晨报 煤焦 煤焦：蒙煤通关恢复 盘面弱势震荡 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 逻辑：节后首个交易日，黑色金属板块整体走弱，煤焦跌幅居前，价 格迫近近期震荡区间下沿，夜盘价格短暂冲高后回落。 证监许可【2011】1452 号 从基上面来看，假期期间国内煤矿停产放假范围较大，煤矿产量骤减， 市场成交稀少，询盘报盘冷清，市场活跃度降至冰点。2 月 23 日当周数 据显示，原煤、精煤日产 108.6 万吨、45.9 万吨，分别较节前下降 72.2 万吨、28.4 万吨。目前煤矿已进入复产周期，预计本周产量将显 ...

1. Industry Investment Rating - No information provided 2. Core Viewpoint - The current supply - demand contradiction of coal and coke is general. The overall sentiment of the ferrous metal market is weak, and prices are running weakly. In the last week before the Spring Festival, attention should be paid to controlling position risks [3] 3. Summary by Related Content Market Performance - Yesterday, the futures prices of coal and coke fluctuated weakly, with a slight rebound in night - trading, and overall continued the weak oscillation. Recently, the overall trend of steel and ore has been weak, and the seasonal off - season has restricted the rebound height of coal and coke [3] Supply Side - Last week, domestic coal mines began to shut down for holidays one after another. Mines in Yunnan, Jinzhong of Shanxi and other places had earlier holidays, and the output decline was obvious. Around the 23rd day of the twelfth lunar month this week, private coal mines will enter the peak holiday period, with a sharp increase in shut - down mines and a significant output decline. Last week, the daily production of raw coal and clean coal was 1.925 million tons and 755,000 tons respectively, a week - on - week decrease of 53,000 tons and 16,000 tons [3] - The expected reduction in coal production has a certain support for coal prices, but the production cut basically follows the previous years' rules, and downstream has stocked up in advance, so there is no driving force for continuous increase [3] - Last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly. According to the bilateral agreement between China and Mongolia, the three major ports will be closed during the Spring Festival in 2026, from the first to the fourth day of the first lunar month (February 17th to 20th), and will also be closed on February 15th and 22nd (Sundays) as usual [3] Demand Side - Steel mills' production is relatively stable, and the daily average pig iron output is maintained at around 2.28 million tons [3]

煤焦周度观点 国泰君安期货研究所·刘豫武 投资咨询从业资格号：Z0023649 日期：2026年2月1日 Guotai Junan Futures all rights reserved, please do not reprint 煤焦：基本面供需双弱，情绪面占主导 ◆ 1、供应： ➢ 国内供应，产地部分煤矿产量继续提升，叠加前期因安监影响停减产的煤矿恢复正常，供应端继续增量，中国煤炭资源网统计本周样本煤矿原煤产量 周环比增加14.67万吨至1234.29万吨，产能利用率周环比上升1.02%至85.87%。。进口方面，本周甘其毛都口岸通关车数维持高位运行，中国煤炭资源 网统计本周（1.26-1.29）甘其毛都口岸通关4天，日均通关1457车，较上周同期环比增加281车。 ➢ 2、需求： ➢ 焦炭首轮提涨于上周落地，涨后预计平稳运行，焦化厂心态普遍偏保守，且对炼焦煤的补库已接近尾声，进一步追高采购的意愿不强。本周全国日均 铁水产量为227.98万吨，较上周下降0.12万吨，铁水产量降至低位，对原料的刚性需求减弱。 。 ◆ 3、库存： ➢ 本周各环节焦煤总库存环比增35.3万吨，本周仍处冬储补库周期，坑口库存下 ...

从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 晨报 煤焦 煤焦：焦煤期权即将上市 短期期价表现仍偏弱 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 成文时间： 2026 年 1 月 6 日 逻辑：昨日，煤焦期货价格震荡下行，领跌黑色金属板块，夜盘延续 弱势。现货方面，上周钢厂完成对焦价的第 4 轮调降，自 11 月底至此焦 价累计下跌 200-220 元/吨。焦企利润被持续压缩，个别地区焦企有提涨 计划。 证监许可【2011】1452 号 近期大商所发布焦煤期权上市交易有关事项，焦煤期权自 2026 年 1 月 16 日（周五）起上市交易，当日 8:55-9: ...

Report Industry Investment Ratings - Iron ore, coal coke, rolled steel, glass, soda ash, 2-year treasury bonds, 5-year treasury bonds, log, pulp, double offset paper, soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, soybean two, rubber: Oscillation [2][3][4][5][6][7][8][9] - Shanghai Stock Exchange 50, CSI 300: Oscillation [3] - CSI 500, CSI 1000: Rebound [3] - 10-year treasury bonds: Consolidation [3] - Gold, silver: Correction [5] - Live pigs: Relatively strong [7] - PX, PTA: Wide-range oscillation [9] - MEG: Low-level oscillation [9] - PR: Wait-and-see [9] - PF: Wait-and-see [9] Core Views of the Report - The high supply, weak demand, and high inventory pattern of iron ore remains unchanged, but short-term bullish sentiment has emerged due to policy changes and the expectation of pre-holiday restocking by steel mills. Long-term shorting opportunities should be considered after restocking is realized [2] - The fourth round of price cuts for coke is expected to be proposed at the end of the month and implemented in early January. Coal coke still has support due to capacity inspections, safety supervision, and anti-involution policies [2] - The implementation of the steel export license management system has shifted market expectations from supply-side policy benefits to demand-side negatives, which will have a direct impact on steel exports and raw material prices [2] - The price of glass is expected to experience a process of first verifying supply reduction and then verifying demand sustainability. The overall demand is weak, and attention should be paid to macro and production line cold repair situations [2] - The stock indexes of the previous trading day showed different trends. The government's advance allocation of 625 billion yuan in ultra-long-term special treasury bonds to support consumer goods trade-in programs is expected to drive consumption [3] - The pricing mechanism of gold is shifting from being centered on real interest rates to central bank gold purchases. Short-term corrections are possible, but there is solid medium- to long-term support [5] - The supply of logs is expected to stabilize, but demand is relatively weak. Prices are expected to oscillate [5] - The supply of pulp is abundant, and demand is weak. Prices are expected to maintain an oscillating trend [5] - The supply of double offset paper is stable, and demand has some support. Prices are expected to oscillate steadily in the short term [5] - The supply of edible oils is abundant, and demand is uncertain. Prices are expected to oscillate in the short term [6] - The global soybean inventory is relatively abundant, and the supply of soybean meal is expected to be sufficient. Prices are expected to oscillate [6] - The demand for live pigs is expected to increase during the New Year's Day holiday, which will support price increases [7] - The price of natural rubber is expected to oscillate due to supply and demand factors and inventory accumulation [9] - The supply of PX is high, and the demand for PTA has some support. Prices are expected to oscillate widely [9] - The supply of MEG has long-term accumulation pressure, and prices are expected to oscillate at a low level [9] - The polyester bottle chip market may consolidate within a range due to the high price of raw materials and a wait-and-see attitude in the industry [9] - The short fiber market is expected to be in a wait-and-see state in the short term [9] Summaries by Relevant Catalogs Black Industry - **Iron Ore**: High supply, weak demand, and high inventory. Short-term bullish sentiment due to policy and restocking expectations. Long-term shorting after restocking [2] - **Coal Coke**: Fourth round of price cuts expected. Support from capacity inspections, safety supervision, and anti-involution policies [2] - **Rolled Steel**: Impacted by export license management. Policy changes bring short-term bullish sentiment, but prices are expected to oscillate at the bottom [2] - **Glass**: Cold repair expected at the end of the year. Market to verify supply reduction and demand sustainability. Overall demand is weak [2] - **Soda Ash**: Inventory accumulation, high midstream inventory, and weak demand. Attention to macro and production line cold repair [2] Financial - **Stock Index Futures/Options**: Different trends in previous trading day's stock indexes. Advance allocation of special treasury bonds to support consumption [3] - **Treasury Bonds**: Interest rates are in a state of consolidation, and the market shows a slight rebound [3] Precious Metals - **Gold**: Pricing mechanism shift. Short-term corrections possible, but solid medium- to long-term support [5] - **Silver**: Similar to gold, short-term corrections and medium- to long-term support [5] Light Industry - **Log**: Supply expected to stabilize, demand weak. Prices to oscillate [5] - **Pulp**: Abundant supply, weak demand. Prices to maintain an oscillating trend [5] - **Double Offset Paper**: Stable supply, some demand support. Short-term stable oscillation [5] Oilseeds and Oils - **Edible Oils**: Abundant supply, uncertain demand. Short-term price oscillation [6] - **Meal**: Abundant global soybean inventory, sufficient soybean meal supply. Price oscillation [6] Agricultural Products - **Live Pigs**: Increased demand during the New Year's Day holiday to support price increases [7] Soft Commodities - **Rubber**: Supply affected by weather, demand with some support. Inventory accumulation, price oscillation [9] Polyester - **PX**: High supply, demand supported by downstream polyester. Price wide-range oscillation [9] - **PTA**: Cost affected by oil prices, short-term supply-demand improvement. Price wide-range oscillation [9] - **MEG**: Long-term supply accumulation pressure, short-term low-level oscillation [9] - **PR**: High raw material prices, industry wait-and-see. Market range consolidation [9] - **PF**: Short-term market wait-and-see [9]

Report Industry Investment Ratings Black Industry - Iron ore: Oscillation [2] - Coking coal and coke: Oscillation [2] - Rolled steel and rebar: Oscillation [2] - Glass: Oscillation [2] Financial - CSI 500: Rebound [3] - CSI 1000: Rebound [3] - 2 - year Treasury bond: Oscillation [3] - 5 - year Treasury bond: Oscillation [3] - 10 - year Treasury bond: Consolidation [3] - Gold: Correction [3] - Silver: Correction [3] Light Industry - Logs: Oscillation [4] - Pulp: Rising [4] - Double - offset paper: Stable oscillation [4] Oilseeds and Oils - Soybean oil: Oscillating bearish [6] - Palm oil: Oscillating bearish [6] - Rapeseed oil: Oscillating bearish [6] - Soybean meal: Oscillation [6] - Rapeseed meal: Oscillation [6] - Soybean No. 2: Oscillation [6] - Soybean No. 1: Oscillation [6] Agricultural Products - Live pigs: Bullish [7] Soft Commodities - Rubber: Oscillation [9] Polyester - PX: Wide - range oscillation [9] - PTA: Wide - range oscillation [9] - MEG: Low - level oscillation [9] - PR: Wait - and - see [9] - PF: Wait - and - see [9] Core Viewpoints The report analyzes various industries including black industry, finance, light industry, oilseeds and oils, agricultural products, soft commodities, and polyester It evaluates the current supply - demand situation, policy impacts, and market trends of each industry's products and provides corresponding investment ratings and short - to medium - term trend predictions [2][3][4][6][7][9] Summary by Directory Black Industry - **Iron ore**: High supply, weak demand, and high inventory remain unchanged The real demand is weak, but short - term policy changes bring bullish sentiment, and the futures continue a technical rebound Long - term short - selling opportunities should be considered after restocking [2] - **Coking coal and coke**: The fourth round of coke price cuts is expected to be proposed by the end of the month and implemented in early January End - of - year production capacity inspections, safety supervision, and anti - involution policies provide support, but steel export policies may have a negative impact on raw material demand and prices [2] - **Rolled steel and rebar**: Policy changes bring short - term bullish sentiment, but steel export policies may reduce export volume and impact raw material prices The current steel price is expected to remain bottom - oscillating [2] - **Glass**: The domestic float glass spot market is declining, with high inventory due to weak demand Attention should be paid to macro policies and production line cold - repair [2] Financial - **Stock index futures/options**: The market is in short - term oscillation, with some sectors showing capital inflows or outflows The scale of public funds has reached a new high, but stock and hybrid funds have declined [3] - **Treasury bonds**: The yield of 10 - year Treasury bonds is flat, and the central bank conducts reverse repurchase operations The bond market shows a slight rebound [3] - **Precious metals**: The pricing mechanism of gold is changing, and factors such as central bank gold purchases, geopolitical risks, and the US economic data affect its price It is currently in a short - term correction [3] Light Industry - **Logs**: The spot market price shows a differentiated trend, with supply pressure easing and demand relatively weak The price is expected to oscillate [4] - **Pulp**: The cost supports the pulp price, but demand is weak due to low profitability in the papermaking industry and high inventory in paper mills The price may oscillate [4] - **Double - offset paper**: The supply is stable, and demand from publication orders provides some support Price increases are expected to continue, but the fundamental support is weak [4] Oilseeds and Oils - **Oils**: The export of Malaysian palm oil decreased in November, and the inventory pressure is high The demand for bio - diesel is uncertain, and the supply of domestic oils is abundant The market is oscillating bearish [6] - **Meals**: The global soybean inventory is relatively loose, and the supply of soybean meal will be sufficient in the future The price is expected to oscillate [6] Agricultural Products - **Live pigs**: The average transaction weight may decline, and demand is expected to increase due to the approaching New Year's Day The pig price is expected to rise slightly [7] Soft Commodities - **Rubber**: Production in major domestic and foreign rubber - producing areas is affected by weather, and the demand is weakly supported The inventory is in a seasonal accumulation period, and the price is expected to oscillate [9] Polyester - **PX**: The conflict in Russia and Ukraine increases supply risks, and the PX price is in wide - range oscillation [9] - **PTA**: Oil price fluctuations affect the cost, and the short - term supply - demand improves, but the long - term outlook is poor The price follows the cost [9] - **MEG**: There is long - term inventory pressure, but imports may decrease in the next two months The price is in low - level oscillation [9] - **PR**: Supply increases, and the market is under pressure, expected to oscillate weakly [9] - **PF**: The inventory is low, but downstream orders are insufficient The market is expected to oscillate [9]

Report Investment Rating - No investment rating information is provided in the report. Core View - The market sentiment has slightly improved recently, and prices have seen a phased rebound, but the fundamentals are still weak and lack support for price rebounds [4]. Summary by Related Catalogs Market Performance - Yesterday, the coking coal and coke futures prices fluctuated, with a sharp price movement in the night session. The price of high - quality coking coal in Shanxi remained stable. Steel mills completed the third round of price cuts for coke, and downstream may replenish raw materials after the price drop [3]. Supply - This week, coal mines reduced production at the end of the month. Coke enterprises started to replenish stocks moderately, but overall market transactions were still weak. Large - mine long - term contracts had low cost - effectiveness, and downstream procurement was inactive. Mine - end inventories continued to accumulate. This week, the raw coal output of coking coal mines decreased by 54,000 tons week - on - week, and the daily output of clean coal decreased by 18,000 tons week - on - week. Raw coal and clean coal inventories increased by 42,000 tons and 101,000 tons respectively [3]. Demand - The demand is in a downward trend. Last week, the blast furnace hot metal output dropped to 2.2655 million tons, a week - on - week decrease of 26,500 tons and a year - on - year decrease of 28,600 tons, which continuously suppressed the rigid demand for raw materials [3]. Import - According to customs data, China's coking coal imports have generally remained at a relatively high level in recent months. In November, China imported 1.07315 million tons of coking coal, a month - on - month increase of 1.31% and a year - on - year decrease of 12.72%. From January to November 2025, China's cumulative coking coal imports were 105 million tons, a year - on - year decrease of 6.687 million tons, a decline of 5.99%. In November, Mongolia's coking coal imports were 624,410 tons, a month - on - month increase of 16.38% and a year - on - year increase of 19.65%. High - frequency data shows that Mongolia's coal customs clearance in December continued to remain at a high level, and the port supervision area mainly increased inventories [3].

Report Industry Investment Ratings - Iron ore: Oscillating weakly [2] - Coking coal and coke: Weak [2] - Rebar: Oscillating [2] - Glass: Weak [2] - Soda ash: Weak [2] - CSI 50 Index Futures/Options: Oscillating [4] - Treasury bonds (2-year, 5-year, 10-year): Oscillating, consolidating [4] - Gold and silver: Oscillating strongly [4][6] - Logs: Oscillating at the bottom [6] - Pulp and offset paper: Oscillating [6] - Edible oils (soybean oil, palm oil, rapeseed oil): Range-bound [7] - Meal (soybean meal, rapeseed meal, soybean No.2): Oscillating weakly [7] - Live pigs: Weak [9] - Rubber: Oscillating weakly [11] - PX: Widely oscillating [11] - PTA: Oscillating [11] - MEG: Weakly oscillating [11] - PR and PF: On the sidelines [11] Core Views - The iron ore market features loose supply, low demand, and port inventory accumulation, with prices expected to oscillate weakly. The coal and coke market has short - term supply pressure, but there is support at the bottom. The steel market is in a bottom - oscillating state, and the price depends on production reduction and policy implementation. The glass market is weak, and its price depends on cold - repair progress and macro factors [2]. - The financial market shows a mixed trend. Stock index futures/options are oscillating, and treasury bonds are in a state of consolidation or small - scale rebound. The precious metals market is supported by factors such as central bank gold purchases and geopolitical risks, with prices oscillating strongly [4]. - The light industry market, including logs and pulp, is in a process of supply - demand re - balancing, with prices expected to oscillate. The edible oils and meals market has uncertain demand prospects, and prices are expected to range - bound or oscillate weakly [6][7]. - The agricultural product market, represented by live pigs, has stable supply but limited terminal demand growth, with prices expected to decline. The soft commodity market, such as rubber, has weak demand and increasing inventory, with prices oscillating weakly. The polyester market has complex supply - demand situations, and prices show different trends such as oscillation, weak oscillation, and waiting - and - seeing [9][11]. Summary by Related Catalogs Black Industry - Iron ore: In 2026, global mines will add 64 - 65 million tons, with a growth rate far exceeding that of crude steel. Current demand is weak, and prices oscillate weakly. After the inventory replenishment and sentiment boost, short - selling opportunities can be sought based on high inventory and surplus expectations [2]. - Coking coal and coke: In November, Mongolian coal imports may reach a new high this year, and there is short - term supply pressure. After the first round of coke price cuts in December, there are still expectations of further cuts. Although there is support at the bottom, the market is weak [2]. - Rebar: Downstream demand is low, and it is in an oscillating state. The key lies in steel demand, and steel prices depend on production reduction and policy implementation [2]. - Glass: The price is weak, with low processing orders and high inventory. Whether it can stop falling depends on cold - repair progress and macro factors [2]. Financial - Stock index futures/options: The previous trading day showed a decline, and the market is oscillating. High - tech industries continue to grow, and market sentiment is rising [4]. - Treasury bonds: The yield of 10 - year treasury bonds has declined, and the market is in a state of consolidation or small - scale rebound [4]. - Precious metals: Gold's pricing mechanism is shifting, and it is supported by factors such as central bank gold purchases, geopolitical risks, and increased physical demand in China. Silver is also affected by similar factors, and both are expected to oscillate strongly [4][6]. Light Industry - Logs: Port shipments have increased, but demand improvement needs to be observed. Supply pressure may gradually ease, and prices are expected to oscillate at the bottom [6]. - Pulp: The spot price is stable, but demand is weak. The cost supports the price, and it is expected to oscillate [6]. - Double - gum paper: The price is stable, with stable supply and some support from orders, but weak social demand restricts price increases, and it is expected to oscillate [6]. Oils and Fats - Edible oils: The demand for soybean oil has uncertainties, palm oil production and exports are complex, and domestic oil supply is abundant. With cost support, prices are expected to range - bound [7]. - Meals: The global soybean inventory is abundant, and the demand for US soybeans is uncertain. Domestic supply is ample, and prices are expected to oscillate weakly [7]. Agricultural Products - Live pigs: The average transaction weight shows a north - rising and south - falling trend, terminal demand growth is limited, and prices are expected to decline. The slaughter rate has increased, and the profit situation varies [9]. Soft Commodities and Polyester - Rubber: Production in some regions is affected by weather, demand is weak, and inventory is increasing. Prices are expected to oscillate weakly [11]. - Polyester: PX prices are widely oscillating, PTA prices follow the cost, MEG prices are weakly oscillating, and PR and PF markets are on the sidelines [11].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - In the context of stable supply and weak demand, coking coal and coke prices lack upward momentum and are expected to face downward pressure. The main contracts of coking coal and coke futures have gradually shifted to the 2605 contract, and the prices have not yet stabilized, so operations should be cautious [3] Group 3: Summary by Relevant Catalogs Logic - Yesterday, the prices of coking coal and coke futures fluctuated downward, and the prices remained weak at night. Affected by the weak delivery logic, the 01 contract of coking coal led the decline. The spot market was generally weak, with domestic coal prices experiencing a supplementary decline. Steel mills completed the first round of price cuts for coke and there were still expectations of further cuts [3] Fundamental Analysis - Supply: It is expected that the supply of coking coal will remain relatively stable. The production of domestic coking coal mines is not significantly boosted by coal supply guarantees, and it is difficult for coking coal output to increase significantly during the off - season of downstream demand. However, imports remain at a high level, continuing to suppress domestic coal prices. Last week, the average daily customs clearance volume at the Ganqimaodu Port of Mongolian coal increased to 19.21 tons, a month - on - month increase of 2.21 tons and a year - on - year increase of 6.77 tons. The total arrival volume of seaborne coal last week was 958.63 tons, reaching a new high since November last year [3] - Demand: The pressure of the seasonal off - season will become more apparent. The profitability rate of steel mills is around 35%, and the blast furnace hot metal output is still in a slow decline, continuously suppressing the rigid demand for raw materials. Since December, steel mills have started to transfer the pressure to the raw material end. The key variable in demand lies in the inventory replenishment rhythm before the Spring Festival. If downstream enterprises start to replenish raw material inventories intensively in mid - to - late December, the demand side may receive phased support, but the intensity of replenishment will still be restricted by the sales and profits of finished products, and the sustainability is expected to be weak [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The supply - demand difference expectation for coal and coke is weak, and the valuation has been revised downward [3]. - The auction non - success rate of coking coal in online auctions remains high. Coke enterprises still expect a continuous decline in raw material spot prices, with low procurement sentiment. Downstream blast furnace production has decreased again on a week - on - week basis [4]. - The recovery of origin supply is still slow, but Mongolia maintains a high traffic volume. The market still has strong expectations for the recovery of future source production. The overseas interest - rate cut expectation has gradually become a consensus, but the domestic risk preference reflects the expectation of insufficient policy intervention. The current coal is in the supply - guarantee cycle, and the market's expectation for the recovery of future coal supply is still strong. Coupled with the blast furnace start - up data that has reached a phased peak, the demand space for coal and coke is also suppressed to some extent, leading to a significant decline in the previously high valuation of coal and coke recently [5]. 3. Summary by Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes | Category | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 853.4 (-2.68); FW clean coal 438.18 (-0.57) | Independent coking plants' daily average 64.53 (+0.77); Steel mills and coking enterprises' daily average 46.62 (+0.30) | | Demand | Hot metal production 232.3 (-2.38) | Hot metal production 232.3 (-2.38) | | Inventory | MS total inventory +40.7; Mine clean coal +23.1; Independent coking -1.1; Mine raw coal +19.7; Steel mill coking -3.0; Port +2.0; FW port +6.6 | MS total inventory -1.7; Independent coking -6.1; Steel mill -0.3; Port +4.7 | | Profit | Commodity coal 543 (-16) | Average profit of coking enterprises 30 (-16) | | Warehouse receipt | Mongolian 5 Tangshan warehouse receipt 1195 | Rizhao quasi - first - grade coke warehouse receipt 1621 | [7] 3.2 Coking Coal Fundamental Data 3.2.1 Supply - There are data on weekly and monthly production of coking coal, including 523 sample mine production, FW raw coal and clean coal production, and coking coal production from different sources. Mongolia's coal customs clearance data for different ports are also provided [9][11][13]. 3.2.2 Inventory - Pit - mouth inventory: This week, the raw coal inventory of sample mines increased by 26.52 tons week - on - week to 194.67 tons, and the clean coal inventory increased by 20.06 tons week - on - week to 127.61 tons. - Port inventory: This week, the coking coal port inventory was 296.5 tons, an increase of 2 tons week - on - week. - Coking plant inventory: There are data on inventory and available days of coking coal in independent coking enterprises, including overall and regional data. - Steel mill inventory: There are data on inventory and available days of coking coal in 247 steel enterprises, including overall and regional data [24][26][29][35]. 3.3 Coke Fundamental Data 3.3.1 Supply - Capacity utilization: There are data on the capacity utilization of independent coking enterprises and steel enterprises, including overall and regional data, and data for different production capacities [38][40]. - Output: There are data on the daily output of independent coking enterprises and steel enterprises, including overall and historical data [42][44]. 3.3.2 Inventory - Coking plant inventory: There are data on the inventory of independent coking enterprises, including overall and historical data. - Steel mill inventory: There are data on the inventory, average available days, and regional inventory of 247 steel enterprises' coking plants. - Total inventory: There are data on the total inventory of coke, including overall and historical data [46][47][52]. 3.3.3 Demand - There is data on the daily output of hot metal of 247 steel enterprises, which reflects the demand for coke [54]. 3.3.4 Profit - There are data on the profit of coking enterprises, including ton - coke average profit and ton - coke futures profit [57][58]. 3.4 Coal and Coke Futures and Spot Prices 3.4.1 Futures - Coking coal futures: There are data on the closing price, trading volume, and open interest of coking coal 2605 and 2601 futures contracts from November 28 to December 5, 2025, as well as the price change data [63]. - Coke futures: There are data on the closing price, trading volume, and open interest of coke 2601 and 2605 futures contracts from November 28 to December 5, 2025, as well as the price change data [65]. 3.4.2 Spot - There are data on the spot prices of different types of coking coal and coke, including car - loading prices of coking coal and summary prices of coke [71]. 3.4.3 Basis - The prices of double - coke futures are weak, and the basis remains high [74].