Group 1: Coking Coal Price Data - The latest price of Dantangou low-sulfur main coking coal is 1524, with a daily change of +10, a weekly change of +60, a monthly change of +39, and an annual change of +317 [1] - The latest price of Huangjiagou lean coal is 703, with a monthly change of +52 and an annual change of +203 [1] - The latest price of Shenjiamao lean main coking coal is 1288, with a monthly change of +118 and an annual change of +226 [1] - The latest price of Meng 5 raw coal is 1098, with a daily change of -43, a weekly change of -73, a monthly change of +85, and an annual change of +248 [1] - The latest price of Meng 4 raw coal is 1070, with a daily change of -30, a weekly change of -30, a monthly change of +100, and an annual change of +190 [1] - The latest price of PLV (in US dollars) is 222, with a daily change of -1, a weekly change of -2, a monthly change of +7, and an annual change of +39 [1] - The latest price of PMV (in US dollars) is 222, with a daily change of -1, a weekly change of -2, a monthly change of +7, and an annual change of +38 [1] - The latest price of HCC (in US dollars) is 204, with a weekly change of +3, a monthly change of +14, and an annual change of +23 [1] - The latest price of SEMISOFT (in US dollars) is 123, with a monthly change of +8 and an annual change of +13 [1] Group 2: Futures Contract Data - The latest value of the 01 contract is 1476.0, with a daily change of -67.5, a weekly change of -92.0, a monthly change of +56.0, and an annual change of +350.0 [1] - The latest value of the 05 contract is 1148.5, with a daily change of -65.5, a weekly change of -101.0, a monthly change of +21.5, and an annual change of +147.0 [1] - The latest value of the 09 contract is 1278.0, with a daily change of -74.5, a weekly change of -93.5, a monthly change of +56.0, and an annual change of +203.0 [1] Group 3: Basis and Spread Data - The 1-month basis is -378.0, with a daily change of +24.5, a weekly change of +19.0, and a monthly change of +2.0 [1] - The 5-month basis is -50.5, with a daily change of +22.5, a weekly change of +28.0, and a monthly change of +36.5 [1] - The 9-month basis is -180.0, with a daily change of +31.5, a weekly change of +20.5, and a monthly change of +2.0 [1] - The 1 - 5 month spread is 327.5, with a daily change of -2.0, a weekly change of +9.0, a monthly change of +34.5, and an annual change of +203.0 [1] - The 5 - 9 month spread is -129.5, with a daily change of +9.0, a weekly change of -7.5, a monthly change of -34.5, and an annual change of -56.0 [1] - The 9 - 1 month spread is -198.0, with a daily change of -7.0, a weekly change of -1.5, and an annual change of -147.0 [1] Group 4: Data Graphs and Inventory Information (Indicating Time Periods) - There are data graphs related to Shenjiamao lean main coking coal from September to December [3] - Data related to Mongolian coal warehouse receipts are presented [4] - There are data related to coking plant inventory from July to December [6] - Data about Mongolian 5 raw coal from July to November are shown [7] - There are data related to the main contract basis from May to November [8] - There are data related to steel mill inventory [10] - There are data related to coal washing plant inventory from July to October [11] - There are data related to coal mine production and coal washing plant production from January to December [12] - There are data related to high - quality low - volatility coal, port and border inventory from May to December [14]

Group 1: Coal Price Data - The latest price of Dantangou low-sulfur primary coking coal is 1464, with a monthly change of -21 and an annual change of +257 [1] - The latest price of Huangjiagou lean coal is 703, with a monthly change of +52 and an annual change of +203 [1] - The latest price of Shenjiamao lean primary coking coal is 1288, with a weekly change of -23, a monthly change of +18, and an annual change of +226 [1] - The latest price of Meng 5 raw coal is 1141, with a daily change of +2, a weekly change of -24, a monthly change of +146, and an annual change of +286 [1] - The latest price of Meng 4 raw coal is 1100, with a monthly change of +130 and an annual change of +220 [1] - The latest price of PLV (in US dollars) is 223, with a weekly change of +3, a monthly change of +5, and an annual change of +40 [1] - The latest price of PMV (in US dollars) is 223, with a weekly change of +3, a monthly change of +5, and an annual change of +39 [1] - The latest price of HCC (in US dollars) is 204, with a weekly change of +7, a monthly change of +14, and an annual change of +23 [1] - The latest price of SEMISOFT (in US dollars) is 123, with a weekly change of +2, a monthly change of +8, and an annual change of +13 [1] Group 2: Futures Contract and Basis Data - The latest value of the 01 contract is 1543.5, with a daily change of -6.5, a weekly change of -56.0, a monthly change of +151.0, and an annual change of +413.5 [1] - The latest value of the 05 contract is 1214.0, with a daily change of -5.0, a weekly change of -75.5, a monthly change of +120.0, and an annual change of +206.0 [1] - The latest value of the 09 contract is 1352.5, with a daily change of -4.5, a weekly change of -26.0, a monthly change of +158.0, and an annual change of +280.0 [1] - The 1 - month basis is -402.5, with a daily change of +11.5, a weekly change of +32.0, and a monthly change of -23.0 [1] - The 5 - month basis is -73.0, with a daily change of +10.0, a weekly change of +51.5, and a monthly change of +8.0 [1] - The 9 - month basis is -211.5, with a daily change of +9.5, a weekly change of +2.0, and a monthly change of -30.0 [1] - The 1 - 5 month spread is 329.5, with a daily change of -1.5, a weekly change of +19.5, a monthly change of +31.0, and an annual change of +207.5 [1] - The 5 - 9 month spread is -138.5, with a daily change of -0.5, a weekly change of -49.5, a monthly change of -38.0, and an annual change of -74.0 [1] - The 9 - 1 month spread is -191.0, with a daily change of +2.0, a weekly change of +30.0, a monthly change of +7.0, and an annual change of -133.5 [1] Group 3: Data Graphs and Inventory Information - There are data graphs related to Shenjiamao lean primary coking coal, Mongolian coal warehouse receipts, coking plant inventory, steel mill inventory, washery inventory, port inventory, coal mine production, and washery production [2][3][4][5][9][10][11][12] - There is information about the inventory of high - quality low - volatility coal and Meng 5 raw coal, including port inventory and total inventory [14]

Group 1: Coal Price Data - The latest price of Dantangou low-sulfur primary coking coal is 1464, with no daily change, and a monthly decrease of 21 and an annual increase of 257 [1] - The latest price of Huangjiagou lean coal is 703, with a weekly increase of 66, a monthly increase of 188, and an annual increase of 203 [1] - The latest price of Shenjiamao lean primary coking coal is 1288, with a weekly increase of 34, a monthly increase of 168, and an annual increase of 203 [1] - The latest price of Meng 5 raw coal is 1136, with a daily decrease of 34, a weekly increase of 73, a monthly increase of 135, and an annual increase of 276 [1] - The latest price of Meng 4 raw coal is 1100, with a weekly increase of 80, a monthly increase of 130, and an annual increase of 220 [1] - The latest price of PLV (in US dollars) is 223, with a weekly increase of 5, a monthly increase of 5, and an annual increase of 40 [1] - The latest price of PMV (in US dollars) is 223, with a weekly increase of 5, a monthly increase of 5, and an annual increase of 39 [1] - The latest price of HCC (in US dollars) is 204, with a daily increase of 3, a weekly increase of 9, a monthly increase of 13, and an annual increase of 23 [1] - The latest price of SEMISOFT (in US dollars) is 123, with a weekly increase of 2, a monthly increase of 8, and an annual increase of 13 [1] Group 2: Futures Contract and Basis Data - The latest value of the 01 contract is 1550.0, with a daily decrease of 12.0, a weekly increase of 61.0, a monthly increase of 168.0, and an annual increase of 434.5 [1] - The latest value of the 05 contract is 1219.0, with a daily decrease of 11.0, a weekly increase of 48.0, a monthly increase of 125.5, and an annual increase of 230.5 [1] - The latest value of the 09 contract is 1357.0, with a daily decrease of 11.5, a weekly increase of 70.0, a monthly increase of 168.0, and an annual increase of 298.0 [1] - The latest value of the January basis is -414.0, with a daily decrease of 22.0, a weekly increase of 12.0, and a monthly decrease of 27.0 [1] - The latest value of the May basis is -83.0, with a daily decrease of 23.0, a weekly increase of 25.0, and a monthly increase of 15.5 [1] - The latest value of the September basis is -221.0, with a daily decrease of 22.5, a weekly increase of 3.0, and a monthly decrease of 27.0 [1] - The latest value of the 1 - 5 month spread is 331.0, with a daily decrease of 1.0, a weekly increase of 13.0, a monthly increase of 42.5, and an annual increase of 204.0 [1] - The latest value of the 5 - 9 month spread is -138.0, with a daily increase of 0.5, a weekly decrease of 22.0, a monthly decrease of 42.5, and an annual decrease of 67.5 [1] - The latest value of the 9 - 1 month spread is -193.0, with a daily increase of 0.5, a weekly increase of 9.0, and an annual decrease of 136.5 [1] Group 3: Data Graph and Inventory - Related Information - There are data graphs for coking coal including Shenjiamao lean primary coking coal, Meng coal, coking plant inventory, steel mill inventory, washing plant output, coal mine output, and various inventories such as port inventory, washing plant inventory, and total inventory [11][13]

Group 1 - The latest price, daily change, weekly change, monthly change, and annual change of various types of coking coal, including Dan Tiangou low - sulfur main coking coal, Huangjiagou lean coal, etc. [1] - The latest values and corresponding changes of indicators such as 01 contract, 05 contract, 09 contract, 1 - 5 month spread, etc. [1] Group 2 - Graphs related to coking coal data, including graphs of Shenjiamao lean main coking coal, Mongolian coal warehouse receipts, coking plant inventory, etc. [2][3][4]

Group 1: Coal Price Data - The latest price of Dantangou low - sulfur primary coking coal is 1464, with a monthly change of - 21 and an annual change of + 257 [1] - The latest price of Huangjiagou lean coal is 703, with a weekly change of + 63, a monthly change of + 188, and an annual change of + 203 [1] - The latest price of Shenjiamao lean primary coking coal is 1311, with a weekly change of + 57, a monthly change of + 246, and an annual change of + 260 [1] - The latest price of Meng 5 raw coal is 1169, with a daily change of - 2, a weekly change of + 77, a monthly change of + 159, and an annual change of + 299 [1] - The latest price of Meng 4 raw coal is 1100, with a weekly change of + 80, a monthly change of + 120, and an annual change of + 230 [1] - The latest price of PLV (in US dollars) is 224, with a weekly change of + 8, a monthly change of + 4, and an annual change of + 42 [1] - The latest price of PMV (in US dollars) is 224, with a weekly change of + 8, a monthly change of + 4, and an annual change of + 40 [1] - The latest price of HCC (in US dollars) is 201, with a weekly change of + 8, a monthly change of + 7, and an annual change of + 50 [1] - The latest price of SEMISOFT (in US dollars) is 123, with a weekly change of + 2, a monthly change of + 8, and an annual change of + 13 [1] Group 2: Futures Contract Data - The latest value of the 01 contract is 1571.5, with a daily change of + 3.5, a weekly change of + 105.0, a monthly change of + 180.5, and an annual change of + 423.0 [1] - The latest value of the 05 contract is 1241.0, with a daily change of - 8.5, a weekly change of + 84.5, a monthly change of + 115.0, and an annual change of + 206.0 [1] - The latest value of the 09 contract is 1377.5, with a daily change of + 6.0, a weekly change of + 117.0, a monthly change of + 167.5, and an annual change of + 290.0 [1] - The 1 - month basis is - 402.5, with a daily change of - 5.5, a weekly change of - 28.0, and a monthly change of - 21.5 [1] - The 5 - month basis is - 72.0, with a daily change of + 6.5, a weekly change of - 7.5, and a monthly change of + 44.0 [1] - The 9 - month basis is - 208.5, with a daily change of - 8.0, a weekly change of - 40.0, and a monthly change of - 8.5 [1] - The 1 - 5 month spread is 330.5, with a daily change of + 12.0, a weekly change of + 20.5, a monthly change of + 65.5, and an annual change of + 217.0 [1] - The 5 - 9 month spread is - 136.5, with a daily change of - 14.5, a weekly change of - 32.5, a monthly change of - 52.5, and an annual change of - 84.0 [1] - The 9 - 1 month spread is - 194.0, with a daily change of + 2.5, a weekly change of + 12.0, a monthly change of - 13.0, and an annual change of - 133.0 [1] Group 3: Data Graphs and Inventory Information - There are data graphs related to Shenjiamao lean primary coking coal, Mongolian coal warehouse receipts, coking plant inventory, Meng 5 raw coal, main contract basis, steel mill inventory, coal washing plant inventory, coal mine production, coal washing plant production, port inventory, port - of - entry inventory, and total inventory [3][4][5]

Report Industry Investment Rating Not provided Core Views - Due to the substantial increase in the import of prime coking coal such as Mongolian and Australian coal, the previous supply gap in coking coal has been quickly filled. Considering the further seasonal reduction in hot metal production, the winter storage of carbon elements will turn into a supply - surplus inventory accumulation, and the winter storage market is not worth expecting. However, the coking coal futures price has a neutral discount of about 150 yuan/ton, and the decline in coking coal prices will repair steel - making profits, which may affect the further decline in hot metal production and support the furnace material valuation. So, although coking coal futures are in a phased decline, it is not advisable to chase short positions excessively, and the reverse spread pattern will continue [13] Summary by Directory 1. Mongolian Coal Imports Surge at the End of the Year, Bringing Significant Supply Increases - With the continuous high number of Mongolian coal customs clearance vehicles at the Ganqimaodu Port, the market expectation of a surge in Mongolian coal exports at the end of the year is intensifying. If the annual target of the port is about 43 million tons, the remaining daily customs clearance vehicle number should be around 1,320 vehicles/day. The average daily customs clearance vehicle number at the Ganqimaodu Port this week has reached 1,345 vehicles/day, indicating that the end - of - year import scale of Mongolian coal has been realized [1] - The high - level customs clearance, if it lasts until the end of the year, will bring obvious supply increases to the northern coking coal market and expand the delivery source scale of the 2601 coking coal contract. The price of Mongolian 5 raw coal at the Ganqimaodu Port has dropped from 1,180 yuan/ton at the end of October to nearly 1,000 yuan/ton, and the decline is almost the same as that of the futures market. The end - of - year import surge of Mongolian coal is the direct main reason for the decline in coking coal futures sentiment [3] 2. Australian Coal Imports Increase Synchronously, Directly Supplementing High - Quality Prime Coking Coal - The seaborne coal market has regained vitality with the continuous rebound of the domestic coking coal market. The price of Australian prime coking coal, which was significantly resistant to decline in the first half of the year, has remained relatively stable after the coal price rebounded in the second half of the year. Since October, Australian first - line and quasi - first - line prime coking coal have had a relative price advantage over domestic low - sulfur high - quality prime coking coal. Chinese buyers have increased their purchases of Australian coal [6] - Since October, China has purchased more than ten ships of Australian coking coal, with a cumulative import scale of nearly one million tons, which are expected to arrive in mid - to - late December. The price of first - line Australian prime coking coal has risen slightly from $211.5/ton to $214/ton. Although the import cost - effectiveness of Australian coal is gradually lost, the imported Australian coal will directly supplement the high - quality prime coking coal inventory in the coastal market, and together with Mongolian coal, it will form a strong supply shock to the domestic coking coal market [8] 3. There is Still Room for Hot Metal Production Reduction, and the Expectation of Coking Coal Gap Disappears - The current national average daily hot metal production is at a relatively high level of 236.28 tons/day. However, considering the poor steel - making profit and the possible seasonal constraints on production during the heating season, the hot metal production is unsustainable and is expected to drop to slightly below 230 tons/day by the end of the year [9] - Although domestic coal mine production remains weakly stable with a year - on - year output reduction of 6 - 7%, the significant increase in imported coal has quickly filled the previous supply gap in the coking coal market. Considering the further reduction in hot metal production, the coking coal supply and demand will return to the inventory accumulation pattern from December to January. The winter storage demand for carbon elements has not been fully released, and the inventory increase during this period will match the terminal winter storage replenishment. The winter storage market for carbon elements is not worth expecting, and the terminal's active replenishment will be significantly reduced [9][11]