Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - Short - term coal and coke supply - demand has marginal fluctuations, remaining at a relatively high level overall with temporarily low inventory pressure. Attention should be paid to the impact of demand changes on market sentiment, and prices should be treated with cautious optimism [4] Group 3: Summary by Related Content Market Performance - Yesterday, coal and coke futures prices fluctuated violently. In the spot market, it was generally stable with a slight upward trend. The second round of coke price hikes was implemented, with a cumulative increase of 100 - 130 yuan/ton in two rounds, and some regional coke enterprises planned a third round of hikes [3] Supply Side - Last week, some coal mines in Shanxi's Lüliang and Linfen regions shut down due to safety reasons, and open - pit coal mines in Inner Mongolia's Wuhai region shut down for goaf treatment, leading to a decline in coal production. The daily average coking coal output of 523 coking coal mines was 76.1 million tons, a decrease of 1.8 million tons from the previous week and 1.7 million tons year - on - year [3] - From January to September, China's cumulative imports of Mongolian coking coal were 41.747 billion tons, a year - on - year decrease of 1.6716 billion tons, a decline of 3.8%. In August and September, the monthly import volume of Mongolian coking coal was around 6 billion tons, narrowing the year - on - year decline. In October, the daily average customs clearance volume of Mongolian coal at the Ganqimaodu Port was 12.8 million tons, a decrease of 4 million tons from September. It is expected that Mongolian coking coal imports in October will decline, and the annual import volume may be the same as last year [3] Demand Side - Demand is in the transition stage from peak season to off - season. Steel mills' profits have further shrunk, with the profitability rate dropping to 47.6%. The daily average hot metal output has slightly decreased to 23.99 million tons. As the peak demand season nears its end, the pressure on finished products is increasing, and hot metal output tends to decline. Attention should be paid to the transmission of pressure to the raw material end [3]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report Short - term coal and coke supply - demand has marginal fluctuations and remains at a relatively high level overall. Inventory pressure is temporarily not significant, but attention should be paid to the impact of imported coal variables on the market. Prices should be treated with cautious optimism [4]. 3) Summary by Relevant Contents Market Performance - Yesterday, the coal and coke futures prices fluctuated strongly and approached the previous high, with relatively intense overall fluctuations. The spot market was generally stable with a slight upward trend, and the second round of coke price hikes was implemented, with a cumulative increase of 100 - 130 yuan/ton in two rounds [2][3]. Supply Side - Last week, some coal mines in Shanxi's Lvliang and Linfen regions were shut down due to safety reasons, and open - pit coal mines in Inner Mongolia's Wuhai and other areas were shut down for goaf treatment, resulting in a decline in coal production. The daily average clean coal output of 523 coking coal mines was 76.1 tons, a decrease of 1.8 tons compared to the previous week and 1.7 tons year - on - year [3]. - From January to September, China's cumulative imports of Mongolian coking coal were 41.747 million tons, a year - on - year decrease of 1.6716 million tons, a decline of 3.8%. However, the imports in August and September were both at a high level of around 6 million tons, narrowing the year - on - year decline. The high - frequency data shows that the average daily customs clearance volume at the Ganqimao Port for Mongolian coal in October was 128,000 tons, a decrease of 40,000 tons compared to September. It is expected that Mongolian coking coal imports will decline in October, and the annual imports may be flat year - on - year [3]. Demand Side - The profit of steel mills has further shrunk, with the profitability rate dropping to 47.6%. The daily average pig iron output has slightly decreased to 2.399 million tons. As the demand approaches the end of the year, the pressure on finished products is increasing, and the pig iron output tends to decline. Attention should be paid to the transmission of pressure to the raw material side [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report - Short - term market sentiment has improved, and coal prices have stopped falling and rebounded. Fundamentally, recent coal mine production cuts and import volume reduction have alleviated the pressure of oversupply to some extent, and the inventory accumulation speed of upstream coal mines has slowed down. In the short term, coking coal and coke may continue to fluctuate [3]. 3) Summary by Relevant Contents Market Situation - Yesterday, the overall price of coking coal and coke continued the upward trend of fluctuations. Currently, the coking coal 09 contract has rebounded 12% from the bottom, and coke has rebounded 7%. On the spot side, the fourth round of coke price cuts has been gradually implemented, and there is no further price - cut dynamic for the time being [2]. - Recently, affected by safety factors, some coal mines in Changzhi area have received notices to stop production for self - inspection. The shutdown period is about 3 days. Coal mines in Qinyuan area have received shutdown notices, involving a verified production capacity of 22.3 million tons. According to the latest research, it affects the daily output of raw coal by 82,200 tons, and the affected coal types are lean coal and lean primary coking coal. In the short term, the supply has tightened, but the long - term impact is limited [2]. Inventory Data - Last week, the clean coal inventory at the coal mine end was 4.99 million tons, a week - on - week increase of 130,000 tons and a year - on - year increase of 2.13 million tons; the raw coal inventory was 7.01 million tons, a week - on - week increase of 165,000 tons and a year - on - year increase of 3.7 million tons. The inventory level is still at an absolute high [2]. Downstream Conditions - Downstream steel mills' start - up is relatively stable, and the molten iron output remains above 2.4 million tons [2]. Import Data - According to customs data, in May, China imported 738,690 tons of coking coal, a month - on - month decrease of 16.94% and a year - on - year decrease of 23.68%. From January to May, the cumulative import was 4.37139 billion tons, a year - on - year decrease of 3.8056 million tons, a decline of 8.01%. The decrease in imports is mainly due to the decline in Mongolian coal imports. In the first five months, China imported 2.00486 billion tons of Mongolian coking coal, a year - on - year decrease of 4.0025 million tons, a decline of 16.6%. In addition, affected by high tariffs, the import of US coal was zero in May [2].