1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - Recently, coal and coke have been mainly fluctuating strongly. The market trading logic revolves around two aspects. Firstly, against the backdrop of geopolitical disturbances, the energy attribute of coking coal has been further fermented. Due to the impact of the US - Iran war, overseas energy prices have shown a significant upward shift, leading to sky - rocketing import coal freight and arrival prices in the domestic market. This has exacerbated the inversion of the price difference between domestic and foreign markets, and strengthened the preference of secondary - market funds for coking coal. Secondly, the profit of coking plants has improved due to the increase in energy and chemical prices, with an expected recovery in capacity utilization. The replenishment behavior has tightened the spot market of coking coal, and the price is expected to continue to rise. In the short term, investors are advised to be cautious and wait and see [5]. 3. Summary According to Related Catalogs 3.1 Coal and Coke Weekly Viewpoint 3.1.1 Supply - **Domestic Supply**: In Shanxi and Inner Mongolia, some coal mines that postponed resumption due to major meetings have continued to resume production. The overall supply in the production areas has been increasing. The weekly output of raw coal from sample coal mines increased by 21.4 tons to 1253.32 tons, and the output of clean coal increased by 9.37 tons to 618.93 tons. The capacity utilization rate increased by 1.49% to 87.2%, returning to the pre - holiday level [3]. - **Import**: Due to the tense international situation and high prices of energy such as crude oil, the forward price of Australian quasi - first - line coking coal rebounded slightly to around FOB224 US dollars, a weekly increase of 4 US dollars. The equivalent domestic port pick - up price is about 1953 yuan/ton. Compared with the domestic production area coal price, the forward price of Australian coal is still severely inverted [3]. 3.1.2 Demand - The price of coking coal has risen significantly, and the resumption of blast furnaces has continued to advance. This week, the pig iron output increased by 6.59 tons to 228.15 tons. Some coking enterprises have started to raise prices, and mainstream coking enterprises may follow suit next week [6]. 3.1.3 Inventory - The total inventory of coking coal in each link increased by 29.4 tons week - on - week. The inventory in the coal mine link decreased by 23.6 tons, with good sales at the mine end. The inventory of coking and steel enterprises in the downstream is in the resumption stage, with high production enthusiasm and increased coal demand. The coking coal inventory in the independent coking link increased by 35.6 tons compared with last week [6]. 3.2 Coal and Coke Fundamental Data Changes | Fundamental Changes | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 880.86 (+6.95); FW clean coal 448.54 (+2.60) | Independent coking plant daily average 64.2 (+0.3); Steel mill coking enterprise daily average 47.3 (+0.3) | | Demand | Pig iron output 228.15 (+6.95) | Pig iron output 228.15 (+6.95) | | Inventory | MS total inventory +29.4; Mine clean coal - 15.69; Independent coking +35.6; Mine raw coal - 10.04; Steel mill coking - 3.7; Port - 16.6; Port of entry +3.5 | MS total inventory +0.2; Independent coking - 6.2; Steel mill +0.6; Port +5.8 | | Profit | Commodity coal 457 (+13); Mongolian 5 Tangshan warehouse receipt 1243 | Coking enterprise average profit 77 (+5); Port quasi - dry quenched coke warehouse receipt 1700 | [8] 3.3 Coking Coal Fundamental Data - **Supply**: The report provides data on the weekly and monthly supply of coking coal, including the production of raw coal and clean coal from sample mines, and the monthly production of coking bituminous coal and coking clean coal. It also shows the customs clearance volume of Mongolian coal at various ports [10][12][14]. - **Inventory**: It details the inventory of coking coal at the pithead, ports, coking plants, and steel mills, including the inventory volume and available days [22][26][29][35]. 3.4 Coke Fundamental Data - **Supply**: It includes the capacity utilization rate and production of coking plants and steel mills. The capacity utilization rate of independent coking plants and steel enterprises is presented, as well as the daily output of coke from coking plants and steel mills [38][43][45]. - **Inventory**: The inventory of coke at coking plants and steel mills is provided, including the inventory volume, available days, and regional inventory [49][50][52]. - **Demand**: The demand for coke is mainly reflected in the pig iron production, and the supply - demand difference of coke is also analyzed [61]. - **Profit**: The report shows the profit of coke, including the disk profit of coke per ton and the average profit per ton of independent coking enterprises [64]. 3.5 Coal and Coke Futures and Spot Prices - **Futures**: The trading information of coking coal 2605, coking coal 2609, coke 2605, and coke 2609 futures contracts is provided, including the closing price, price change, trading volume, and open interest [67][70]. - **Spot**: The spot prices of coking coal and coke are presented, including the car - board price of different types of coking coal and the ex - factory price of different grades of metallurgical coke [78]. - **Basis**: The basis of coking coal and coke futures contracts is shown [80].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply expectation of coal and coke continues to be disturbed, showing a relatively strong and volatile trend [3]. - Steel mills'开工 remains high, and coke enterprises have a certain demand for replenishing stocks. Coupled with the price increase of coke in some enterprises, the short - term speculative demand for coking coal may increase [4]. - The actual data shows that the supply has recovered seasonally after the holiday, but the recovery slope is relatively slow. On the other hand, the supply of coke has not increased significantly, which boosts the sentiment [5]. - The narrative of Sino - US trade friction is still unclear, and the risk pricing is still reflected in the overall valuation of the black industry. Recently, there have been many meetings in the domestic photovoltaic - related industries, and the market's expectation of potential supply intervention has risen again, which also affects the speculation of market speculative funds on the potential supply of the coal end [5]. - Currently, the marginal contradiction in the supply - demand fundamentals of coal and coke is still small. The futures price has risen sharply under the influence of the potential supply contraction expectation. However, considering the uncertainty of future Sino - US trade games, changes in risk preference may still impact the valuation of the coal and coke futures later. It is recommended to treat it as a wide - range shock in the short term [5]. 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes | Category | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 854.88 (+18.21); FW clean coal 438.15 (+11.84) | Independent coking plants' daily average 65.29 (-0.83); Steel mills and coking enterprises' daily average 45.94 (-0.44) [7] | | Demand | Hot metal output 240.95 (-0.59) | Hot metal output 240.95 (-0.59) [7] | | Inventory | MS total inventory +47.8; Mine raw coal +15.1; Independent coking +38.3; Mine clean coal +9.5; Steel mill coking +7.2; Port - 22.3; FW port - 1.5 | MS total inventory - 17.9; Independent coking +0.1; Steel mill - 11.4; Port - 6.6 [7] | | Profit | Commodity coal 468 (+2) | Average profit of coking enterprises - 13 (-22) [7] | | Warehouse receipt | Mongolian 5 Tangshan warehouse receipt 1247 | Rizhao quasi - first - grade coke warehouse receipt 1568 [7] | 3.2 Coking Coal Fundamental Data 3.2.1 Coking Coal Supply - **Weekly**: The data shows the production of raw coal, clean coal of 523 sample mines, and the production of FW raw coal and clean coal in different years [9][10][12][14]. - **Monthly**: It shows the monthly production of coking bituminous coal and coking clean coal from 2019 to 2025 [15]. - **Mongolian coal customs clearance**: It presents the customs clearance volume of Mongolian coal at Ganqimaodu, Mandula, and Ceke ports and the total customs clearance volume of the three ports from 2021 to 2025 [17][20][21][23]. 3.2.2 Coking Coal Inventory - **Pit - mouth**: This week, the raw coal inventory of sample coal mines decreased by 3.49 tons week - on - week to 161.56 tons, and the clean coal inventory decreased by 11.01 tons week - on - week to 100.15 tons [28]. - **Port**: This week, the coking coal port inventory was 272.71 tons, a week - on - week decrease of 22.28 tons [30]. - **Coking plant**: It shows the inventory and available days of coking coal in independent coking enterprises, including overall data, regional data, and data by production capacity [33][35][37]. - **Steel mill**: It shows the inventory and available days of coking coal in 247 steel enterprises and their coking plants, including overall data and regional data [38]. 3.3 Coke Fundamental Data 3.3.1 Coke Supply - **Capacity utilization - Coking plant**: It shows the capacity utilization of independent coking enterprises, including overall data, data by production capacity, and regional data [41]. - **Capacity utilization - Steel mill**: It shows the capacity utilization of 247 steel enterprises' coking plants from 2019 to 2025 [43]. - **Output - Coking plant**: It shows the daily output of independent coking enterprises, including overall data and historical data from 2019 to 2025 [45]. - **Output - Steel mill**: It shows the daily output of 247 steel enterprises' coking plants from 2019 to 2025 [47]. 3.3.2 Coke Inventory - **Coking plant**: It shows the inventory of independent coking enterprises, including overall data and historical data from 2019 to 2025 [49]. - **Steel mill**: It shows the inventory, average available days, regional absolute inventory, and regional available days of 247 steel enterprises' coking plants [50][52][53]. - **Full - sample summary**: It shows the total inventory of coke and historical data from 2019 to 2025 [55]. 3.3.3 Coke Demand It shows the daily output of hot metal of 247 steel enterprises from 2019 to 2025 and the supply - demand difference of coke [57]. 3.3.4 Coke Profit It shows the profit data of coke, including the profit of the main - contract futures of coke per ton, the average profit of independent coking enterprises per ton, and the price of metallurgical coke [60][61][63]. 3.4 Coal and Coke Futures and Spot Prices 3.4.1 Coking Coal Futures It shows the closing price, price change, trading volume, and open interest of coking coal 2601 and 2605 futures from October 13 - 17, 2025 [67]. 3.4.2 Coke Futures It shows the closing price, price change, trading volume, and open interest of coke 2601 and 2605 futures from October 13 - 16, 2025 [69]. 3.4.3 Coal and Coke Monthly Spread It shows the monthly spread data of JM2601 - JM2605 and J2601 - J2605 from July 3 - October 3, 2025 [72]. 3.4.4 Coal and Coke Spot It shows the spot prices of different types of coking coal and coke [75]. 3.4.5 Coal and Coke Basis The coking coal spot price has increased, and the basis has continued to rise week - on - week [78]. 3.4.6 Warehouse Receipt It shows the data of coking coal 2601 and coke 2601 warehouse receipts [80][82].