1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On October 23, the JM2601 contract closed at 1258.5, up 5.14%. The spot price of Tangshan Meng 5 coking coal was reported at 1460, equivalent to 1240 on the futures market. Due to political unrest in Mongolia affecting port clearance vehicle numbers and supply - side disturbances, the market sentiment was positive. The mine - end开工率 declined due to safety inspections, with neutral inventory, while the coal washery开工率 increased for two consecutive weeks, and inventory was expected to rise seasonally. Technically, the daily K - line was above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range volatile operation [2]. - On October 23, the J2601 contract closed at 1768.0, up 4.21%. The coke price increase was implemented on October 1. In terms of the macro - aspect, the EU's 19th round of sanctions against Russia would include four companies involved in circumventing Western sanctions in the Chinese oil industry. In terms of fundamentals, the hot metal output this period was 240.95 tons, a decrease of 0.59 tons, with high - level fluctuations. The total coke inventory was higher than the same period. The average profit per ton of coke for 30 independent coking plants was - 13 yuan/ton. Technically, the daily K - line was above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range volatile operation driven by costs [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价 was 1258.50 yuan/ton, up 49.00; J主力合约收盘价 was 1768.00 yuan/ton, up 58.50 [2]. - JM期货合约持仓量 was 939022.00 hands, up 106904.00; J期货合约持仓量 was 49180.00 hands, up 1686.00 [2]. - The net position of the top 20 JM contracts was - 47469.00 hands, up 30131.00; the net position of the top 20 J contracts was - 3935.00 hands, up 19.00 [2]. - The JM5 - 1 month contract spread was 66.50 yuan/ton, down 8.50; the J5 - 1 month contract spread was 128.00 yuan/ton, down 17.00 [2]. - The JM warehouse receipt was 100.00 (down 100.00); the J warehouse receipt was 2070.00 (unchanged) [2]. - The price of Ganqimao Du Meng 5 raw coal increased by 6.00 yuan/ton [2]. 3.2 Spot Market - The price of Russian main coking coal forward spot (CFR) was 155.00 US dollars/wet ton, up 2.50 [2]. - The price of Rizhao Port quasi - first - grade metallurgical coke was 1520.00 yuan/ton, unchanged; the price of Tianjin Port first - grade metallurgical coke was 1620.00 yuan/ton, unchanged; the price of Tianjin Port quasi - first - grade metallurgical coke was 1520.00 yuan/ton, unchanged [2]. - The price of Jingtang Port Australian imported main coking coal was 1570.00 yuan/ton, unchanged; the price of Jingtang Port Shanxi - produced main coking coal was 1710.00 yuan/ton, unchanged; the price of Shanxi Jinzhong Lingshi medium - sulfur main coking coal was 1450.00 yuan/ton, unchanged; the ex - factory price of Inner Mongolia Wuhai - produced coking coal was 1230.00 yuan/ton, unchanged [2]. - The JM主力合约基差 was 191.50 yuan/ton, down 49.00; the J主力合约基差 was - 48.00 yuan/ton, down 58.50 [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washeries was 26.70 million tons, up 0.60; the weekly inventory of clean coal from 314 independent coal washeries was 289.60 million tons, down 0.80 [2]. - The weekly capacity utilization rate of 314 independent coal washeries was 0.37%, up 0.01; the monthly raw coal output was 41150.50 million tons, up 2100.80 [2]. - The monthly import volume of coal and lignite was 4600.00 million tons, up 326.00; the daily average output of raw coal from 523 coking coal mines was 191.00 million tons, down 5.10 [2]. - The weekly inventory of imported coking coal at 16 ports was 488.16 million tons, down 19.31; the weekly inventory of coking coal at independent coking enterprises (full - sample) was 997.37 million tons, up 38.31; the weekly inventory of coke at 18 ports was 252.65 million tons, up 0.06; the weekly inventory of coke at independent coking enterprises (full - sample) was 57.29 million tons, down 6.55 [2]. - The weekly inventory of coking coal at 247 steel mills nationwide was 788.32 million tons, up 7.19; the weekly inventory of coke at 247 sample steel mills was 639.44 million tons, down 11.38 [2]. 3.4 Industry Situation - The weekly available days of coking coal for independent coking enterprises (full - sample) was 12.90 days, up 0.24; the weekly available days of coke for 247 sample steel mills was 11.19 days, down 0.23 [2]. - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 [2]. - The monthly output of coking coal was 3696.86 million tons, down 392.52; the weekly capacity utilization rate of independent coking enterprises was 75.18%, up 0.05 [2]. - The weekly profit per ton of coke for independent coking plants was - 13.00 yuan/ton, down 22.00 [2]. - The monthly output of coke was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The weekly blast furnace start - up rate of 247 steel mills nationwide was 84.25%, unchanged; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.31%, down 0.22 [2]. - The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. 3.6 Industry News - Some open - pit coal mines in Wuhai and Qipanjing stopped production due to slope treatment and resource restructuring. With stricter environmental inspections, the shipment of operating coal mines was restricted, but the impact on output was small. The safety inspection in Qipanjing affected production, reducing the supply of raw coking coal in the Wuhai market. The online auction of coal showed a premium, and the price of clean coal was planned to increase [2]. - Political unrest in Mongolia affected port clearance vehicle numbers, causing supply - side disturbances and positive market sentiment [2]. - The EU's 19th round of sanctions against Russia would include four companies involved in circumventing Western sanctions in the Chinese oil industry [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On August 26, the JM2601 contract of coking coal closed at 1160.5, down 3.17%. The market sentiment declined and commodities corrected. In the short - term, there was repeated movement between long and short positions. The inventory at the mine end changed from a decrease to an increase, and the cumulative import growth rate had been declining for 3 consecutive months. The inventory level was moderately high. Technically, the daily K - line was between the 20 - day and 60 - day moving averages, and it was expected to move in a range [2]. - On August 26, the J2601 contract of coke closed at 1681.0, down 2.41%. The mainstream coking enterprises proposed an eighth - round price increase for coke. From January to July 2025, the global crude steel production was 1.0862 billion tons, a year - on - year decrease of 1.9%. In terms of fundamentals, the hot metal production was 240.75 tons, an increase of 0.09 tons. The inventory at the coal mine end was no longer under pressure and was transferred downstream, and the total coking coal inventory generally increased. The average profit per ton of coke for 30 independent coking plants nationwide was 23 yuan/ton. Technically, the daily K - line was between the 20 - day and 60 - day moving averages, and it was expected to move in a range [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1160.50 yuan/ton, down 55.00; the closing price of the J main contract was 1681.00 yuan/ton, down 55.00. The JM futures contract open interest was 908171.00 lots, down 9991.00; the J futures contract open interest was 47638.00 lots, down 1368.00. The net open interest of the top 20 coking coal contracts was - 114943.00 lots, down 472.00; the net open interest of the top 20 coke contracts was - 5563.00 lots, down 781.00. The JM1 - 9 contract spread was 129.50 yuan/ton, down 24.50; the J1 - 9 contract spread was 71.00 yuan/ton, down 13.00. The coking coal warehouse receipts were 0.00, unchanged; the coke warehouse receipts were 820.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Meng 5 raw coal was 948.00 yuan/ton, down 14.00; the price of Tangshan first - grade metallurgical coke was 1775.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot was 150.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1570.00 yuan/ton, unchanged. The price of Australian imported prime coking coal at Jingtang Port was 1620.00 yuan/ton, up 120.00; the price of first - grade metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal at Jingtang Port was 1610.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1300.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged. The basis of the JM main contract was 139.50 yuan/ton, up 55.00; the basis of the J main contract was 94.00 yuan/ton, up 55.00 [2]. 3.3 Upstream Situation - The clean coal output of 314 independent coal washing plants was 25.70 tons, down 0.70; the clean coal inventory of 314 independent coal washing plants was 294.80 tons, down 2.20. The capacity utilization rate of 314 independent coal washing plants was 0.36%, down 0.00; the raw coal output was 38098.70 tons, down 4008.70. The import volume of coal and lignite was 3561.00 tons, up 257.00; the daily average output of raw coal from 523 coking coal mines was 191.20 tons, up 3.30. The inventory of imported coking coal at 16 ports was 450.45 tons, up 2.67; the inventory of coke at 18 ports was 268.62 tons, down 1.09 [2]. 3.4 National Industry Situation - The total inventory of coking coal of independent coking enterprises was 966.41 tons, down 10.47; the total inventory of coke of independent coking enterprises was 64.37 tons, up 1.86. The coking coal inventory of 247 steel mills was 812.31 tons, up 6.51; the coke inventory of 247 steel mills was 609.59 tons, down 0.21. The available days of coking coal for independent coking enterprises were 13.07 days, up 0.10; the available days of coke for 247 steel mills were 10.76 days, down 0.07. The import volume of coking coal was 962.30 tons, up 53.11; the export volume of coke and semi - coke was 89.00 tons, up 38.00. The output of coking coal was 4064.38 tons, down 5.89; the output of coke was 4185.50 tons, up 15.20. The capacity utilization rate of independent coking enterprises was 74.42%, up 0.08; the average profit per ton of coke for independent coking plants was 23.00 yuan/ton, up 3.00 [2]. 3.5 National Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.34%, down 0.23; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, up 0.03. The crude steel output was 7965.82 tons, down 352.58 [2]. 3.6 Industry News - On January 25, mainstream coking enterprises proposed an eighth - round price increase for coke, with a 50 - yuan/ton increase for wet - quenched coke and a 55 - yuan/ton increase for dry - quenched coke. According to the oral notice of the environmental protection department in Henan Province, coking enterprises in the province will implement self - restricted production from August 25 to September 3, with a preliminary estimated restriction range of 20 - 35%. Some enterprises have already implemented a 30 - 35% restriction, and other enterprises will gradually follow. Zheng Shanjie, director of the National Development and Reform Commission, chaired a symposium to listen to opinions and suggestions on expanding domestic demand and stabilizing employment during the 15th Five - Year Plan period. Shanghai optimized and adjusted real estate policies, including unrestricted housing purchases outside the outer ring for eligible resident families, and adult single individuals are subject to the same housing purchase restriction policy as resident families. Eligible non - local resident families are temporarily exempt from property tax for their first - purchased housing [2].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Since late July, coke futures have maintained a high - level oscillation pattern. Considering the "anti - involution" policy and macro - environment, coke futures are expected to continue high - level oscillation and may be prone to rise and hard to fall [2]. - With the sixth round of spot price increase, the operating pressure of coke enterprises has eased, and the spot market is expected to remain strong in the near future [3]. - The coke supply has a marginal increase, demand remains high and stable, and inventory is continuously decreasing. The fundamentals are good, and policies and the macro - atmosphere are optimistic, driving coke futures to run at a high level [6]. Summary According to Relevant Contents Market Situation - Since late July, coke futures have been in a high - level oscillation. There are both positive and negative factors. The positive factors include the "anti - involution" policy and the extension of Sino - US tariff exemptions, while the negative factors are the risk management measures of the Dalian Commodity Exchange and the potential suppression of raw material demand due to crude steel production restrictions [2]. Spot Market - On August 14, the sixth round of coke price increase was fully implemented. After this round of price increase, most domestic coke enterprises' profits improved. As of the week of August 15, the profit per ton of 30 sample independent coking plants was 20 yuan/ton, a week - on - week increase of 36 yuan/ton [3]. - The upstream coking coal price is stable for the time being, but the online auction failure rate has increased slightly to 23.3%. The downstream steel mill profitability rate is 65.8%, a week - on - week decrease of 2.6 percentage points. The daily iron - water output remains above 2.4 million tons, and the downstream replenishment demand is good, so the coke spot market is expected to remain strong [3]. Fundamentals - The domestic coke supply shows a marginal increase, but the output growth rate is relatively moderate under environmental protection policies. The demand pressure is limited as the iron - water output of downstream steel mills remains resilient. As of the week of August 15, the total daily output of sample coking plants and steel mills was 112.1 million tons, a week - on - week increase of 0.2 million tons; the daily iron - water output of 247 steel mills was 2.4066 million tons, a week - on - week increase of 0.34 million tons; the total coke inventory decreased to 8.8742 million tons, a week - on - week decrease of 0.1974 million tons [4]. Policy Aspect - Since July 1, the "anti - involution" policy in the coal industry has been continuously promoted. Although the actual impact on supply is limited, it has significantly improved market expectations and will continue to support coke prices in the long - term [5][6].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - On August 4th, the JM2601 contract of coking coal closed at 1141.0, up 2.33%. With several macro - events settled, market sentiment weakened. Fundamentally, mine - end inventory decreased overall, clean coal inventory shifted downstream, import cumulative growth declined for 3 consecutive months, and total inventory increased for 4 consecutive weeks. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On August 4th, the J2509 contract of coke closed at 1615.5, down 0.15%. The fifth round of price increase was postponed. With no obvious incremental policy expectations and the impact of position limits, the market became cautious about high prices. Fundamentally, raw - material inventory rebounded, iron - water production decreased, and coking coal total inventory increased for 4 consecutive weeks. The average loss per ton of coke for 30 independent coking plants was 45 yuan/ton. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main - contract closing price was 1141.00 yuan/ton, up 48.50; J main - contract closing price was 1615.00 yuan/ton, up 30.00. JM futures - contract holding volume was 796849.00 lots, up 32505.00; J futures - contract holding volume was 50354.00 lots, down 1172.00. The net holding volume of the top 20 coking - coal contracts was - 99841.00 lots, up 6368.00; that of coke was - 7199.00 lots, down 318.00. JM1 - 9 month contract spread was 135.50 yuan/ton, up 28.00; J1 - 9 month contract spread was 60.50 yuan/ton, up 21.50. Coking - coal warehouse receipts were 0.00; coke warehouse receipts were 760.00 [2]. 3.2 Spot Market - Dry Qimantage Mongolian No. 5 raw coal was 880.00 yuan/ton; Russian main - coking coal forward spot was 143.50 US dollars/wet ton; Jingtang Port Australian imported main - coking coal was 1430.00 yuan/ton; Jingtang Port Shanxi - produced main - coking coal was 1680.00 yuan/ton; Shanxi Jinzhong Lingshi medium - sulfur main - coking coal was 1400.00 yuan/ton; Inner Mongolia Wuhai - produced coking - coal ex - factory price was 1100.00 yuan/ton. Tangshan quasi - first - class metallurgical coke was 1610.00 yuan/ton; Rizhao Port quasi - first - class metallurgical coke was 1420.00 yuan/ton; Tianjin Port first - class metallurgical coke was 1520.00 yuan/ton; Tianjin Port quasi - first - class metallurgical coke was 1420.00 yuan/ton. JM main - contract basis was 259.00 yuan/ton, down 48.50; J main - contract basis was - 5.00 yuan/ton, down 30.00 [2]. 3.3 Upstream Situation - The raw - coal inventory of 110 coal - washing plants was 277.10 million tons, down 15.43; the clean - coal inventory was 166.39 million tons, down 9.23. The operating rate of 110 coal - washing plants was 61.51%, down 0.80. Raw - coal production was 42107.40 million tons, up 1779.00. Coal and lignite imports were 3304.00 million tons, down 300.00. The daily average raw - coal output of 523 coking - coal mines was 193.60, down 1.20. The imported coking - coal inventory of 16 ports was 493.94 million tons, down 18.10; the coke inventory of 18 ports was 270.90 million tons, up 20.57 [2]. 3.4 National Industrial Situation - The total coking - coal inventory of independent coking enterprises was 992.73 million tons, up 7.35; the total inventory of 247 steel mills was 803.79 million tons, up 4.28. The available days of coking coal for independent coking enterprises were 12.87 days, up 0.12; for 247 steel mills, the available days of coke were 11.17 days, down 0.28. Coking - coal imports were 910.84 million tons, up 172.10; coke and semi - coke exports were 51.00 million tons, down 17.00. Coking - coal production was 4064.38 million tons, down 5.89. The capacity utilization rate of independent coking enterprises was 73.69%, up 0.24. The profit per ton of coke for independent coking plants was - 54.00 yuan/ton, down 11.00. Coke production was 4170.30 million tons, down 67.30 [2]. 3.5 National Downstream Situation - The blast - furnace operating rate of 247 steel mills was 83.48%, unchanged; the blast - furnace iron - making capacity utilization rate was 90.22%, down 0.56. Crude - steel production was 8318.40 million tons, down 336.10 [2]. 3.6 Industry News - On August 1st, the National Development and Reform Commission announced that 6.9 billion yuan of consumer goods trade - in funds would be issued in October, completing the 30 - billion - yuan annual plan. It also planned to regulate enterprise disorderly competition, manage key - industry production capacity, and clean up market - access barriers. The 80 - billion - yuan "two - important" construction project list had been fully issued, and 73.5 billion yuan of central budgetary investment had been basically issued. Trump 2.0 threatened Russia militarily and deployed two US nuclear submarines [2].

Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core Views - On June 19, 2025, the JM2509 contract of coking coal closed at 790.0 yuan/ton, down 0.13%, and the spot price of Meng 5 raw coal was 710 yuan/ton. The supply of coking coal shows marginal improvement signs, with the capacity utilization rate of coking coal mines rising this period, the cumulative import growth rate declining, and the cleaned coal inventory continuing to increase. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On June 19, 2025, the J2509 contract of coke closed at 1374.0 yuan/ton, down 0.11%, and the third round of price cut for coke has been implemented. The Fed keeps the benchmark interest rate unchanged at 4.25% - 4.50%, and is expected to cut interest rates twice in 2025, and 25 basis points each in 2026 and 2027. The supply of raw materials shows marginal improvement signs, and the hot metal output has declined from the high level. The average loss per ton of coke for 30 independent coking plants nationwide this period is 46 yuan/ton. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Directory 3.1 Futures Market - JM主力合约收盘价 was 790.50 yuan/ton, unchanged; J主力合约收盘价 was 1374.00 yuan/ton, down 1.00 yuan. JM期货合约持仓量 was 685871.00 hands, down 14200.00 hands; J期货合约持仓量 was 54570.00 hands, down 1510.00 hands. The net position of the top 20 coking coal contracts was - 40681.00 hands, up 6519.00 hands; the net position of the top 20 coke contracts was - 1688.00 hands, down 163.00 hands. The JM1 - 9 month contract spread was 23.50 yuan/ton, down 1.50 yuan; the J1 - 9 month contract spread was 27.50 yuan/ton, down 0.50 yuan. The coking coal warehouse receipts were 0.00, unchanged; the coke warehouse receipts were 90.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Meng 5 raw coal was 710.00 yuan/ton, up 9.00 yuan; the price of Tangshan quasi - first - grade metallurgical coke was 1445.00 yuan/ton, unchanged. The price of Russian main coking coal forward spot (CFR) was 110.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1270.00 yuan/ton, unchanged. The price of Australian imported main coking coal at Jingtang Port was 1230.00 yuan/ton, unchanged; the price of Shanxi - produced main coking coal at Jingtang Port was 1230.00 yuan/ton, unchanged. The price of medium - sulfur main coking coal in Jinzhong, Shanxi was 980.00 yuan/ton, unchanged; the price of coking coal produced in Wuhai, Inner Mongolia was 930.00 yuan/ton, down 50.00 yuan. The J主力合约基差 was 71.00 yuan/ton, up 1.00 yuan; the JM主力合约基差 was 189.50 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The raw coal inventory of 110 coal washing plants was 336.13 million tons, up 8.72 million tons; the cleaned coal inventory was 251.47 million tons, up 6.41 million tons. The operating rate of 110 coal washing plants was 57.36%, down 3.23 percentage points. The raw coal output was 40328.40 million tons, up 1397.80 million tons. The import volume of coal and lignite was 3604.00 million tons, down 179.00 million tons. The daily average output of raw coal of 523 coking coal mines was 189.50 million tons, up 1.80 million tons. The inventory of imported coking coal at 16 ports was 544.73 million tons, down 1.00 million tons; the inventory of coke at 18 ports was 258.69 million tons, down 8.16 million tons. The total inventory of coking coal of independent coking enterprises in the full sample was 798.07 million tons, down 20.85 million tons; the inventory of coke of independent coking enterprises in the full sample was 125.71 million tons, down 1.30 million tons. The inventory of coking coal of 247 steel mills nationwide was 773.98 million tons, up 3.07 million tons; the inventory of coke of 247 sample steel mills was 642.84 million tons, down 2.96 million tons. The available days of coking coal of independent coking enterprises in the full sample was 12.32 days, up 0.06 days; the available days of coke of 247 sample steel mills was 11.62 days, up 0.04 days [2]. 3.4 Industry Situation - The import volume of coking coal was 889.34 million tons, up 25.97 million tons; the export volume of coke and semi - coke was 68.00 million tons, up 13.00 million tons. The output of coking coal was 3926.16 million tons, down 235.31 million tons. The capacity utilization rate of independent coking enterprises was 73.96%, down 1.40 percentage points. The profit per ton of coke of independent coking plants was - 46.00 yuan/ton, down 27.00 yuan/ton. The coke output was 4237.60 million tons, up 77.60 million tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.39%, down 0.15 percentage points; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.56%, down 0.07 percentage points. The crude steel output was 8654.50 million tons, up 52.60 million tons [2]. 3.6 Industry News - The relevant national departments responded to the news of the suspension of "national subsidies": This year, the state has arranged 300 billion yuan of ultra - long - term special treasury bond funds to support the replacement of old consumer goods with new ones, and a total of 162 billion yuan of funds have been allocated to local governments, and the remaining funds will be allocated in an orderly manner. - The National Defense General Headquarters decided to launch a level - 4 flood control emergency response for Anhui, Hubei, Hunan, Chongqing, and Guizhou on June 18, and sent 3 working groups to key areas to assist in guiding flood relief work. - According to US Treasury data, China's holdings of US Treasury bonds in April were 757 billion US dollars, down from 765 billion US dollars in March; Japan's holdings were 1.135 trillion US dollars, up from 1.131 trillion US dollars in March. - According to the National Bureau of Statistics, from January to May, the output of industrial raw coal above the designated size was 1.99 billion tons, a year - on - year increase of 6.0%. In May, the output of industrial raw coal above the designated size was 400 million tons, a year - on - year increase of 4.2%, and the daily average output was 13.01 million tons. The growth rate of raw coal production has accelerated. According to customs statistics, from January to May, the national coal imports were 189 million tons, a year - on - year decrease of 7.9% [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - On June 3, the JM2509 contract closed at 719.0, down 3.03%. The spot price of Meng 5 raw coal was reported at 735. With a loose supply, stable mine production, and a continuous increase in clean coal inventory, the 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a weak - oscillating operation [2]. - On June 3, the J2509 contract closed at 1299.0, down 1.10%. The second - round price cut has been implemented on the spot side. With Trump's tariff increase plan, the market sentiment is pessimistic. The loose supply of raw materials weakens cost support, and the molten iron output has declined from a high level. The average loss per ton of coke for 30 independent coking plants nationwide is 39 yuan/ton this period. The 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a weak - oscillating operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM主力合约收盘价为719.00元/吨，环比下跌7.00元；J主力合约收盘价为1299.00元/吨，环比下跌9.00元 [2]. - JM期货合约持仓量为680451.00手，环比增加29469.00手；J期货合约持仓量为59323.00手，环比减少41.00手 [2]. - 焦煤前20名合约净持仓为 - 14148.00手，环比增加23893.00手；焦炭前20名合约净持仓为2338.00手，环比增加874.00手 [2]. - JM1 - 9月合约价差为16.50元/吨，环比下跌5.00元；J1 - 9月合约价差为23.50元/吨，环比持平 [2]. - 焦煤仓单为0.00张，环比持平；焦炭仓单为90.00张，环比持平 [2]. 3.2现货市场 - 干其毛都蒙5原煤价格为735.00元/吨，环比下跌5.00元；唐山准一级冶金焦价格为1520.00元/吨，环比持平 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为117.50美元/湿吨，环比持平；唐山二级冶金焦价格为1525.00元/吨，环比持平 [2]. - 京唐港澳大利亚进口主焦煤价格为1200.00元/吨，环比下跌20.00元；天津港一级冶金焦价格为1440.00元/吨，环比持平 [2]. - 京唐港山西产主焦煤价格为1270.00元/吨，环比下跌30.00元；天津港准一级冶金焦价格为1340.00元/吨，环比持平 [2]. - 山西晋中灵石中硫主焦价格为1050.00元/吨，环比持平；内蒙古乌海产焦煤出厂价为1050.00元/吨，环比持平 [2]. - JM主力合约基差为331.00元/吨，环比增加7.00元；J主力合约基差为221.00元/吨，环比增加9.00元 [2]. 3.3上游情况 - 110家洗煤厂原煤库存为310.98万吨，环比减少5.50万吨；精煤库存为222.07万吨，环比增加7.33万吨 [2]. - 110家洗煤厂开工率为61.55%，环比下降0.81个百分点；原煤产量为38930.60万吨，环比减少5127.60万吨 [2]. - 煤及褐煤进口量为3783.00万吨，环比减少90.00万吨；523家炼焦煤矿山原煤日均产量为191.80万吨，环比减少1.80万吨 [2]. - 16个港口进口焦煤库存为553.76万吨，环比增加18.27万吨；焦炭18个港口库存为271.78万吨，环比减少4.90万吨 [2]. - 独立焦企全样本炼焦煤总库存为846.33万吨，环比减少19.40万吨；独立焦企全样本焦炭库存为111.38万吨，环比增加8.13万吨 [2]. - 全国247家钢厂炼焦煤库存为786.79万吨，环比减少11.96万吨；全国247家样本钢厂焦炭库存为654.93万吨，环比减少5.66万吨 [2]. - 独立焦企全样本炼焦煤可用天数为12.50天，环比减少0.20天；247家样本钢厂焦炭可用天数为11.71天，环比减少0.18天 [2]. - 炼焦煤进口量为889.34万吨，环比增加25.97万吨；焦炭及半焦炭出口量为55.00万吨，环比减少21.00万吨 [2]. - 炼焦煤产量为4161.47万吨，环比持平；独立焦企产能利用率为75.66%，环比下降0.21个百分点 [2]. - 独立焦化厂吨焦盈利情况为 - 39.00元/吨，环比减少24.00元；焦炭产量为4160.00万吨，环比增加30.60万吨 [2]. 3.4全国下游情况 - 247家钢厂高炉开工率为83.89%，环比增加0.22个百分点；247家钢厂高炉炼铁产能利用率为90.67%，环比下降0.63个百分点 [2]. - 粗钢产量为8601.90万吨，环比减少682.24万吨 [2]. 3.5行业消息 - 全国多地加强管控，严防战略矿产非法外流，如贵州按部署分工工作，湖南摸排战略矿产出口企业，广西查处非法采矿行为 [2]. - 欧盟正制定针对俄罗斯的第18轮制裁措施，涵盖“北溪”基础设施、俄罗斯银行业及下调原油价格上限等 [2]. - 美国贸易代表办公室延长对中国相关行为、政策及做法301调查的豁免期限至2025年8月31日 [2]. - 新疆伊尔克什坦口岸自本月起试行全时段货运通关 [2].