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]

Group 1: Report's Core View - The supply and demand sides of coking coal and coke remain at a relatively high level. The peak demand season and the downstream's inventory replenishment space support the price - holding confidence in the raw material market. The short - term futures market will maintain a wide - range volatile operation [3][4] Group 2: Industry Analysis Coke Market - During the National Day holiday, the coking coal and coke market was generally stable with a slight upward trend. Driven by downstream inventory replenishment, coke completed the first round of price increase at the beginning of the month. The price of tamping dry - quenched coke increased by 55 yuan/ton, and that of tamping wet - quenched coke increased by 50 yuan/ton [3] - After the first - round price increase of coke, coke enterprises' profits improved. Most coke enterprises maintained a normal production rhythm, with a capacity utilization rate of about 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 [3] - Steel mills'开工 remained at a relatively high level, with the daily average pig iron output maintaining at about 2.42 million tons, which supported the demand for raw materials [3] Coking Coal Market - The coking coal market was generally stable, with individual mine prices experiencing high - level corrections. The current inventory pressure at the coal mine end was not obvious, which supported the relatively firm price [4] - Regarding imported coal, the fourth - quarter long - term contract price of Mongolian coal at the pithead increased from 53.54 - 54.35 US dollars to 57.3 - 58.15 US dollars, an increase of about 7%, with the equivalent warehouse price of about 770 - 800 yuan/ton. It was rumored that after the National Day, Mongolian coal customs clearance would increase the transportation capacity through automated loading and unloading, increasing the daily customs clearance volume from the previous upper limit of 1,500 to 2,000, with a one - month trial operation after the National Day, which needed continuous tracking [4]

Core Viewpoint - The coke futures market has experienced a significant decline, with the main contract dropping to 1669.5 yuan/ton, reflecting a decrease of 2.82% [1] Industry Analysis - On August 18, the China Coking Industry Association held a market analysis meeting, where participants discussed the current coke market situation, macroeconomic environment, and industry dynamics. They reached a consensus that the production restriction policies in Tangshan steel mills are clear, and the overall coking production restrictions in Hebei and Shandong are more extensive than those in steel mills [2] - In Shandong, prices for various types of coke are set to increase, with wet quenching coke rising by 50 yuan/ton, dry quenching coke by 55 yuan/ton, and top-loading coke by 75 yuan/ton, effective from August 19 [2] Production and Inventory - The current pig iron production stands at 2.4066 million tons, showing a slight increase of 0.34 million tons, indicating high levels of pig iron production and a lack of pressure on coal mine inventories, which are shifting towards downstream [3] Market Sentiment and Price Trends - According to Guotou Anxin Futures, the coke price is expected to fluctuate due to upcoming significant events and renewed production restriction expectations in East China. The seventh round of price increases for coke has improved profitability for coking enterprises, with daily production slightly increasing. Overall, coke inventory continues to decline, and traders show a good purchasing willingness [4] - Zhonghui Futures notes that while the seventh round of price increases for spot coke has begun, there may be future negotiations with steel mills. The profitability of coking enterprises has improved, and the supply-demand situation for coke remains relatively balanced, with stable production and inventory levels [4]

Group 1 - The Ministry of Finance issued a notice to guide long - term and stable investment of insurance funds and strengthen long - cycle assessment of state - owned commercial insurance companies, which helps improve the enthusiasm of insurance funds to invest in the A - share market [2] - In the second quarter, high - frequency data in multiple fields improved, with offline consumption heat index up 25.5%, offline service consumption index up 33.4%, and key project investment index up 25.7% [2] - The China Coking Industry Association decided to raise coke prices by 50 yuan per ton from July 15, with first - tier metallurgical coke up 50 yuan/ton, second - tier up 40 yuan/ton, and third - tier up 30 yuan/ton [2] - Vietnam's Ministry of Industry and Trade imposed anti - dumping duties ranging from 23.10% to 27.83% on hot - rolled coils of steel originating from China, effective from July 6 [2] Group 2 - Key sectors to focus on: urea, crude oil, PVC [4] - Night - time performance of commodity futures: non - metallic building materials up 2.85%, precious metals up 27.66%, oilseeds up 12.45%, coal, coke, steel and ore up 14.57%, energy up 3.06%, chemicals up 12.72%, grains up 1.23%, agricultural and sideline products up 2.86%, non - ferrous metals up 19.64%, soft commodities up 2.95% [4][5] Group 3 - Performance of major asset classes: The Shanghai Composite Index had a daily increase of 0.01%, a monthly increase of 1.91%, and an annual increase of 4.73%; the SSE 50 decreased by 0.01%, the CSI 300 increased by 0.12%, and the CSI 500 increased by 0.74% [7] - In the fixed - income category, the 10 - year Treasury bond futures decreased by 0.02%, the 5 - year decreased by 0.01%, and the 2 - year decreased by 0.00% [7] - In the commodity category, the CRB Commodity Index increased by 1.05%, WTI crude oil increased by 3.15%, London spot gold increased by 0.95%, and LME copper decreased by 0.39% [7]

Core Viewpoint - The current coking coal market requires an immediate price increase to alleviate operational difficulties and ensure reasonable profit distribution within the industry [1] Industry Analysis - A market analysis meeting was held on July 11, attended by representatives from key coking enterprises across various provinces including Shanxi, Hebei, Inner Mongolia, Henan, Jiangsu, Shandong, Shaanxi, Ningxia, Jiangxi, and Yunnan [1] - Participants analyzed the supply-demand dynamics and price trends of the coking coal market in the context of the macroeconomic environment [1] Price Adjustment Decisions - From July 14, the following price adjustments will be implemented for steel mill customers: - An increase of 70 yuan/ton for damp coke - An increase of 75 yuan/ton for dry coke - An increase of 95 yuan/ton for top-loaded coke [1] - Price increases for trading customers will take effect from July 11 [1] Business Model - The industry will continue to adhere to a prepayment commercial model, avoiding credit sales and maintaining the right to weigh and test measurements [1]