Report Overview - Report Title: Coal and Coke Daily Report on November 5, 2025 [5] - Report Type: Black Metal Daily Report - Author: Tu Weihua from Baocheng Futures Investment Consulting Department [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Views - **Coke**: On November 5, the coke main contract closed at 1,753 yuan/ton, with an intraday decline of 0.03%. The position of the main contract was 38,448 lots, a decrease of 391 lots from the previous trading day. In the spot market, the latest quotation of the FOB price index of quasi - first - class wet - quenched coke at Rizhao Port was 1,570 yuan/ton, unchanged week - on - week; the ex - warehouse price of quasi - first - class wet - quenched coke at Qingdao Port was 1,570 yuan/ton, up 0.64% week - on - week. Overall, coke supply stabilized while demand declined, the fundamentals weakened marginally. After the previous macro - level positive factors were realized, the market sentiment cooled down, and the coke futures pulled back from high levels, remaining within the trading range since the end of July [6][34]. - **Coking Coal**: On November 5, the coking coal main contract closed at 1,268.5 points, down 0.47% intraday. The position of the main contract was 644,473 lots, a decrease of 737 lots from the previous trading day. In the spot market, the latest quotation of Mongolian coking coal at Ganqimao Port was 1,415 yuan/ton, up 1.80% week - on - week. Recently, there was no significant change in the supply - demand pattern of coking coal. The upward driving force mainly came from the emotional support brought by anti - involution and the easing of Sino - US trade relations. As the macro - level positive factors were realized, the market sentiment cooled down, and the coking coal futures pulled back again at the upper edge of the trading range. In the future, attention should be paid to the actual impact of safety inspections and anti - involution on coking coal supply [6][34]. 3. Summary by Directory 3.1 Industry News - In late October 2025, key steel enterprises produced 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, a 9.8% decrease in daily output compared to the previous period; 19.18 million tons of pig iron, with an average daily output of 1.744 million tons, a 5.8% decrease in daily output; and 21.94 million tons of steel, with an average daily output of 1.995 million tons, a 0.9% increase in daily output [8]. - On November 5, the price of coking coal in the Linfen Anze market increased by 60 yuan/ton, and the ex - factory price of low - sulfur primary coking coal (A9, S0.5, V20, G85) was 1,660 yuan/ton including tax in cash [9]. 3.2 Spot Market | Variety | Current Price | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port Quasi - first - class FOB) | 1,570 yuan/ton | 0.00% | 0.00% | - 7.10% | - 16.93% | | Coke (Qingdao Port Quasi - first - class Ex - warehouse) | 1,570 yuan/ton | 0.64% | 1.29% | - 3.09% | - 13.26% | | Coking Coal (Ganqimao Port Mongolian Coal) | 1,415 yuan/ton | 1.80% | 1.80% | 19.92% | - 2.41% | | Coking Coal (Jingtang Port Australian - produced) | 1,670 yuan/ton | 0.60% | 0.60% | 12.08% | - 4.02% | | Coking Coal (Jingtang Port Shanxi - produced) | 1,740 yuan/ton | 0.00% | 0.00% | 13.73% | - 1.14% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change | High | Low | Volume | Volume Difference | Position | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,753.0 yuan/ton | - 0.03 | 1,764.0 yuan/ton | 1,719.5 yuan/ton | 19,107 lots | - 2,542 lots | 38,448 lots | - 391 lots | | Coking Coal | | 1,268.5 points | - 0.47 | 1,276.5 points | 1,244.0 points | 807,948 lots | - 52,874 lots | 644,473 lots | - 737 lots | [13] 3.4 Related Charts - **Coke Inventory**: Charts show the inventory trends of 230 independent coking plants, 247 steel mill coking plants, port coke, and total coke inventory from 2019 - 2025 [14][15][16][17][18][19]. - **Coking Coal Inventory**: Charts display the inventory trends of mine - mouth coking coal, port coking coal, 247 sample steel mill coking coal, and all - sample independent coking plant coking coal from 2019 - 2025 [20][21][22][23][24][25][31]. - **Other Charts**: Include domestic steel mill production (blast furnace开工率 and steel mill profitability), Shanghai terminal wire and screw procurement volume, coal washing plant production (coal washing plant clean coal inventory and coal washing plant开工率), and coking plant开工率 and ton - coke profit [27][29][32][33]. 3.5 Market Outlook - **Coke**: The market supply stabilizes, demand declines, the fundamentals weaken marginally, and the futures price pulls back from high levels, remaining within the trading range since the end of July [6][34]. - **Coking Coal**: The supply - demand pattern has no significant change, the upward driving force comes from emotional support, and the futures price pulls back at the upper edge of the trading range. Attention should be paid to the impact of safety inspections and anti - involution on supply [6][34].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On September 17, the coke main contract closed at 1,734.5 yuan/ton, with an intraday increase of 0.46%. The open interest of the main contract was 46,700 lots, a decrease of 365 lots from the previous trading day. In the spot market, the latest quoted price of the FOB price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, a week - on - week decrease of 3.29%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,480 yuan/ton, a week - on - week increase of 6.47%. In the futures market, recent anti - involution disturbances have reappeared, pushing the coke market sentiment back to optimism. Under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [5][35]. - On September 17, the coking coal main contract closed at 1,233 points, with an intraday increase of 0.37%. The open interest of the main contract was 760,500 lots, a decrease of 3,079 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at the Ganqimaodu Port was 1,140 yuan/ton, remaining flat week - on - week. The market's anti - involution sentiment has resurfaced, boosting the positive supply expectations for coking coal. In addition, the Shanxi Provincial Party Committee and the provincial government were required to strictly implement the coal total - volume control and strictly control illegal mining in ecologically sensitive areas. Overall, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. It should be noted that there are currently no specific policy measures in the coal industry, and attention should be paid to the follow - up relevant policies [6][36]. 3. Summary by Relevant Catalogs 3.1 Industry News - In August 2025, key steel enterprises produced 65.71 million tons of crude steel, a year - on - year increase of 1.1%, with a daily output of 2.1196 million tons, a month - on - month decrease of 1.5%; produced 60.8 million tons of pig iron, a year - on - year increase of 1.4%, with a daily output of 1.9614 million tons, a month - on - month decrease of 1.5%; produced 68.73 million tons of steel products, a year - on - year increase of 6.1%, with a daily output of 2.2172 million tons, a month - on - month decrease of 0.4%. From January to August, key steel enterprises cumulatively produced 555 million tons of crude steel, a cumulative year - on - year decrease of 0.9%, with a cumulative daily output of 2.2852 million tons; cumulatively produced 498 million tons of pig iron, a cumulative year - on - year decrease of 0.3%, with a cumulative daily output of 2.0505 million tons; cumulatively produced 562 million tons of steel products, a cumulative year - on - year increase of 2.3%, with a cumulative daily output of 2.3131 million tons [8]. - On September 17, the auction prices of coking coal in the Linfen market mostly rose. Among the 14 reported transaction results, all 290,000 tons of the listed volume were sold. The prices of 7 enterprises increased, with an average increase of 54 yuan/ton, and the prices of 4 enterprises decreased, with an average decrease of 20 yuan/ton. The short - term price is expected to fluctuate strongly [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (FOB) | 1,470 yuan/ton | - 3.29% | - 6.37% | - 13.02% | - 13.02% | | Qingdao Port Quasi - First - Grade Coke (Ex - Warehouse) | 1,480 yuan/ton | 6.47% | 0.00% | - 8.64% | - 11.90% | | Mongolian Coal at Ganqimaodu Port | 1,140 yuan/ton | 0.00% | - 3.39% | - 3.39% | - 18.57% | | Australian - Produced Coal at Jingtang Port | 1,610 yuan/ton | 5.23% | 1.90% | 8.05% | - 3.01% | | Shanxi - Produced Coal at Jingtang Port | 1,550 yuan/ton | 0.00% | - 4.91% | 1.31% | - 10.40% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,734.5 | 0.46% | 1,748.0 | 1,710.0 | 24,917 | - 8,469 | 46,703 | - 365 | | Coking Coal | | 1,233.0 | 0.37% | 1,258.5 | 1,208.5 | 1,392,210 | - 74,157 | 760,526 | - 3,079 | [14] 3.4 Relevant Charts - The report provides multiple charts including the price trend charts of mainstream varieties, the inventory charts of coke and coking coal, and the production and operation situation charts of steel mills, coking plants, and coal washing plants. These charts show the historical data trends of relevant indicators from 2019 - 2025 [11][15][22] 3.5 Future Outlook - For coke, under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [35]. - For coking coal, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. Attention should be paid to the follow - up relevant policies [36].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - On August 12, the coke main contract closed at 1,812 yuan/ton, with an intraday increase of 4.50%. The spot market prices in Rizhao Port and Qingdao Port showed different trends. Coke supply and demand were basically stable, but the fluctuating coking coal supply at the cost - end supported the coke futures. The 90 - day extension of the tariff exemption period between China and the US and the approaching "Golden September and Silver October" drove the coke main contract to run strongly [3][31]. - On August 12, the coking coal main contract closed at 1,313 points, with an intraday increase of 6.97%. The spot price at the Ganqimaodu Port increased week - on - week. The impact of the anti - involution policy in the coal industry was still fermenting, and domestic coking coal production declined. Considering that the supply contraction expectation has not been falsified in the short term, coking coal futures are expected to maintain a strong and volatile trend [4][32]. 3. Summary by Relevant Catalogs Industry News - China adjusted the tariff measures on imported goods from the US. Starting from 12:01 on August 12, 2025, the 24% additional tariff rate on US goods was suspended for 90 days, while the 10% rate was retained [7]. - On August 12, the coking coal price in Jinzhong market increased by 10 yuan/ton, with the ex - factory price of medium - sulfur primary coking coal being 1,260 yuan/ton [8]. Spot Market - Coke: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, unchanged week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,460 yuan/ton, up 2.82% week - on - week. - Coking coal: The latest quotation of Mongolian coal at the Ganqimaodu Port was 1,190 yuan/ton, up 3.48% week - on - week. The prices of Australian - produced and Shanxi - produced coking coal at Jingtang Port also showed different degrees of change [9]. Futures Market - Coke: The closing price of the main contract was 1,812 yuan/ton, with an increase of 4.50%. The trading volume was 34,602, and the open interest was 36,790, with a difference of +4,726 compared to the previous trading day. - Coking coal: The closing price of the main contract was 1,313 points, with an increase of 6.97%. The trading volume was 2,198,089, and the open interest was 718,946, with a difference of +28,210 compared to the previous trading day [12]. Relevant Charts - The report provides multiple charts related to coke and coking coal inventories, including those of independent coking plants, ports, and steel mills, as well as other charts such as Shanghai terminal wire rod procurement volume, domestic steel mill production, and coking plant operation [13][19][25]. Market Outlook - Coke is expected to maintain a strong trend due to cost - end support and positive market sentiment. Coking coal is expected to maintain a strong and volatile trend considering the supply contraction expectation has not been falsified in the short term [31][32].