Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The central bank's positive statements in its meeting have boosted market sentiment. After the new year, the production of coal, coke, and steel enterprises has recovered. The downstream's pre - holiday restocking of raw materials supports the upstream's price - holding confidence. The short - term market price fluctuates sharply, and cautious operation is recommended [2] 3. Summary by Relevant Catalogs Market Performance - Yesterday, the coal and coke futures prices fluctuated, maintaining high volatility. In the spot market, the trading atmosphere in the coking coal market has been active recently, with the order volume at the mine mouth rebounding. Coal prices in many places have rebounded from low levels, and the quoted price of Mongolian No. 5 raw coal at the port has increased by more than 100 yuan/ton. Some coking plants in Inner Mongolia have started to raise coke prices, with dry - quenched coke up 55 yuan/ton, to be implemented from January 15 [2] Import Data - In December 2025, China imported 58.597 million tons of coal and lignite, a month - on - month increase of 33% and a year - on - year increase of 11.9%, hitting a record high for monthly imports. The annual cumulative import was about 490 million tons, a year - on - year decrease of 9.6% [2] Fundamental Situation - After the new year, coal mines have gradually resumed production. This week, the production of coking raw coal and clean coal has increased to 1.978 million tons and 0.768 million tons respectively. The raw coal inventory at mines has increased, while the clean coal inventory has further decreased. The downstream coke and steel enterprises have also resumed production and maintained a certain procurement rhythm for raw materials [2] - Last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 164,600 tons, 37,400 tons higher than the same period last year, and the port inventory remained relatively high [2] Demand Situation - In the past two weeks, the profitability rate of steel mills has expanded, and the average daily hot metal output of blast furnaces has stopped falling and rebounded. In the week of January 9, it was 2.295 million tons, an increase of 20,700 tons from the previous week and an increase of 51,300 tons compared with the same period last year. It is expected to show a steady and slight upward trend in the short term, and the steel mills' restocking rhythm for raw materials is expected to accelerate in the later stage, supporting the upstream's price - holding confidence [2]

News Summary Core Viewpoint - The domestic independent coking plants' weekly operating load has decreased, while there are price increases planned for coking coal and coke in the market, indicating a complex interplay between supply and demand dynamics in the coking industry [1][2][3]. Group 1: Industry Operations - As of October 23, the weekly operating load of major independent coking plants in China is at 75.33%, down by 1.71 percentage points from the peak in September, with maintenance activities reported in Gansu, Shanxi, and Shandong regions [1]. - The Daqin Railway, a key transportation route for coal, completed its autumn maintenance on October 25, which will enhance the supply chain for electricity coal during the winter and spring seasons [1]. Group 2: Market Pricing and Trends - On October 29, the coking market in Xingtai plans to increase coke prices, with wet quenching coke up by 50 yuan/ton and dry quenching coke up by 55 yuan/ton, effective from October 31 [1]. - According to Guotou Anxin Futures, the second round of price increases for coke has been fully implemented, with coking coal prices rising faster, leading to general profit margins for coking being under pressure [2]. - Zhonghui Futures notes that while the second round of coke price increases has been realized, there are expectations for further price hikes, with a notable balance in supply and demand for coke itself [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The State Council Tariff Commission adjusted the additional tariffs on imported goods originating from the United States, with the tariff rate in Announcement No. 4 of 2025 reduced from 34% to 10%, a 90 - day suspension of the 24% tariff, and the termination of the additional tariff measures in Announcements No. 5 and No. 6 of 2025 [3]. - The US April unadjusted CPI rose 2.3% year - on - year, the lowest since February 2021, and the core CPI was flat at 2.8%. Trump pressured the Fed to cut interest rates, and traders bet on Fed rate cuts in September and October [3]. - US Treasury Secretary Besent downplayed the possibility of a quick trade deal with the EU but was optimistic about deals with Asian partners [3]. - Some steel mills in Tangshan and Xingtai plan to cut the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton starting from May 16, 2025 [3]. - Last week, US API crude oil inventories increased by 4.287 million barrels, contrary to the expected decrease of 1.96 million barrels [4]. 3. Summary by Related Catalogs Hot News - Tariff adjustment on US - origin goods: The tariff rate in Announcement No. 4 of 2025 was adjusted from 34% to 10%, a 90 - day suspension of 24% tariff, and termination of measures in Announcements No. 5 and No. 6 [3]. - US inflation data: April unadjusted CPI up 2.3% year - on - year, core CPI flat at 2.8%. Trump pressured the Fed, and traders bet on rate cuts [3]. - Trade negotiation situation: Besent was pessimistic about EU deal but optimistic about Asian partners [3]. - Coke price adjustment: Some steel mills plan to cut coke prices on May 16 [3]. - US API crude oil inventory: Increased by 4.287 million barrels last week [4]. Key Focus - Key commodities to focus on: Urea, styrene, crude oil, plastic, and lithium carbonate [5]. Night - session Performance - Sector performance: Non - metallic building materials rose 2.77%, precious metals 30.18%, oilseeds 11.73%, soft commodities 2.68%, non - ferrous metals 19.30%, coal - coking - steel - ore 13.24%, energy 2.60%, chemicals 13.14%, grains 1.69%, and agricultural and sideline products 2.67% [5]. Sector Holdings - Five - day change in commodity futures sector holdings: Data presented for different sectors from May 7 - 13, 2025 [6]. Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year - to - date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.17 | 2.92 | 0.69 | | | SSE 50 | 0.20 | 2.84 | 0.87 | | | CSI 300 | 0.15 | 3.33 | - 0.98 | | | CSI 500 | - 0.21 | 2.66 | 0.98 | | | S&P 500 | 0.72 | 5.70 | 0.08 | | | Hang Seng Index | - 1.87 | 4.47 | 15.20 | | | German DAX | 0.31 | 5.07 | 18.73 | | | Nikkei 225 | 1.43 | 5.93 | - 4.29 | | | FTSE 100 | - 0.02 | 1.27 | 5.26 | | Fixed - income | 10 - year Treasury bond futures | 0.03 | - 0.26 | - 0.19 | | | 5 - year Treasury bond futures | - 0.01 | - 0.14 | - 0.55 | | | 2 - year Treasury bond futures | 0.03 | - 0.02 | - 0.61 | | Commodity | CRB Commodity Index | 1.69 | 4.07 | 1.28 | | | WTI Crude Oil | 2.70 | 9.33 | - 11.54 | | | London Spot Gold | 0.43 | - 1.18 | 23.83 | | | LME Copper | 0.83 | 5.20 | 9.32 | | | Wind Commodity Index | - 0.58 | 0.07 | 16.33 | | Other | US Dollar Index | - 0.82 | 1.35 | - 6.91 | | | CBOE Volatility Index | 0.00 | - 25.55 | 5.99 | [7]