Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Recently, the overall supply of coking coal and coke has increased month - on - month, and downstream replenishment is nearing the end. The upward driving force for coal prices is not strong. It is expected that the short - term market will fluctuate, and cautious operation is recommended [2] 3. Summary by Relevant Catalogs 3.1 Market Performance - Yesterday, the futures prices of coking coal and coke rebounded slightly and fluctuated at night. In the spot market, some steel mills in Xingtai, Tianjin, Shijiazhuang, and Tangshan regions raised the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, effective from 0:00 on January 30th, and this round of price increases is gradually being implemented. This week, the price of coking coal has been generally weak and stable [2] 3.2 Fundamental Analysis - **Supply side**: Near the Spring Festival, some regional coal mines have reduced production due to safety inspections and underground conditions. This week, the production of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively. It is expected that private mines will gradually stop or reduce production during the holiday next week, and the overall production will decrease significantly. However, recently, downstream coking and steel enterprises have been actively transporting for order inventory, and the inventory at the mine end has decreased slightly, which is in line with seasonal patterns. In terms of imports, last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 158,800 tons, a decrease of 37,000 tons compared with the previous week and 32,400 tons compared with the same period last year, and the port inventory remains at a relatively high level. The overall arrival volume of seaborne coal in January decreased compared with that in December last year [2] - **Demand side**: The profitability rate of steel mills is acceptable, currently about 40%. Affected by a steel mill accident, the growth of the daily average pig iron production has slowed down. Last week, it was 2.281 million tons, a slight increase of 90 tons compared with the previous week and an increase of 26,500 tons compared with the same period last year [2]

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]