1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The coking coal supply pressure remains due to the slowdown in coking coal production growth and high Mongolian coal customs clearance. The increase in hot metal production provides incremental demand for coking coal and coke, and the high coking coal auction transaction rate reflects downstream purchasing enthusiasm. The coal price is expected to be supported by increased demand and the impact of geopolitical conflicts. Future focus should be on hot metal production changes, mine operation rhythms, and geopolitical developments [2] 3. Summary by Relevant Catalog Price and Trading Volume Information - **Futures Prices**: The previous day's closing prices for different contract months of coking coal and coke are 1543.5, 1214.0, 1352.5, 1923.0, 1753.5, and 1842.0 respectively. The price changes range from -6.5 to 2.5, with daily price change rates from -0.33% to 0.14% [2] - **Trading Volume**: The trading volumes for different contract months are 5125, 756767, 215978, 13198, and 2989 respectively [2] - **Open Interest**: The open interests for different contract months are 21604, 399980, 204487, 2236, 29837, and 13772 respectively. The changes in open interest range from -1113 to 6417 [2] - **Price Spreads**: The current price spreads between different contract months and their changes are provided, such as the 1 - 5 month spread with a current value of 240 and a change of 306 [2] Spot Price Information - The current spot prices of different types of coking coal and coke, including Mongolian No. 5 primary coking coal, low - sulfur primary coking coal, etc., are 1600, 1308, 1529, 1800, 1280, and 1490 respectively. The change in the spot price of the Rizhao Port quasi - first - grade coke is -10 [2] Policy Information - Hangzhou has optimized its housing provident fund usage policy. The maximum housing provident fund loan amount has been increased from 1.3 million yuan to 1.8 million yuan, and the calculation multiple of the individual loanable amount has been adjusted from 15 times to 20 times. The loan amount for multi - child families can be increased by 50% [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - The night trading of coking coal and coke showed a volatile trend, and the total open interest remained basically flat compared to the previous period. With the end of environmental protection restrictions, the pig iron output increased significantly last week, and the coke output of coking plants and steel mills also increased slightly. The rigid demand for coking coal and coke improved significantly. As the peak season of terminal demand continues, there is still room for an increase in pig iron output. After a sharp rise in the market, the market has been volatile in recent days. Before the geopolitical conflict eases, coking coal with energy attributes still has a trading logic of substitution effect in the energy and coal chemical fields. Attention should be paid to changes in pig iron output, mine operation rhythm, and the evolution of the geopolitical situation [2]. 3. Summary by Relevant Catalog 3.1 Futures Market Data - **Closing Price and Changes**: For different contract months (January and September), the closing prices of coking coal and coke on the previous day and two days ago are provided, along with price changes and price change rates. For example, the January contract of coking coal had a previous - day closing price of 1571.5, a change of 3.5, and a change rate of 0.22% [2]. - **Trading Volume and Open Interest**: The trading volume and open interest of different contract months are presented, as well as the changes in open interest. For instance, the trading volume of the January contract of coking coal was 8824, and the open interest was 20377, with an increase of 2433 in open interest [2]. - **Price Spreads**: The current price spreads between different contract months (January - May, May - September, September - January) and their changes are given. For example, the January - May price spread of coking coal was 240, with an increase of 306 [2]. 3.2 Spot Market Data - **Prices and Changes**: The current prices and price changes of different types of coking coal and coke in the spot market are provided. For example, the ex - factory price of low - sulfur coking coal was 1240, and the price of Mongolian No. 5 coking coal at the port for self - pick - up was 1600, with a price change of - 10 for the latter [2]. 3.3 Power Industry Data - As of the end of February 2026, the total installed power generation capacity in China was 3.95 billion kilowatts, a year - on - year increase of 15.9%. Among them, the installed capacity of solar power generation was 1.23 billion kilowatts, a year - on - year increase of 33.2%, and the installed capacity of wind power was 0.65 billion kilowatts, a year - on - year increase of 22.8%. From January to February, the average utilization hours of power generation equipment in the country were 466 hours, 39 hours lower than the same period last year [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The main contracts of coking coal and coke rose slightly in the night session yesterday, and the total open interest of coking coal was basically flat compared with the previous period. Last week, the coking coal production continued to increase, and the customs clearance volume of Mongolian coal also increased significantly, indicating pressure on the supply side of coking coal. Due to the impact of environmental protection restrictions, the hot metal production continued to decline, but with the end of environmental protection restrictions and the promotion of resumption of work and production, it is expected that the hot metal production will significantly rebound in the future. The increase in the listing volume and trading volume of coking coal last week also proves the current rigid demand resilience, so there is no need to be overly pessimistic about the future trend. The future focus should be on the trend of hot metal production, mine operation, and geopolitical situation [2] 3. Summary by Relevant Catalogs Futures Price and Trading Volume - **Price Changes**: The closing prices of coking coal futures contracts on different delivery dates changed compared to the previous two days. For example, the 1 - month contract decreased by 6.5 to 1475.5, with a decline of -0.44%; the 5 - month contract decreased by 5.0 to 1176.0, with a decline of -0.42%; the 9 - month contract increased by 1.5 to 1282.0, with an increase of 0.12% [2] - **Trading Volume and Open Interest**: The trading volume of the 5 - month contract was 673152, and the open interest was 391077. The open interest of the 1 - month contract decreased by 49, while that of the 9 - month contract increased by 1386 [2] - **Price Spreads**: The price spreads between different contracts also changed. For example, the 1 - 5 month spread increased by 306 to 240, and the 5 - 9 month spread increased by 2.5 to -79.5 [2] Spot Price - **Coal Types and Prices**: The current prices of low - sulfur main coking coal in Linfen (ex - factory price) is 3711, the port pick - up price of Mongolian No. 5 main coking coal is 1210, and the prices of other coal types in different regions are also provided, such as the Tangshan first - grade coke price is 1800 [2] - **Price Changes**: The price of low - sulfur main coking coal in Taiyuan (railway siding price) increased by 44, while the prices of other coal types remained unchanged [2] Policy Information - The National Development and Reform Commission has launched a new batch of 13 landmark major foreign - funded projects with a planned investment of 13.4 billion US dollars. The projects are mainly concentrated in manufacturing fields such as electronics, chemicals, automobiles, and machinery, and for the first time, logistics projects are included in the list, while continuing to support R & D center projects in fields such as biomedicine [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Although the supply - side pressure of coking coal is evident due to the increase in production and Mongolian coal customs clearance, and the iron - water output has decreased due to environmental protection restrictions, with the end of environmental protection restrictions and the progress of resuming work and production, the iron - water output is expected to significantly rebound. The increase in the listing and trading volume of coking coal last week also proves the current rigid demand resilience, so there is no need to be overly pessimistic about the future market trend. Key factors to focus on in the future include the trend of iron - water output, mine operation, and geopolitical situation [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Data - **Closing Prices**: For coking coal futures, the previous day's closing prices for January, May, and September contracts were 1482.0, 1181.0, and 1280.5 respectively; for coke futures, they were 1908.5, 1746.0, and 1813.5 respectively. The previous two - day closing prices and price changes are also provided [2] - **Price Changes**: The price increases for coking coal futures contracts in January, May, and September were 0.17%, 0.25%, and 0.31% respectively; for coke futures, they were 0.08%, 0.49%, and 0.08% respectively [2] - **Trading Volume and Open Interest**: The trading volumes of coking coal futures contracts in January, May, and September were 5173, 889002, and 109235 respectively; for coke futures, they were 71, 16554, and 1623 respectively. The open interests and their changes are also presented [2] - **Price Spreads**: The current price spreads and their changes between different contracts of coking coal and coke are given, such as the spread between January - May contracts, May - September contracts, and September - January contracts [2] 3.2 Spot Market Data - **Spot Prices**: Spot prices of different types of coking coal and coke are provided, including Mongolian No. 5 main coking coal, low - sulfur main coking coal, Tangshan first - grade coke, etc., and their price changes are all 0 [2] 3.3 Industry News - On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice to deploy the pilot work of comprehensive hydrogen energy application, aiming to reduce hydrogen energy costs through multi - scenario large - scale applications and promote the high - quality development of the hydrogen energy industry. The same day, the Ministry of Industry and Information Technology also deployed multiple key tasks, including consolidating the stable and positive state of the industrial economy, starting major projects in the "15th Five - Year Plan", using policy tools such as ultra - long - term special treasury bonds and technical transformation special re - loans, and promoting the optimization and upgrading of the industrial system [2]

Report Overview - The report is the Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) on March 4, 2026, released by Shenwan Hongyuan Futures [1] Core View - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total position of coking coal remained basically flat compared with the previous period. The suspension of operations at Qatar Energy's facilities due to geopolitical conflicts led to a reduction in natural gas supply, prompting the power industry to switch fuels and causing the futures market to strengthen significantly. After the Spring Festival, with the resumption of work and production, there is an expectation of an increase in hot metal production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy commodities. The future focus should be on the trend of hot metal production, mine operation, import - related policies, and geopolitical trends [2] Key Data Futures Market | Contract Month | 1st Month | 5th Month | 9th Month | 1st Month | 5th Month | | --- | --- | --- | --- | --- | --- | | Previous Day's Closing Price | 1420.0 | 1127.0 | 1222.0 | 1856.0 | 1694.0 | | Two Days Ago's Closing Price | 1392.5 | 1094.0 | 1194.5 | 1818.0 | 1652.0 | | Change | 27.5 | 33.0 | 27.5 | 38.0 | 42.0 | | Change Rate | 1.97% | 3.02% | 2.30% | 2.09% | 2.54% | | Trading Volume | 5280 | 1151632 | 99633 | 65 | 25286 | | Open Interest | 13462 | 506242 | 108527 | 1211 | 39194 | | Change in Open Interest | 662 | - 39301 | 1655 | 3 | - 1180 | | Spread (Current Value) | 240 | - 79.5 | - 160.5 | 160.5 | - 77.5 | | Spread Change | 306 | 2.5 | - 308.5 | 429.5 | 2 | [2] Spot Market | Coal Type | Mongolian No. 5 Main Coking Coal | Low - Sulfur Main Coking Coal | Low - Sulfur Main Coking Coal | Tangshan First - Grade Coke | Jinzhong Quasi - First - Grade Coke | Rizhao Port Quasi - Grade Coke | | --- | --- | --- | --- | --- | --- | --- | | Current Price | 1373 | 1180 | 1520 | 1855 | 1330 | 1470 | | Price Change | - 17 | - 50 | 32 | 0 | - 10 | 0 | [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Yesterday night, the main contracts of coking coal and coke showed a weak trend, and the total open interest of coking coal increased slightly. The output of the five major steel products last week was basically flat compared with the previous week, and the total inventory increased significantly, mainly contributed by rebar. As the Spring Festival approaches, the off - season characteristics are significant, the overall apparent demand has dropped significantly, the pig iron output and the profitability rate of steel mills are basically flat, and the incremental demand for coking coal and coke is limited. However, the pre - festival downstream demand for replenishment can support the futures market. The future focus should be on the trend of pig iron output, changes in downstream inventory, and the volume of imported coal clearance [2] Group 3: Summary According to Related Catalogs Futures Market Data - **Coking Coal Futures**: The closing prices of coking coal futures contracts on the previous day for January, May, and September were 1393.5, 1147.0, and 1222.5 respectively, with daily declines of 3.0, 8.5, and 5.0, and daily decline rates of 0.22%, 0.75%, and 0.41% respectively. The trading volumes were 1668, 798141, and 34342 respectively, and the open interests were 3183, 469142, and 91110 respectively, with changes of - 85, - 6791, and 369 respectively. The spreads between January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively [2] - **Coke Futures**: The closing prices of coke futures contracts on the previous day for January, May, and September were 1863.5, 1703.5, and 1774.0 respectively, with daily declines of 3.5, 5.0, and 5.0, and daily decline rates of 0.19%, 0.29%, and 0.28% respectively. The trading volumes were 112, 16755, and 852 respectively, and the open interests were 633, 34909, and 1727 respectively, with changes of 66, - 121, and 55 respectively. The spreads between January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [2] Spot Market Data - The spot prices of Mongolian No.5 coking coal (port pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur coking coal (Taiyuan rail - side price), Tangshan Grade - 1 coke (ex - factory price), Jinzhong quasi - Grade - 1 coke (ex - factory price), and Rizhao Port quasi - Grade - 1 coke (warehouse - out price) were 1227, 1570, - 1491, 1855, 1330, and 1470 respectively [2] Industry News - On February 6th, the Ministry of Commerce held a symposium for automobile enterprises to study issues related to automobile circulation and consumption. The deputy minister of the Ministry of Commerce, Sheng Qiuping, stated that the automobile industry is a strategic and pillar industry of the national economy and an important area for stabilizing growth, expanding domestic demand, and developing new quality productive forces. In 2025, China's automobile industry achieved excellent results, and automobiles continued to play a "pillar" role in the consumer market. In 2026, the Ministry of Commerce will work with relevant departments to support policies and promote reform and innovation, integrate existing and new policies, optimize the implementation of automobile trade - in programs, carry out pilot reforms on automobile circulation and consumption, and take multiple measures to promote the expansion and quality improvement of automobile consumption [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The night session of the main contracts of coking coal and coke showed a weak trend yesterday, and the total position of coking coal increased slightly month - on - month. The supply of coking coal is still relatively loose, while the changes in hot metal production and steel mill coking coal inventory on the demand side are not obvious. With less than 4 weeks until the Spring Festival, the coking coal inventory of coking plants continues to increase month - on - month, and the downstream's rigid demand restocking will provide strong support for coal prices. It is judged that the short - term market will show a volatile trend. Future focus should be on the trend of hot metal production, downstream inventory changes, and external coal import volume [1] Group 3: Summary by Relevant Catalogs Futures Price and Volume Information - **Previous day's closing prices**: 1237.5, 1887.0, 1788.5, 1403.0, 1159.5, 1719.0 [1] - **Previous two days' closing prices**: 1402.5, 1157.0, 1235.5, 1890.0, 1722.0, 1791.5 [1] - **Price changes**: 0.5, 2.5, 2.0, - 3.0, - 3.0, - 3.0 [1] - **Price change percentages**: 0.04%, 0.22%, 0.16%, - 0.16%, - 0.17%, - 0.17% [1] - **Trading volumes**: 1702, 886410, 42658, 35, 15987, 462 [1] - **Open interests**: 4679, 492406, 77752, 176, 36570, 1488 [1] - **Open interest changes**: 356, - 698, 260, 14, - 1308, - 45 [1] Spread Information - **Current spread values**: 240, - 79.5, - 160.5, 160.5, - 77.5, - 83 [1] - **Spread changes**: 306, 2.5, - 308.5, 429.5, 2, - 431.5 [1] Spot Price Information - **Current spot prices**: 1234, 1640, 1280, 1530, 1800, 1460 [1] - **Spot price changes**: 0, 0, 0, 0, 0, - 10 [1] Other Information - The central bank conducted 150.5 billion yuan of 7 - day reverse repurchase operations at an operating interest rate of 1.40%, with both the bid volume and winning volume being 150.5 billion yuan [1]