1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The crude oil futures contract 2602 is expected to run weakly, with a short - term and medium - term trend of oscillation and an intraday trend of weakness [1][5] 3. Summary by Related Catalogs 3.1 Time - period Views - Short - term (within one week): The trend of crude oil 2602 is oscillatory [1] - Medium - term (two weeks to one month): The trend of crude oil 2602 is oscillatory [1] - Intraday: The trend of crude oil 2602 is weak, and it is expected to run weakly [1][5] 3.2 Core Logic - Geopolitical premium is weakening as there are signs of compromise in Ukraine and the US is mediating to end the Russia - Ukraine conflict, which weakens the upward momentum of international oil prices [5] - Saudi Arabia has lowered the price of its main crude oil products for Asia to the lowest level in five years, and global crude oil inventories are accumulating, increasing the supply pressure in the crude oil market [5] - The contango in the crude oil market and the weakening of refined oil crack spreads indicate a weak supply - demand structure in the oil market [5] - The domestic crude oil futures price oscillated weakly and dropped significantly on Tuesday night, and it is expected to maintain a weak pattern on Wednesday [5]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 观点参考 宝城期货动力煤早报（2025 年 12 月 17 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | | | 备注： 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 参考观点：震荡 核心逻辑：12 月以来，国内动力煤价格加速下跌，截至 12 月 11 日，秦皇岛港 5500K 动力煤平仓 价 761 元/吨，12 月内已经累计下跌 57 元，本轮动力煤的下跌受多重利空共同驱动。首先，国家 发改委要求采暖季能源保供，近期主产区煤矿生产平稳，未受安监影响，加之煤炭行业暂无新增 "反内卷"措施出台，动力煤供应整体趋稳。其次，从需求来看，截至本周国内南部沿海城市气 温偏暖，电厂煤耗虽季节性提升，但改善速度偏缓，加之今年新能源出力良好，火电累计发电量 首次持续录得同比负增长，电煤需求支撑不足。另外，由于动力煤供应稳定而需求有限，港口库 存逐渐回升、终端企业存煤重组，市场观望情绪增加，煤价持续下跌。iFind 数据显示，截至 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 17 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 偏弱 震荡 震荡 偏弱 震荡偏弱 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2605 震荡 偏弱 震荡 震荡 偏弱 震荡偏弱 美豆成本支撑，美国生物燃 料政策，美豆油库存，国内 大豆成本支撑，供应节奏， 油厂库存 棕榈 2605 震荡 偏弱 震荡 震荡 偏弱 震荡偏弱 马棕产量和出口，印尼生柴 和出口政策，欧盟相关政策 变化，国内到港和库存，替代 需求 3.震荡偏强/偏弱只针对日内观点，短期和中 ...

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-12-17 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，沪胶震荡企稳 | | 合成胶 | 2602 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，合成胶震荡企稳 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 ------------- ...

时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2025 年 12 月 17 日） ◼ 品种观点参考 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 低位震荡 | 基本面偏弱运行，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需两端均在走弱，螺纹产量持续下降并降至低位，低供应给予钢价支撑，但持续性存 疑。与此同时，螺纹钢需求同样走弱，高频指标低位偏弱运行，而下游行业也未好转，需求延续季 节性弱势，则易承压钢价。总之，螺纹供应降至低位但持续性存疑，而需求季节性走弱，基本面延 续弱势运行， ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The overall economic situation shows a mixed picture. The external demand has improved, and prices have generally increased, but domestic demand is still bottom - seeking. Policies are expected to be more active in 2026 to support economic recovery, and the bond market is expected to have opportunities. Multiple institutions are optimistic about the continued rebound of Chinese assets in 2026 [24][25][30]. Summary by Directory 1. Macro Data - GDP in Q3 2025 grew at a 4.8% year - on - year rate, lower than the previous quarter's 5.2% but higher than the 4.6% of the same period last year [1]. - In November 2025, the manufacturing PMI was 49.2%, the non - manufacturing PMI for business activities was 49.5%, both showing certain trends compared to previous periods [1]. - Social financing scale in November 2025 was not provided, with previous values of 24,885 billion yuan and 8,161 billion yuan, and the same - period value last year of 23,288 billion yuan [1]. - CPI in November 2025 increased by 0.7% year - on - year, and PPI decreased by 2.2% year - on - year [1]. - Fixed - asset investment (excluding rural households) from January to November 2025 had a cumulative year - on - year decline of 2.6%, and the social consumer goods retail total had a cumulative year - on - year increase of 4.0% [1]. - Exports in November 2025 increased by 5.9% year - on - year, and imports increased by 1.9% year - on - year [1]. 2. Commodity Investment Reference Comprehensive - In 2026, expanding domestic demand is the top priority, and efforts will be made to boost consumption from both supply and demand sides. The real estate market will be stabilized from both supply and demand ends [2]. - Anti - dumping duties of 4.9% - 19.8% will be imposed on imported pork and pork by - products from the EU starting from December 17, 2025, for a period of 5 years [2]. - On December 16, 2025, 42 domestic commodity varieties had positive basis, and 25 had negative basis [2]. Metals - Copper prices soared to a record high, partly due to the large - scale copper hoarding by the US. The LME's three - month copper price reached a high of $11,952 per ton last Friday, currently around $11,626 per ton, up about 33% this year [4]. - On December 15, 2025, zinc, lead, tin, and copper inventories reached new highs, while nickel and aluminum inventories decreased [5]. - Morgan Stanley expects nickel prices to rebound to around $15,500 per ton in 2026 [5]. - Goldman Sachs raised its forecast for the average copper price in 2026 from $10,650 to $11,400 per ton, and there is a 55% probability that the Trump administration will announce a 15% copper import tariff in the first half of 2026, which may take effect in 2027 and increase to 30% in 2028 [6]. Coal, Coke, Steel, and Minerals - A series of measures to rectify the "involution - style" competition in the steel industry are being implemented, and the upstream coke and iron ore prices have declined [7]. - Yichun plans to cancel 27 mining licenses, including Jiangte Motor's Yifeng County Shiziling Lithium - bearing Porcelain Stone Mine [7]. - Rio Tinto will launch the first phase of a project in Western Australia, with an estimated iron ore production of 50 million tons per year by 2030 [8]. - Japan will cooperate with Malaysia in the exploration and development of rare earth and other mineral resources [8]. - In November 2025, Brazilian steel sales decreased by 3.5% year - on - year to 1.748 million tons. It is expected that in 2026, exports will decrease by 0.6% to 10.18 million tons, and imports will increase by 3.9% to 6.65 million tons [8]. - As of early December 2025, the prices of coke and coking coal in the circulation field declined [8]. Energy and Chemicals - The National Energy Administration will strengthen energy supervision and ensure the safety of the energy and power system in 2026 [9]. - Hungary signed a 5 - year LNG procurement agreement with Chevron for a total of 2 billion cubic meters [9]. - Last week, US API crude oil inventories decreased by 9.322 million barrels, exceeding expectations [9]. - The price discount of Venezuelan Merey crude oil widened to a $21 - per - barrel discount compared to Brent crude oil [9]. - JP Morgan will seek about $14 billion in funds for Argentina's LNG export project [9]. Agricultural Products - The Indian market regulatory body will propose to relax commodity derivatives rules, cancel the ban on agricultural product derivatives trading, and reduce margin requirements [10]. - As of December 14, 2025, EU's 2025/26 soft wheat exports were 10.5 million tons, barley exports were 5 million tons, corn imports were 7.5 million tons, and soybean meal imports were 8.3 million tons [10]. 3. Financial News Compilation Open Market - On December 16, 2025, the central bank conducted 135.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 18 billion yuan [11]. Key News - In 2026, expanding domestic demand is the top priority, and efforts will be made to boost consumption from both supply and demand sides. The real estate market will be stabilized from both supply and demand ends [12]. - The National Development and Reform Commission will take measures to stabilize bulk consumption, improve the social security system, and promote a fair market order [12]. - Shenzhen will prevent and resolve financial risks, support the reform of the GEM, and enhance the competitiveness of the capital market [13]. - In 2026, the central bank will continue to implement a moderately loose monetary policy and maintain financial market stability [13]. - The market expects the fiscal deficit rate in 2026 to be no less than 4% [14]. - BofA Securities expects the downward trend of the mainland real estate market to bottom out in 2026 [14]. - Vanke will hold a bondholder meeting to discuss the adjusted extension plan for "22 Vanke MTN004" [14]. - On December 16, 2025, the on - shore and off - shore RMB exchange rates against the US dollar reached new highs in 14 months, and the RMB is expected to appreciate moderately in 2026 [15]. - As of December 16, 2025, commercial banks issued 58 green financial bonds, with a total issuance scale of 458.2 billion yuan, a year - on - year increase of over 202% [15]. - The EU plans to issue about 90 billion euros in bonds in the first half of 2026 [15]. - The US Treasury Secretary is optimistic about the US economic outlook, expecting a 3.5% GDP growth in 2025 [16]. - In November 2025, the US added 64,000 non - farm jobs, but the unemployment rate rose to 4.6% [16]. Bond Market Review - Bond market sentiment improved slightly. Yields of major inter - bank interest - bearing bonds mostly declined slightly, and Treasury bond futures showed a differentiated trend [19]. - In the exchange - traded bond market, Vanke bonds generally rose, and the Wande Real Estate Bond 30 Index rose 0.58%, while the Wande High - Yield Urban Investment Bond Index fell 0.06% [19]. - The CSI Convertible Bond Index fell 0.72% to 478.64 points, with a trading volume of 55.556 billion yuan [20]. - On December 16, 2025, most money market interest rates rose, and Shibor short - term varieties showed a differentiated performance [20][21]. - Inter - bank repurchase fixed - rate bonds generally declined, and silver - silver inter - bank repurchase fixed - rate bonds showed a differentiated performance [21]. - The winning yields of Agricultural Development Bank's 2 - year financial bonds were 1.5899% and 1.6039% respectively [22]. - Most European and US bond yields declined [22]. Foreign Exchange Market - On December 16, 2025, the on - shore RMB exchange rate against the US dollar rose 80 points, and the RMB central parity rate against the US dollar rose 54 points [23]. - In New York, the US dollar index fell 0.06%, and most non - US currencies showed mixed performance [23]. Research Report Highlights - Huatai Fixed Income believes that in November 2025, external demand improved, prices rose, but domestic demand continued to bottom - seek. It is recommended to wait for opportunities in the bond market [24]. - Guosheng Fixed Income believes that in November 2025, the economy was weak in both production and demand. The bond market is expected to stabilize and start a trend - like market in the second half of the first quarter of 2026 [25]. - CICC Fixed Income believes that the November 2025 economic data was below expectations, and the bond market is expected to perform well in 2026. It is recommended to pay attention to the allocation opportunities from the end of this year to the first quarter of next year [25]. - CITIC Securities believes that the November 2025 economic data declined in both supply and demand. Policies in 2026 will be more coordinated and focused on implementation effects [26]. - Changjiang Fixed Income believes that the net investment of repurchase in December 2025 decreased. The money market may face some fluctuations due to tax payments [26]. - Xingzheng Fixed Income believes that credit bond ETFs should focus on product returns and consider individual bond attributes in portfolio selection [27]. 4. Stock Market Key News - On the day, the A - share market declined unilaterally, with nearly 4,300 stocks falling. The Shanghai Composite Index fell 1.11% to 3,824.81 points, and the market turnover was 1.75 trillion yuan [29]. - The Hong Kong Hang Seng Index fell 1.54% to 25,235.41 points, and the trading volume decreased slightly [29]. - Multiple institutions believe that Chinese assets have the basis for a continuous rebound in 2026, and overseas long - term funds have been flowing into the Chinese stock market since 2025 [30].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The report presents the arbitrage data of various futures varieties on December 17, 2025, including basis, inter - period spreads, and inter - variety spreads of different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][9][19] Summary by Relevant Catalogs 1. Thermal Coal - The report shows the basis of thermal coal from December 10 to December 16, 2025, and the basis values are - 40.4, - 48.4, - 56.4, - 64.4, - 74.4 respectively. The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 months are all 0 [2] 2. Energy Chemicals - **Energy Commodities**: It provides the basis data of fuel oil, INE crude oil, and the ratio data of crude oil / asphalt from December 10 to December 16, 2025 [7] - **Chemical Commodities**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, as well as the inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol. Also, the basis data of these chemicals from December 10 to December 16, 2025 are presented [9][10] 3. Black Metals - The basis data of rebar, iron ore, coke, and coking coal from December 10 to December 16, 2025 are provided. The inter - period spreads of rebar, iron ore, coke, and coking coal, and the inter - variety spreads of rebar / iron ore, rebar / coke, coke / coking coal, rebar - hot rolled coil are also shown [19][20] 4. Non - Ferrous Metals - **Domestic Market**: The basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from December 10 to December 16, 2025 are presented [28] - **London Market**: On December 16, 2025, the LME spreads, LME / Shanghai ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin in the London market are given [33] 5. Agricultural Products - The basis data of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 10 to December 16, 2025 are provided. The inter - period spreads and inter - variety spreads of multiple agricultural products are also shown [39] 6. Stock Index Futures - The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 10 to December 16, 2025 are presented. The inter - period spreads of these stock index futures are also given [50][53]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and declined. The total market trading volume of the stock market was 1.75 trillion yuan, a decrease of 46.3 billion yuan compared to the previous day. The recent contraction in stock market trading volume is mainly due to the lack of market driving forces and the decline in the enthusiasm of capital trading [3]. - The Central Economic Work Conference continued to emphasize a more proactive fiscal policy and a moderately loose monetary policy. However, the aggregate policy did not exceed expectations, shifting from "extraordinary counter - cyclical" to "both counter - cyclical and cross - cyclical." This means that the aggregate policy will still support the economy in 2026, but will also focus more on structural adjustment, with policy efforts tilting towards domestic - cycle consumption and technology [3]. - Since the pressure to achieve this year's economic growth target is small, there is insufficient motivation for policy intensification this year. Policy efforts are expected to start in the first quarter of next year, and the short - term impetus from policy benefits is insufficient. The stock indices need to consolidate through fluctuations [3]. - At present, the stock indices are still within the fluctuation range. However, as the expectation of policy benefits continues to ferment in the future, the market risk appetite will gradually recover. In general, the stock indices will mainly fluctuate within a range in the short term [3]. - For options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread with a moderately bullish approach can be adopted [3]. 3. Summary by Relevant Catalogs 3.1 Option Indicators - On December 16, 2025, 50ETF fell 0.96% to 3.103; 300ETF (Shanghai Stock Exchange) fell 1.01% to 4.620; 300ETF (Shenzhen Stock Exchange) fell 1.08% to 4.690; the CSI 300 Index fell 1.20% to 4497.55; the CSI 1000 Index fell 1.74% to 7181.62; 500ETF (Shanghai Stock Exchange) fell 1.52% to 7.126; 500ETF (Shenzhen Stock Exchange) fell 1.40% to 2.812; the ChiNext ETF fell 1.92% to 3.060; the Shenzhen 100ETF fell 1.17% to 3.367; the SSE 50 Index fell 1.08% to 2954.79; the STAR 50ETF fell 2.02% to 1.36; and the E Fund STAR 50ETF fell 1.86% to 1.32 [5]. - The trading volume PCR and open - interest PCR of various options changed compared to the previous trading day. For example, the trading volume PCR of SSE 50ETF options was 133.64 (previous day: 109.24), and the open - interest PCR was 90.66 (previous day: 99.95) [6]. - The implied volatility of at - the - money options and the 30 - trading - day historical volatility of the underlying assets of various options are provided. For instance, the implied volatility of at - the - money SSE 50ETF options in December 2025 was 11.63%, and the 30 - trading - day historical volatility of the underlying asset was 10.66% [7]. 3.2 Relevant Charts - The report includes a series of charts for different types of options, such as the trend charts, volatility charts, trading volume PCR charts, open - interest PCR charts, implied volatility curve charts, and at - the - money implied volatility charts for different terms of SSE 50ETF options, SSE 300ETF options, and other options [9][20][33]. These charts visually present the performance and changes of option - related indicators over time.

投资咨询业务资格：证监许可【2011】1778 号 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 钢材&铁矿石 | 日报 2025 年 12 月 16 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪回暖，钢矿震荡回升 核心观点 螺纹钢：主力期价震荡企稳，录得 0.55%日涨幅，量仓收缩。现阶段， 低供应格局给予钢价支撑，但需求表现同样疲弱，基本面并无好转，淡 季钢价继续承压运行，相对利好则是估值偏低与政策预期，预期现实博 弈下钢价延续低位震荡运行态势，关注钢厂生产情况。 热轧卷板：主力期价震荡走高，录得 0.68%日涨幅，量仓收缩。目前来 看，热卷供需两端均在走弱，产业矛盾缓解有限，价格继续承压运行， 相对利好 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - **Coke**: On December 16, the main coke contract closed at 1,514.5 yuan/ton, with an intraday increase of 1.34%. The position volume of the main contract was 19,800 lots, with a difference of -2,119 lots from the previous trading day. The spot market prices in Rizhao Port and Qingdao Port showed different trends. Recently, the supply and demand of coke both decreased, and the reduction in demand was more significant, resulting in a weak fundamental situation. Without direct positive news from domestic important meetings in December, the market follows the fundamental logic. Affected by both cost and demand pressures, the coke futures are expected to fluctuate at a low level in the short term [5][35]. - **Coking Coal**: On December 16, the main coking coal contract closed at 1,067.5 points, with an intraday increase of 1.33%. The position volume of the main contract was 510,400 lots, with a difference of +16,390 lots from the previous trading day. The latest price of Mongolian coal at the Ganqimaodu Port decreased by 3.0% week-on-week. Recently, the coking coal production decreased slightly, while the import of Mongolian coal increased significantly, providing limited support on the supply side. Coupled with the weakening of downstream coke production, the fundamentals have not improved significantly. However, with the market's reaction to the supply - side pressure, the long - short game in the coking coal futures has increased, and the price has started to fluctuate at a low level [6][35]. 3. Summary by Directory Industry News - **Indonesia's Coal Export Tax**: Indonesia plans to impose a 1% - 5% export tax on coal from 2026 to increase national fiscal revenue and optimize the tax structure without weakening its international competitiveness in coal [8]. - **Stable Coking Coal Price in Linfen Anze**: On December 16, the coking coal price in Linfen Anze market remained stable. The price of low - sulfur main coking clean coal was 1,500 yuan/ton. Due to the significant increase in the auction price of similar coal in the surrounding area and the reduction in regional supply, some coal washing enterprises raised their quotes to 1,600 yuan/ton, but no transactions were made [9]. Spot Market | Variety | Current Value | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Year - on - Year Change Compared to the Same Period | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade flat - price) | 1,570 yuan/ton | 0.00% | -5.99% | -7.10% | -9.77% | | Coke (Qingdao Port, quasi - first - grade ex - warehouse) | 1,430 yuan/ton | -0.69% | -1.38% | -11.73% | -12.27% | | Coking Coal (Mongolian coal at Ganqimaodu Port) | 1,125 yuan/ton | -3.02% | -12.11% | -4.66% | -8.91% | | Coking Coal (Australian - produced at Jingtang Port) | 1,470 yuan/ton | 0.68% | -6.37% | -1.34% | -4.55% | | Coking Coal (Shanxi - produced at Jingtang Port) | 1,650 yuan/ton | 0.00% | -3.51% | 7.84% | -2.37% | [10] Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Position Volume | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,514.5 | 1.34% | 1,532.0 | 1,475.0 | 16,790 | -3,806 | 19,821 | -2,119 | | Coking Coal | | 1,067.5 | 1.33% | 1,077.0 | 1,037.5 | 1,163,886 | -328,578 | 510,423 | 16,390 | [13] Related Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory from 2020 to 2025 [15][16][17]. - **Coking Coal Inventory**: Charts display the inventory of mine - mouth coking coal, port coking coal, 247 sample steel - mill coking coal, and all - sample independent coking plant coking coal from 2019 - 2025 [21][22][23]. - **Other Charts**: Include domestic steel - mill production (blast furnace operating rate and steel - mill profitability), Shanghai terminal wire and screw procurement volume, coal - washing plant production (coal - washing plant clean coal inventory and operating rate), and coking plant operation (ton - coke profit and coke - oven capacity utilization rate) [28][30][34]. Market Outlook - The outlook for coke and coking coal is the same as the core views, with coke futures expected to fluctuate at a low level due to cost and demand pressures, and coking coal futures showing increased long - short game and low - level fluctuations [35].