | 99633 | 65 | 25286 | | Open Interest | 13462 | 506242 | 108527 | 1211 | 39194 | | Change in Open Interest | 662 | - 39301 | 1655 | 3 | - 1180 | | Spread (Current Value) | 240 | - 79.5 | - 160.5 | 160.5 | - 77.5 | | Spread Change | 306 | 2.5 | - 308.5 | 429.5 | 2 | [2] Spot Market | Coal Type | Mongolian No. 5 Main Coking Coal | Low - Sulfur Main Coking Coal | Low - Sulfur Main Coking Coal | Tangshan First - Grade Coke | Jinzhong Quasi - First - Grade Coke | Rizhao Port Quasi - Grade Coke | | --- | --- | --- | --- | --- | --- | --- | | Current Price | 1373 | 1180 | 1520 | 1855 | 1330 | 1470 | | Price Change | - 17 | - 50 | 32 | 0 | - 10 | 0 | [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Yesterday night, the main contracts of coking coal and coke showed a weak trend, and the total open interest of coking coal increased slightly. The output of the five major steel products last week was basically flat compared with the previous week, and the total inventory increased significantly, mainly contributed by rebar. As the Spring Festival approaches, the off - season characteristics are significant, the overall apparent demand has dropped significantly, the pig iron output and the profitability rate of steel mills are basically flat, and the incremental demand for coking coal and coke is limited. However, the pre - festival downstream demand for replenishment can support the futures market. The future focus should be on the trend of pig iron output, changes in downstream inventory, and the volume of imported coal clearance [2] Group 3: Summary According to Related Catalogs Futures Market Data - **Coking Coal Futures**: The closing prices of coking coal futures contracts on the previous day for January, May, and September were 1393.5, 1147.0, and 1222.5 respectively, with daily declines of 3.0, 8.5, and 5.0, and daily decline rates of 0.22%, 0.75%, and 0.41% respectively. The trading volumes were 1668, 798141, and 34342 respectively, and the open interests were 3183, 469142, and 91110 respectively, with changes of - 85, - 6791, and 369 respectively. The spreads between January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively [2] - **Coke Futures**: The closing prices of coke futures contracts on the previous day for January, May, and September were 1863.5, 1703.5, and 1774.0 respectively, with daily declines of 3.5, 5.0, and 5.0, and daily decline rates of 0.19%, 0.29%, and 0.28% respectively. The trading volumes were 112, 16755, and 852 respectively, and the open interests were 633, 34909, and 1727 respectively, with changes of 66, - 121, and 55 respectively. The spreads between January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [2] Spot Market Data - The spot prices of Mongolian No.5 coking coal (port pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur coking coal (Taiyuan rail - side price), Tangshan Grade - 1 coke (ex - factory price), Jinzhong quasi - Grade - 1 coke (ex - factory price), and Rizhao Port quasi - Grade - 1 coke (warehouse - out price) were 1227, 1570, - 1491, 1855, 1330, and 1470 respectively [2] Industry News - On February 6th, the Ministry of Commerce held a symposium for automobile enterprises to study issues related to automobile circulation and consumption. The deputy minister of the Ministry of Commerce, Sheng Qiuping, stated that the automobile industry is a strategic and pillar industry of the national economy and an important area for stabilizing growth, expanding domestic demand, and developing new quality productive forces. In 2025, China's automobile industry achieved excellent results, and automobiles continued to play a "pillar" role in the consumer market. In 2026, the Ministry of Commerce will work with relevant departments to support policies and promote reform and innovation, integrate existing and new policies, optimize the implementation of automobile trade - in programs, carry out pilot reforms on automobile circulation and consumption, and take multiple measures to promote the expansion and quality improvement of automobile consumption [2]