Group 1: Industry Investment Rating - No relevant content Group 2: Core Viewpoints - As of March 21, 2026, the Mongolian coal inventory at Ganqimaodu Port slightly decreased by 30,000 tons to 4.45 million tons The weekly average number of customs - cleared vehicles in the third week of March was 1,351 vehicles per day, lower than 1,416 vehicles per day and 1,450 vehicles per day in the previous two weeks However, the monthly average daily customs - cleared vehicles in March were still 1,405 vehicles per day, far higher than the historical same - period levels of 878 vehicles (2025), 1,121 vehicles (2024), and 988 vehicles (2023) [3] Group 3: Summary by Related Catalogs - **Inventory**: As of March 21, 2026, the Mongolian coal inventory at Ganqimaodu Port slightly decreased by 30,000 tons to 4.45 million tons [3] - **Customs - cleared Vehicles**: The weekly average number of customs - cleared vehicles in the third week of March was 1,351 vehicles per day, lower than the previous two weeks The monthly average daily customs - cleared vehicles in March were 1,405 vehicles per day, far higher than the historical same - period levels [3]

Group 1: Core Information about Mongolian Coal Inventory - As of March 14, 2026, the Mongolian coal inventory at Ganqimaodu Port continued to increase slightly to 448 tons [3] - The average monthly vehicle volume in March 2026 was 1433, much higher than the historical same - period figures of 878 vehicles (2025), 1121 vehicles (2024), and 988 vehicles (2023) [3] - The weekly inventory data from November 2025 to March 2026 shows the changes in the Mongolian coal inventory at the Ganqimaodu supervision area, including specific inventory amounts and their week - on - week changes [5] Group 2: Data Sources - The data is from Zhangshang Meijiao and Green Grand Futures Research Institute [5]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - This week, news of Indonesian coal exports disturbed the market, but the impact was short - lived, causing the prices of coking coal and coke to rise and then fall. With domestic coal mines starting to shut down for the holiday, daily production has significantly declined. Coal mine clean coal inventories are being depleted, and downstream enterprises are restocking as needed [4]. - Indonesia has denied the market's rumor of production cuts. In the short term, about 6.16 million tons of monthly imported Indonesian coal are affected, accounting for 15.1% of China's monthly imports, but the actual impact is limited. In the long term, if Indonesia cuts production, China can make up for the gap by increasing domestic production and imports from Russia and Mongolia, but the cost - effectiveness of Indonesian coal is hard to replace. Future attention should be paid to the RKAB approval results [5]. - With only one week left until the Lunar New Year, downstream pre - holiday restocking is almost over. As the impact of the news weakens, the futures market has been reducing positions and declining since Thursday. With relatively limited supply - demand contradictions, the market is expected to fluctuate within a range in the next week, and a cautious bearish attitude is recommended [5]. 3. Summary by Relevant Catalogs 3.1. Coking Coal Market 3.1.1. Coking Coal Warehouse Receipt Cost | Variety | Location | Date | Spot Price | Warehouse Receipt Cost | | --- | --- | --- | --- | --- | | Meng 5 | Tangshan | 2026 - 02 - 06 | 1430 | 1203 | | Meng 5 | Inner Mongolia | 2026 - 02 - 06 | 1230 | 1225 | | Anze Main Coking Coal | Shanxi | 2026 - 02 - 05 | 1570 | 1310 | | Gujiao Main Coking Coal | Shanxi | 2026 - 02 - 05 | 1491 | 1231 | | Pingmei No.1 | Pingdingshan | 2026 - 02 - 06 | 1630 | 1145 | | Shan Jiao Rizhao No.1 | Rizhao | 2026 - 02 - 06 | 1600 | 1150 | | Xiang Jiao No.1 | Linfen | 2026 - 02 - 06 | 1400 | 1120 | | Kaijia No.1 | Jiexiu | 2026 - 02 - 06 | 1500 | 1200 | [10] 3.1.2. Basis | Contract | Basis | Weekly Change | Basis Rate | One - Month Average | Seasonal Deviation | | --- | --- | --- | --- | --- | --- | | January | - 72 | 2 | - 5.85% | - 99 | - 162 | | May | 170 | - 11 | 13.82% | 145 | - 23 | | September | 94 | - 9 | 7.64% | 67 | - 60 | [12] 3.1.3. Coking Coal Supply - **Mines**: The average daily output of raw coal from 523 mines this week was 1.9253 million tons, a decrease of 52,900 tons compared to the previous week; the average daily output of clean coal was 754,500 tons, a decrease of 16,200 tons compared to the previous week [19]. - **Coal Washeries**: The average daily output of sample coal washeries was 263,100 tons, a decrease of 46,000 tons compared to the previous week; the capacity utilization rate was 35.54%, a decrease of 1.26% compared to the previous week [22]. 3.1.4. Coking Coal Imports - In 2025, China's cumulative coking coal imports decreased by 2.7% year - on - year. In December 2025, imports from Mongolia increased by 7.6% month - on - month and 59.1% year - on - year [23][26]. | Country | As of 2025 - 12 - 31 | Cumulative Value | Monthly MoM | Monthly YoY | Cumulative YoY | | --- | --- | --- | --- | --- | --- | | Mongolia | 672 | 6007 | 7.6% | 59.1% | 5.8% | | Russia | 360 | 3276 | 31.3% | 55.0% | 8.4% | | Canada | 110 | 1080 | 109.9% | 8.4% | 19.8% | | Australia | 178 | 886 | 109.3% | 10.5% | - 14.0% | | Other Countries | 57 | 613 | 54.3% | - 62.8% | - 60.6% | | Total | 1377 | 11863 | 28.3% | 28.6% | - 2.7% | [25] 3.1.5. Coking Coal Auction Data | Coking Coal Auction Data | 2026 - 01 - 30 | 2026 - 01 - 23 | Weekly Change | | --- | --- | --- | --- | | Listing Volume (10,000 tons) | 154.43 | 137.735 | 16.70 | | Transaction Rate (%) | 70.22 | 88.02 | - 17.8 | | Unsold Rate (%) | 29.78 | 11.98 | 17.8 | [29] 3.2. Coke Market 3.2.1. Coke Warehouse Receipt Cost | Variety | Location | Date | Spot Price | Warehouse Receipt Cost | | --- | --- | --- | --- | --- | | Rizhao Port Wet - Quenched Coke | Shandong | 2026 - 02 - 05 | 1480 | 1736 | | Rizhao Port Dry - Quenched Coke | Shandong | 2026 - 02 - 06 | 1680 | 1725 | | Lvliang Dry - Quenched (Pengfei Group) | Shanxi | 2026 - 02 - 06 | 1530 | 1700 | | Lvliang Dry - Quenched (Hengfeng Group) | Shanxi | 2026 - 02 - 06 | 1570 | 1740 | | Lvliang Dry - Quenched (Shanxi Jinhui) | Shanxi | 2026 - 02 - 06 | 1570 | 1690 | | Jinzhong Wet - Quenched (Zhongjin Taihang) | Shanxi | 2026 - 02 - 06 | 1310 | 1697 | | Jinzhong Wet - Quenched (Jiexiu Changsheng) | Shanxi | 2026 - 02 - 06 | 1330 | 1719 | | Handan Dry - Quenched (Xinsheng Coal Chemical) | Hebei | 2026 - 02 - 06 | 1550 | 1650 | [39] 3.2.2. Coking Profit | Region | 2026 - 01 - 29 | 2026 - 01 - 22 | Weekly Change | Same - Period Difference | | --- | --- | --- | --- | --- | | National | - 55 | - 66 | 11 | - 28 | | Shanxi | - 41 | - 51 | 10 | - 41 | | Hebei | 0 | - 11 | 11 | - 11 | | Inner Mongolia | - 92 | - 103 | 11 | 4 | | Shandong | 2 | - 8 | 10 | - 1 | [41] 3.2.3. Basis | Contract | Basis | Weekly Change | Basis Rate | One - Month Average | Seasonal Deviation | | --- | --- | --- | --- | --- | --- | | January | - 262 | - 1 | - 17.68% | - 258 | - 174 | | May | - 69 | 39 | - 4.63% | - 56 | - 129 | | September | - 135 | 41 | - 9.09% | - 122 | - 164 | [44] 3.2.4. Coke Inventory Distribution | Coke Inventory Distribution | 2026 - 02 - 06 | 2026 - 01 - 30 | Weekly MoM | YoY | | --- | --- | --- | --- | --- | | Steel Mills | 6923,800 tons | 6781,900 tons | 141,900 tons | 0.21% | | Steel Mill Inventory Usable Days | 12.76 days | 12.54 days | 0.22 days | - 3.8% | | Independent Coking Enterprises | 827,400 tons | 843,900 tons | - 16,500 tons | - 47.18% | | Ports | 2.011 million tons | 1.98065 million tons | 30,350 tons | 13.49% | | Tianjin Port | 820,000 tons | 770,000 tons | 50,000 tons | 39.0% | | Qingdao Port | 740,000 tons | 780,000 tons | - 40,000 tons | 4.23% | | Rizhao | 450,000 tons | 430,000 tons | 20,000 tons | - 4.26% | | Total | 9.7622 million tons | 9.60645 million tons | 155,750 tons | - 4.74% | [56]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The coking coal 2601 contract delivery volume reached 414,000 tons, with delivery areas mainly concentrated in warehouses in Jingtang Port and Caofeidian, as well as factories in Shanxi and Hebei. The sellers were mainly spot-futures traders and coal washing plants, and the delivery resources were mainly Mongolian coal. The delivery settlement prices were scattered, with both premium and discount delivery, and most enterprises made profits. The large amount of delivery resources did not put downward pressure on the market, and the 2605 contract delivery risk is relatively limited [5]. - The coke 2601 contract delivery volume was only 40,000 tons, with delivery areas mainly concentrated in Qingdao Port, Rizhao Port, Caofeidian, Tianjin Port, and factories in Hebei. The sellers were mainly traders and coking plants, and the delivery resources were mainly wet-quenched coke. The delivery settlement prices were relatively concentrated, mostly with discount delivery, and the delivery profit narrowed significantly after entering the delivery month. The final delivery volume was limited, having no negative impact on the market, and the 2605 contract delivery risk is basically controllable [5]. - The strategy is to operate in a range and pay attention to the price correction risk after the "Two Sessions" [9]. 3. Summary According to the Directory 3.1 Jiao Coal 2601 Contract Delivery Summary 3.1.1 Jiao Coal Delivery Quantity and Region - The delivery volume of coking coal reached 414,000 tons, with delivery areas mainly in warehouses in Jingtang Port and Caofeidian, and factories in Shanxi and Hebei. The concentration was more dispersed compared to previous deliveries [15]. 3.1.2 Jiao Coal Delivery Characteristics and Price - Sellers were mainly spot-futures traders and coal washing plants, with rolling delivery dominant. Delivery resources were mainly Mongolian coal, and most resources got high premium rewards. Buyers were mainly spot-futures traders, and their willingness to take delivery was relatively strong. The delivery settlement prices were scattered, with an average of 1,105.7 yuan/ton, a median of 1,103.5 yuan/ton, and a high-low price difference of 108 yuan/ton. The delivery profit was relatively sufficient [16][17]. 3.1.3 Jiao Coal Delivery Process and Profit - In October, as the market price rose, the basis weakened, and some spot-futures traders hedged on the market. After the price further fell, some took profits. In early December, the price dropped again, and spot-futures traders re-entered the market. Near the delivery month, the basis converged, and there were premium delivery opportunities, resulting in a large delivery volume [20]. 3.1.4 Jiao Coal Delivery Summary and Outlook - The large amount of delivery resources did not put downward pressure on the market. As the reality and expectations improved, the delivery cost of inferior warehouse receipts increased, and the delivery cost-performance was insufficient. Spot-futures traders sold the received goods in the far - month market, having limited impact on the spot market. The 2605 contract still follows the old rules, but considering the improved supply - demand and better market expectations compared to last year, the delivery risk is relatively limited [23]. 3.2 Coke 2601 Contract Delivery Summary 3.2.1 Coke Delivery Quantity and Region - The coke delivery volume was only 40,000 tons, with delivery areas mainly in Qingdao Port, Rizhao Port, Caofeidian, Tianjin Port, and factories in Hebei, and the delivery concentration was acceptable [26]. 3.2.2 Coke Delivery Characteristics and Price - Sellers were mainly traders and coking plants, with rolling delivery dominant. Delivery resources were mainly wet - quenched coke. Buyers were mainly traders, and their willingness to take delivery was strong due to the increasing discount of the market price in the delivery month. The delivery settlement prices were relatively concentrated, with an average of 1,454.3 yuan/ton, a median of 1,445.5 yuan/ton, and a high - low price difference of 62 yuan/ton, mostly with discount delivery. The delivery profit was high before the delivery month but narrowed significantly after entering the delivery month [27]. 3.2.3 Coke Delivery Process and Profit - In mid - September, as the basis weakened, many spot - futures traders participated in hedging. By mid - October, the basis strengthened again, and the expectation of spot price increase was strong, so some traders exited. Near the delivery month, as the market price discount increased and the spot price reduction was coming to an end, the willingness of short - hedging decreased, and some traders shifted their positions to the far - month market, resulting in a relatively small delivery volume [30]. 3.2.4 Coke Delivery Summary and Outlook - During the delivery period, the macro - expectation and the spot market showed a positive trend, and there were obvious monthly spread arbitrage opportunities for short - sellers. The limited delivery volume had no negative impact on the market, and the pressure for spot price increase in the later period was small. In the long - term, wet - quenched coke has a relatively stronger delivery cost - performance advantage. Currently, the supply - demand contradiction of coke is insufficient, and the deliverable resources are limited. The delivery risk of the 2605 contract is basically controllable [35]. 3.3 Summary - The coking coal delivery volume was 414,000 tons, with delivery areas mainly in Jingtang Port, Caofeidian, and factories in Shanxi and Hebei. Sellers were mainly spot - futures traders and coal washing plants, and the delivery resources were mainly Mongolian coal. The delivery settlement prices were scattered, and most enterprises made profits. The large delivery volume did not put downward pressure on the market, and the 2605 contract delivery risk is relatively limited [36]. - The coke delivery volume was 40,000 tons, with delivery areas mainly in Qingdao Port, Rizhao Port, Caofeidian, Tianjin Port, and factories in Hebei. Sellers were mainly traders and coking plants, and the delivery resources were mainly wet - quenched coke. The delivery settlement prices were relatively concentrated, mostly with discount delivery, and the delivery profit narrowed significantly after entering the delivery month. The limited delivery volume had no negative impact on the market, and the 2605 contract delivery risk is basically controllable [36].

Report Industry Investment Rating - Not provided Core View of the Report - Recently, the overall supply of coal and coke has increased month-on-month, the downstream replenishment rhythm is average, the spot market of coal and coke has a weak rebound, and individual coal types have turned down. The futures market lacks upward drivers, so it is necessary to operate cautiously [2] Summary by Relevant Catalog Market Performance - This week, ferrous metals generally declined, and the prices of coal and coke futures led the decline. The night session yesterday continued the weak trend; the spot market was stable after rising, and the price of Mongolian 5 raw coal turned down this week, with a decline of 45 yuan/ton [2] Production Data - In December 2025, the coke output was 42.74 million tons, a year-on-year increase of 3.04%; the annual cumulative output was 502.222 million tons, a year-on-year increase of 3.34%, and the output hit a new historical high [2] Supply Side - The overall supply of coal is relatively strong. After the new year, coal mines have gradually resumed production. Last week, the output of coking raw coal and clean coal increased to 1.978 million tons and 768,000 tons respectively (the statistical sample increased). The raw coal at the mine end continued to increase in inventory, and the clean coal inventory was further depleted. On the import side, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 1.958 million tons, a week-on-week increase of 312,000 tons and a year-on-year increase of 488,000 tons, and the port inventory remained at a relatively high level [2] Demand Side - The profitability of steel mills is acceptable, rising to about 40%; the blast furnace operating rate decreased slightly last week, mainly due to maintenance. The daily average pig iron output was 2.2801 million tons, a week-on-week decrease of 14,900 tons and a year-on-year increase of 35,300 tons [2]

Group 1 - The investment rating of the report is not mentioned [1][2][3] Group 2 - The core view of the report is that after the new year, the productivity of coal, coke and steel enterprises has increased, and the upstream's confidence in price support is supported by the downstream's inventory replenishment of raw materials before the festival. The short - term price increase of the futures market is weak, and cautious operation is recommended [3] Group 3 - **Market performance**: Last week, the futures prices of coal and coke fluctuated weakly, while the spot market was generally strong. Domestic low - sulfur coking coal rose by 110 yuan/ton, and Mongolian raw coal rose by 112 yuan/ton in total. After individual coking plants in Inner Mongolia raised coke prices last week, coking enterprises in Hebei and Shanxi issued price increase letters, planning to implement them this week [2] - **Fundamentals** - **Supply**: After the new year, coal mines have resumed production one after another. Last week, the output of coking raw coal and clean coal increased to 1.978 million tons and 768,000 tons respectively. The raw coal inventory at the mine end continued to increase, while the clean coal inventory further decreased. The daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 195,800 tons, a week - on - week increase of 31,200 tons and a year - on - year increase of 48,800 tons. The port inventory remained at a relatively high level [3] - **Demand**: The profitability rate of steel mills has recovered to about 40%. The blast furnace operating rate decreased slightly last week due to maintenance. The daily average pig iron output was 2.2801 million tons, a week - on - week decrease of 14,900 tons and a year - on - year increase of 35,300 tons. Steel mills continued to replenish raw material inventories, and the available days of in - plant inventory increased steadily [3]

Report Information - Report Title: Coking Coal Daily Report - Date: December 30, 2025 - Team: Black Team of the Research Center [1] Price and Inventory Information Coal Prices - The latest price of Liulin Main Coking Coal is 1450.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 55.00, and an annual increase of 2.11% [2] - The latest price of Raw Coal Port Pick-up Price is 955.00, with a daily decrease of 15.00, a weekly decrease of 15.00, a monthly decrease of 45.00, and an annual increase of 1.60% [2] - The latest price of Shaheyi Mongolian No. 5 is 1340.00, with no daily change, a weekly decrease of 20.00, a monthly decrease of 80.00, and an annual decrease of 8.22% [2] - The latest price of Anze Main Coking Coal is 1600.00, with no daily change, no weekly change, a monthly increase of 20.00, and an annual increase of 10.34% [2] Inventory Levels - The total inventory is 4011.40, with a weekly increase of 77.29, a monthly increase of 290.20, and an annual decrease of 15.69% [2] - The coal mine inventory is 282.90, with a weekly increase of 10.13, a monthly increase of 58.98, and an annual decrease of 17.19% [2] - The port inventory is 286.17, with a weekly decrease of 21.33, a monthly decrease of 5.33, and an annual decrease of 40.26% [2] - The steel mill coking coal inventory is 804.99, with a weekly increase of 10.34, a monthly increase of 7.91, and an annual increase of 6.06% [2] - The coking coking coal inventory is 1036.29, with a weekly decrease of 1.01, a monthly decrease of 1.90, and an annual decrease of 2.44% [2] Coking Indicators - The coking capacity utilization rate is 71.66, with a weekly decrease of 0.39, a monthly decrease of 1.29, and an annual decrease of 1.97% [2] - The coking coke inventory is 85.52, with a weekly decrease of 0.21, a monthly increase of 0.10, and an annual decrease of 0.86% [2] Futures Market - The latest price of Futures Contract 05 is 1108.50, with a daily increase of 6.50, a weekly decrease of 16.50, a monthly decrease of 55.50, and an annual decrease of 2.72% [2] - The latest price of Futures Contract 09 is 1188.00, with a daily increase of 12.00, a weekly decrease of 11.50, a monthly decrease of 47.00, and an annual decrease of 2.06% [2] - The latest price of Futures Contract 01 is 1016.00, with a daily decrease of 1.00, a weekly decrease of 18.50, a monthly decrease of 60.50, and an annual increase of 0.44% [2] - The 05 basis is -120.22, with a daily decrease of 78.91, a weekly decrease of 21.43, a monthly decrease of 39.90, and an annual decrease of 75.90 [2] - The 09 basis is -199.72, with a daily decrease of 84.41, a weekly decrease of 26.43, a monthly decrease of 48.40, and an annual increase of 0.70 [2] - The 01 basis is -27.72, with a daily decrease of 71.41, a weekly decrease of 19.43, a monthly decrease of 34.90, and an annual decrease of 1.33 [2] - The 5 - 9 spread is -79.50, with a daily decrease of 5.50, a weekly decrease of 5.00, a monthly decrease of 8.50, and an annual increase of 0.08 [2] - The 9 - 1 spread is 172.00, with a daily increase of 13.00, a weekly increase of 7.00, a monthly increase of 13.50, and an annual decrease of 0.15 [2] - The 1 - 5 spread is -92.50, with a daily decrease of 7.50, a weekly decrease of 2.00, a monthly decrease of 5.00, and an annual decrease of 0.28 [2]

Group 1 - The report provides the daily customs clearance data of Ganqimao Port from December 8th to 27th, 2025, including the number of customs clearance vehicles, AGV numbers, the total number of customs clearance vehicles, the increase or decrease, and short - haul freight rates [1] - As of December 27th, the average daily number of customs clearance vehicles in December was 1464, and the short - haul freight rates showed a slight decline. The customs clearance vehicles at Ganqimao Port maintained a high - level operation [1] Group 2 - There is a chart showing the daily customs clearance vehicles and monthly average customs clearance level of 288 Port [4]

Group 1 - As of December 26, the coking coal inventory at the Ganqimao Port continued to rise by 200,000 tons to 3.88 million tons, still 777,500 tons short of the highest inventory point of 4.6575 million tons on February 28, 2025 [1] - The inventory data from September 27, 2025, to December 26, 2025, shows fluctuations, with increases and decreases in different periods. For example, the inventory increased by 160,000 tons on September 27, 2025, and decreased by 950,000 tons on October 7, 2025 [4] Group 2 - No industry investment rating is provided in the report - The core view of the report is to present the current situation and historical data of the coking coal inventory at the Ganqimao Port, showing the trend of inventory changes [1][4]

Group 1: Core View - The customs clearance vehicles at the Ganqimao Port for Mongolian coal have been operating at a high level. As of December 20, the average daily customs clearance vehicles in December were 1,472, a 9.1% increase from the average daily vehicles of 1,349 in November, and it is at the highest monthly average customs clearance level of the year [3] Group 2: Data Summary - The document shows the daily customs clearance data of Ganqimao Port on December 22 [1] - The document presents the weekly inventory data of Mongolian coal in the Ganqimao supervision area in tons, with values ranging from 150,000 to 500,000 tons [2] - The document provides the production data from September 6, 2025, to December 20, 2025, including the production volume and its month - on - month changes [5]