Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自导科 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | 0.21% | 0.86% | 215 | 115 | 165 | 101870 | 101970 | 101920 | 102085 | SMM 1#电解铜 | | | 指 | AL | 0.04% | 1.23% | 10 | -15 | -60 | 23990 | 24015 | 24060 | 24000 | SMM A00铝 | | | 锌 | ZN | 0.52% | 0.54% | 125 | 80 | 40 | 24045 | 24090 | 24130 | 2417 ...

※有色金属期货价格为结算价,其他期货价格为收盘价。 Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 2026年01月08日9:00 备注: 1.基差率为主力合约基差率，计算公式: 主力基差率=（现货价格-主力合约价格）/主力合约价格。基差率历史最值计算的样本为2015年1月1日至今, 2.数据来源：Wind金融终端、钢联数据终端。带*报价为周更数据;带**报价现货与基准交割品有差别, | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自合公 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | -0.65% | -1.01% | -680 | -800 | -790 | 104090 | 104210 | 104200 | 103410 | ...

投研服务中心 2026.1 @2019 Maike Futures 豆粕 国内供应仍显宽松 国内供应仍显宽松，等待报告 指引 www.mkqh.com 国内供应仍显宽松 - 国际方面： 目前中方对美豆仍保持13%进口关税，商业性采购仍难以展开。中方对美豆采购进度不如预期，出口 乐观情绪逐渐降温。1月USDA报告看点在于美豆出口量是否会相应下调，进而令库消比回升。CBOT 大豆盘面震荡回落。巴西大豆播种工作进入尾声，部分地区已开启收割，盘面暂无天气升水，丰产预 期维持。 - 国内供需： 国内大豆库存高位，油厂豆粕现货供应仍较为充足。下游饲料企业库存较高需求有限，提货一般。油 厂豆粕继续累库，库存仍在高位。一季度国内进口大豆远期供应缺口部分修复，需观察美豆采购计划。 海关收紧到港政策的预期引发阶段性供应担忧，但在大豆、豆粕库存高位的情况下，盘面情绪易有回 落风险。 - 结论及观点： 南美大豆即将上市，CBOT大豆盘面承压震荡回落。盘面交易重心仍在国际大豆贸易流向，关注美豆 出口进度能否支撑CBOT大豆。国内大豆库存高位，油厂豆粕现货供应仍较为充足，但一季度进口大 豆存在结构性紧缺预期。蛋白粕市场震荡运行，豆粕05 ...

www.mkqh.com 玻璃纯碱成本支撑下移，盘面底部震荡运行 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE 投研服务中心 -- 符佳敏 2025.12.29 Maike 迈科期货 @2019 Maike Futures 玻璃核心观点 - 关注事件:玻璃产量、玻璃厂库存、玻璃现货价格。 - 供应: 上周浮法玻璃产量108.4万吨 (-0.19) , 全国浮法玻璃开工率73.89% (-0.1)。 - 需求: 12月15日下游深加工厂订单天数9.7天（-0.4）, 上周浮法玻璃周度表 需2161.59万重量箱（+22.8）。 - 库存: 上周全国浮法玻璃样本企业总库存5862.3万重箱（+6.5）; 湖北厂内 库存581万車量箱（+26.5）: 沙河厂内库存431.76万重量箱（+43.12）: 沙 河贸易商库存420万重量箱（-24）。 - 成本与利润：上周玻璃成本稳中有升，利润下滑。 - 结论及观点：供应端,上周一条产线冷修,玻璃产量环比下滑。当前玻璃厂利 润走弱,叠加玻璃厂库存偏高,可能引发后续玻璃厂冷修预期,后续重点关注 玻璃供应情况。需求端，年底赶 ...

www.mkqh.com 玻璃供需格局好转，碱厂检修意愿增加 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE 投研服务中心——符佳敏 2026.01.06 Maike 迈科期货 @2019 Maike Futures 玻璃 供需格局好转，关注中下游补库情况 - 供应端, 当前玻璃价格下行, 玻璃厂利润走弱, 叠加玻璃厂库存偏高, 引发玻 璃厂不断冷修，当前玻璃厂日熔量为15.15万吨，后续重点关注玻璃供应情况。 在供应走弱情况下，玻璃供需格局有所好转，这可能对价格有一定支撑。需求 端,年底赶工需求环比走弱,北方地区销售压力明显,厂家降价销售。地产依 旧弱势运行导致玻璃需求难有较大向上空间，下游深加工订单天数同比依旧较 弱，玻璃表需处于历年同期偏低水平。库存端，12月份需求虽然较差，但在 供应下行情况下,玻璃厂库存压力有所缓解,库存去化;中游贸易商库存处于 高位水平，后续补库力度可能有限。当前玻璃供应走弱，关注是否能带动中下 游补库,这可能对玻璃价格短期有一定支撑。 - 结论:玻璃震荡偏多思路对待，注意控制风险。玻璃指数参考1010-1150。 检修意愿增加短期 ...

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views - For coke, it should be treated with a volatile mindset, with the coke index ranging from 1530 - 1750. The supply is expected to be weakly stable in January, demand will improve month - on - month, and steel mills' winter storage replenishment may support prices [6][7]. - For coking coal, it should also be treated with a volatile mindset, with the coking coal index ranging from 990 - 1170. The domestic coal mine supply is expected to be weakly stable in January, and the demand may pick up slightly with the resumption of steel mills' production, but the recovery space is limited. Attention should be paid to winter storage replenishment [9][10]. 3. Summary by Directory Coke - **Price**: In December, the four rounds of coke price cuts were successively implemented, and the spot price was under pressure and fluctuated downward. As of December 31, the price of first - grade metallurgical coke at Rizhao Port was 1450 yuan/ton, the same as at the end of November. The FOB price of first - grade metallurgical coke was weakly running, at 218 US dollars/ton, a decrease of 20 US dollars/ton compared with the end of November [15]. - **Supply**: Currently, coke enterprises' profits are negative, production enthusiasm has declined, and coke production has decreased. Steel mills' coke production has increased. In January, affected by environmental protection restrictions and with profits remaining slightly in the red, coke production is expected to be weakly stable [28]. - **Demand**: Terminal demand continued to be weak in December, steel mills' blast furnace capacity utilization rate declined, and iron - making production decreased significantly, putting pressure on coke demand. In January, some steel mills are expected to resume production, and iron - making production is expected to increase slightly, so the demand side will improve month - on - month [31]. - **Import and Export**: In November 2025, coke exports were 717,800 tons, a decrease of 9,600 tons month - on - month; imports were 7.5 tons, a decrease of 4.59 tons month - on - month. The current import and export volume is at the median level of the same period [35]. - **Inventory**: In December, steel mills' inventory increased, and coke enterprises continued to accumulate a small amount of inventory with little pressure. In January, steel mills are expected to replenish inventory, and coke enterprises may face inventory accumulation pressure. Port inventory is at a relatively high level, and the total coke inventory is at the median level of the same period. Steel mills' winter storage replenishment may support coke prices [39]. - **Basis and Spread**: As of December 31, the basis of the May contract was - 99, an increase of 38 compared with the end of November; the spread between the May - September contracts was - 75.5, a decrease of 9 compared with the end of November. The basis strengthened, and the spread weakened. The current basis is at a low level in the same period over the years [43]. Coking Coal - **Price**: As of December 31, the self - pick - up price of Meng 5 clean coal in Tangshan was 1320 yuan/ton, a decrease of 70 yuan/ton compared with the end of November. The prices of main coking coal and blending coking coal were both weakly running [48]. - **Supply**: In December, coal mine supply was at a low level in the same period over the years. After the New Year's Day holiday, coal mine supply is expected to recover, but due to weak spot prices and poor demand, production in January is expected to remain low. After New Year's Day, Mongolian coal customs clearance has recovered and is currently at a high level. Australian coal import profit has turned negative, and imports are expected to decline [53][70]. - **Demand**: In December, after the fourth round of coke price cuts, coke enterprises' profits turned from positive to negative, and their demand for coking coal weakened. In January, with the expected resumption of steel mills' production, coking coal demand may pick up, but the recovery space is limited due to the off - season of steel demand [57]. - **Import and Export**: In November 2025, coking coal imports were 10.73 million tons, an increase of 138,200 tons month - on - month; exports were 133,500 tons, an increase of 132,000 tons month - on - month. Current import profit is acceptable, and imports are at a relatively high level [61]. - **Inventory**: Coke enterprises' and steel mills' inventories are expected to increase due to winter storage replenishment. Coke enterprises' inventory is at a low level, and steel mills' inventory is at the median level in the same period over the years. Coal mine inventory has increased month - on - month and is at a high level. Port inventory has increased and is at the median level in the same period. The total coking coal inventory has increased [80]. - **Basis and Spread**: As of December 31, the basis of the May contract was - 18, a decrease of 34 compared with the end of November; the spread between the May - September contracts was - 72, a decrease of 3 compared with the end of November. The basis and spread both weakened. The different months of coking coal show a contango structure [84].

www.mkqh.com 经济表现待验证，贵金属高位运行 宏观经济、贵金属1月月报 2026.01.06 @2019 Maike Futures 核心观点：年初经济表现有待明朗，内外政策仍是看 点 2 - 2025年内外经济各有担忧，美国主要集中在就业市场疲软以及可能引发的消费风险，中 国表现为三季度内需偏弱，四季度在政策引导下修复情况有待观察。新年度影响美国经 济的政策看点主要是货币宽松政策的延续，以及后续财政支出的力度，中国政策看点则 在稳定内需的效果，政策在促进投资止跌回升以及扩大消费市场方面的发力情况。 - 2025年年底美国方面并没有给到激进的降息节奏预期，市场预期2026年全年美联储降息 次数略高于2次，目前仍为预防式降息。但如果就业市场出现超预期疲软，例如失业率持 续回升，将促使美联储加快降息节奏。2026年非常规风险来自于新上任美联储主席的态 度，但一季度货币政策的影响因素主要还在于经济表现。一季度货币政策有宽松预期， 但有待观察 。 - 中国方面，年初稳增长政策将陆续出台。2026年国补方案下达首批625亿元资金支持消 费品以旧换新，相较2025年第一批810亿元减少。根据中央经济工作会议对 ...

www.mkqh.com 马棕继续累库，油脂反弹乏力 投研服务中心 2026.1 @2026 Maike Futures 核心观点 - 近期国内外油脂市场整体承压，维持震荡偏弱格局。其核心驱动在于国际市场的供应压力与疲 软需求：一方面，南美大豆产区天气良好，丰产预期持续压制市场情绪；另一方面，国际原油 价格回调削弱了生柴题材支撑，叠加节后终端采购放缓，市场交投清淡。在此背景下，棕榈油 因库存压力成为领跌品种，而豆油则因国内部分油厂停机、供应阶段性收紧，表现相对抗跌。 - 结论：整体来看，油脂板块缺乏有效利多，在宏观与基本面双重影响下重心下移，主力参考豆 油7700-8000，棕榈油8300-8600，菜籽油8900-9200。 - 风险因素：宏观风险，贸易摩擦，产区天气，产地政策等。 行情回顾：12月整体呈现震荡走弱格局 6000 6500 7000 7500 8000 8500 9000 9500 10000 10500 2024/12/09 2025/02/09 2025/04/09 2025/06/09 2025/08/09 2025/10/09 2025/12/09 国内三大油脂期价走势 DCE：棕榈 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content. 2. Report's Core View - The report presents the base - rate statistics of various futures and spot commodities on December 26, 2025, including base - rate changes, monthly basis differences, contract prices, and spot prices [3]. 3. Summary by Related Categories Non - ferrous Metals - Copper (CU): The main contract base - rate is - 0.56%, an increase of 0.04% from the previous day. The spot price is 94,760 (SMM 1 electrolytic copper) [3]. - Aluminum (AL): The main contract base - rate is - 0.86%, a decrease of 0.05% from the previous day. The spot price is 21,980 (SMM A00 aluminum) [3]. - Zinc (ZN): The main contract base - rate is 0.33%, an increase of 0.05% from the previous day. The spot price is 23,080 (SMM 0 zinc ingot) [3]. - Lead (PB): The main contract base - rate is - 0.96%, a decrease of 0.31% from the previous day. The spot price is 17,100 (SMM 1 lead ingot) [3]. - Tin (SN): The main contract base - rate is - 0.36%, an increase of 0.68% from the previous day. The spot price is 332,750 (SMM 1 tin) [3]. - Nickel (NI): The main contract base - rate is 1.83%, a decrease of 0.72% from the previous day. The spot price is 127,400 (SMM 1 electrolytic nickel) [3]. - Industrial Silicon: The main contract base - rate is 5.29%, an increase of 0.30% from the previous day. The spot price is 9,250 (SMM annual flux 253 silicon) [3]. - Lithium Carbonate (LC): The main contract base - rate is - 3.2%, an increase of 14.15% from the previous day. The spot price is 116,750 (Steel Union's high - quality battery - grade lithium carbonate) [3]. Precious Metals - Gold (AU): The main contract base - rate is - 0.57%, an increase of 0.17% from the previous day. The spot price is 1,003.01 (AuT + D: Shanghai Gold Exchange) [3]. - Silver (AG): The main contract base - rate is 0.10%, a decrease of 0.50% from the previous day. The spot price is 17,414 (Ag(T + D): Shanghai Gold Exchange) [3]. Black Industry - Rebar (RB): The main contract base - rate is 5.21%, a decrease of 1.29% from the previous day. The spot price is 3,290 (HRB400: 20mm: Shanghai) [3]. - Hot - rolled Coil (HC): The main contract base - rate is 0.30%, an increase of 1.07% from the previous day. The spot price is 3,290 (Q235B: 4.75mm: Shanghai) [3]. - Iron Ore: The main contract base - rate is 6.92%, an increase of 0.14% from the previous day. The spot price is 832.4 (PB powder: 61%: Qingdao) [3]. - Coke: The main contract base - rate is - 8.28%, an increase of 0.37% from the previous day. The spot price is 1,595 (Metallurgical coke: quasi - first - class) [3]. - Coking Coal and Steam Coal (JM, ZC): The main contract base - rates are - 0.58% and 14.3% respectively. The spot prices are 1,117.5 (Main coking coal: clean coal: Mongolian No. 5) and 689.0 (Shanxi Q500: Qinhuangdao) [3]. - Ferrosilicon (SE): The main contract base - rate is - 7.41%, a decrease of 0.59% from the previous day. The spot price is 5,270 (FeSi75 - B: Inner Mongolia) [3]. - Manganese Silicon (SM): The main contract base - rate is - 1.30%, a decrease of 0.24% from the previous day. The spot price is 5,770 (FeMn68Si18: Hebei) [3]. - Stainless Steel: The main contract base - rate is 0.46%, an increase of 0.65% from the previous day. The spot price is 13,050 (304/2B: 2.0*1219: Angang Lianzhong Wuxi) [3]. - Glass (FG): The main contract base - rate is - 3.5%, a decrease of 0.86% from the previous day. The spot price is 1,010 (North China 5mm float glass market price) [3]. Oilseeds and Oils - Soybean: The main contract base - rate is - 4.4%, a decrease of 0.44% from the previous day. The spot price is 3,940 (Domestic third - grade soybean: Harbin) [3]. - Soybean Meal (M): The main contract base - rate is 9.42%, a decrease of 1.65% from the previous day. The spot price is 3,020 (Ordinary protein soybean meal: Zhangjiagang) [3]. - Rapeseed Meal (RM) and Rapeseed Oil (V): The main contract base - rates are 7.57% and 6.72% respectively. The spot prices are 2,530 (Ordinary rapeseed meal: Nantong) and 8,320 (First - grade soybean oil: Zhangjiagang) [3]. - Peanut (PK): The main contract base - rate is 16.98%, an increase of 0.26% from the previous day. The spot price is 9,300 (Baisha peanuts: 45% oil content, 9% water content, Changtu) [3]. - Palm Oil (P): The main contract base - rate is - 0.61%, a decrease of 0.40% from the previous day. The spot price is 8,490 (24 - degree palm oil: Guangdong) [3]. - Corn (C): The main contract base - rate is 4.61%, an increase of 0.33% from the previous day. The spot price is 2,290 (National - standard first - grade corn at Huangpu Port) [3]. - Corn Starch (CS): The main contract base - rate is 3.46%, an increase of 0.41% from the previous day. The spot price is 2,570 (Factory - delivered price of corn starch: Changchun) [3]. Agricultural and Sideline Products - Apple (AP): The main contract base - rate is - 6.50%, a decrease of 0.17% from the previous day. The spot price is 8,600 (Average of Yantai Qixia and Shaanxi Luochuan Red Fuji apples) [3]. - Egg (JD): The main contract base - rate is - 1.56%, an increase of 0.03% from the previous day. The spot price is 2,900 (Eggs: Hebei Cangzhou) [3]. - Live Pig (LH): The main contract base - rate is 2.97%, an increase of 0.61% from the previous day. The spot price is 11,800 (One - yuan live pigs from Henan) [3]. Soft Commodities - Cotton (CF): The main contract base - rate is 7.18%, a decrease of 0.51% from the previous day. The spot price is 15,279 (Cotton price index 328: Xinjiang) [3]. - Sugar (SR): The main contract base - rate is 2.87%, a decrease of 0.14% from the previous day. The spot price is 5,420 (White sugar: Liuzhou) [3]. - Methanol (MA): The main contract base - rate is 0.14%, unchanged from the previous day. The spot price is 2,165 (Methanol: East China) [3]. - Ethanol (EG): The main contract base - rate is - 4.4%, an increase of 0.13% from the previous day. The spot price is 3,650 (Ethanol: East China) [3]. - PTA (TA): The main contract base - rate is - 1.40%, an increase of 0.06% from the previous day. The spot price is 5,080 (PTA: East China) [3]. - Polypropylene (PP): The main contract base - rate is 8.52%, an increase of 0.21% from the previous day. The spot price is 6,800 (Market price of Hangzhou Shaoxing Sanyuan T30S) [3]. - Styrene (EB): The main contract base - rate is 0.26%, an increase of 0.38% from the previous day. The spot price is 11111 (Styrene: East China) [3]. - Polyester Staple Fiber (PF): The main contract base - rate is 0.00%, a decrease of 0.25% from the previous day. The spot price is 6,540 (Yifangxiang semi - bright natural white 1.56*38mm) [3]. - Plastic: The main contract base - rate is 0.16%, an increase of 1.84% from the previous day. The spot price is 6,400 (Market price of Yuyao Zhejiang Petrochemical 7042) [3]. - PVC (V): The main contract base - rate is - 5.40%, an increase of 0.47% from the previous day. The spot price is 4,500 (East China SG - 5 Xinjiang Zhongtai mainstream price) [3]. - Rubber (RU): The main contract base - rate is - 3.3%, an increase of 0.15% from the previous day. The spot price is 15,200 (Thai - produced: Qingdao Free Trade Zone) [3]. - 20 - number Rubber (NR): The main contract base - rate is 3.77%, an increase of 0.02% from the previous day. The spot price is 13,174 (Thai 20 standard rubber: Qingdao Free Trade Zone) [3]. - Soda Ash (SA): The main contract base - rate is - 4.1%, a decrease of 0.17% from the previous day. The spot price is 1,135 (Shahe heavy - quality market price) [3]. - Urea (UR): The main contract base - rate is - 1.72%, a decrease of 0.28% from the previous day. The spot price is 1,710 (Small - particle urea: Henan) [3]. - Pulp (SP): The main contract base - rate is - 1.41%, an increase of 0.28% from the previous day. The spot price is 5,525 (Bleached softwood pulp: Silver Star: Chile) [3]. Energy and Chemicals - Crude Oil (SC): The main contract base - rate is - 8.5%, an increase of 0.45% from the previous day. The spot price is 406.6 (Chinese Shengli: Pacific Rim) [3]. - Fuel Oil (FU): The main contract base - rate is 6.42%, a decrease of 0.55% from the previous day. The spot price is 2,649 (Bonded marine fuel oil 380CST: Zhoushan) [3]. - Asphalt (BU): The main contract base - rate is - 2.50%, an increase of 0.03% from the previous day. The spot price is 2,920 (Heavy - traffic asphalt: market price: Shandong) [3]. - Low - sulfur Fuel Oil (LU): The main contract base - rate is - 0.21%, an increase of 0.01% from the previous day. The spot price is 3,010 (Marine fuel oil 0.5% low - sulfur: Singapore) [3]. - LPG (PG): The main contract base - rate is 11.09%, an increase of 1.39% from the previous day. The spot price is 4,528 (Market price: Guangzhou) [3]. Stock Index Futures - CSI 300 (IF): The main contract base - rate is 0.69%, a decrease of 0.16% from the previous day. The spot price is 4,642.5 [3]. - SSE 50 (IH): The main contract base - rate is - 0.04%, an increase of 0.02% from the previous day. The spot price is 3,032.8 [3]. - CSI 500 (IC): The main contract base - rate is 1.23%, a decrease of 0.31% from the previous day. The spot price is 7,410.7 [3].

Report Industry Investment Rating - No information provided in the content Core Viewpoints of the Report - The supply and demand of coking coal and coke are further relaxed. The coking coal and coke markets are in a situation of strong supply and weak demand, with prices running weakly. The mid - to long - term strategy is to adopt a bearish approach on rallies. The coke index is expected to operate in the range of 1500 - 1650, and the coking coal index in the range of 950 - 1030 - 1110 [6][8] - An important meeting will be held in mid - December, which may change market expectations and sentiment Summary by Related Catalogs Coke Supply - Although the first round of coke price cuts has been implemented, raw material prices continue to decline, and coke enterprises still have positive profits, with high production enthusiasm. Coupled with the resumption of production of some overhauled coke enterprises, the coke production of coke enterprises and steel mills has increased month - on - month. As of December 5, the daily average coke output of all - sample coking plants was 64.53 tons (+0.77), and that of 247 steel mills' coking plants was 46.62 tons (+0.3), with a total output of 111.15 tons (+1.07) [7][15] Profit - After the first round of coke price cuts, the coking profit has narrowed. As of December 5, the average profit per ton of coke for independent coking enterprises was 30 yuan/ton (-16) [6][19] Demand - Terminal demand is poor, steel spot prices are under pressure, steel mills' profits are poor, and the willingness to overhaul is strong. The molten iron output has declined month - on - month. It is currently the off - season for demand, and the molten iron output is expected to continue to decline. As of December 5, the daily average molten iron output was 232.3 tons (-2.38); the weekly total output of five major steel products was 828.95 tons (-26.76); the profitability rate of steel mills was 36.36% (+1.3); the blast furnace capacity utilization rate of 247 steel enterprises was 87.08% (-0.9); and the blast furnace start - up rate was 80.16% (-0.93) [7][23] Inventory - Steel mills maintain just - in - time procurement, and their inventory has slightly decreased month - on - month; the inventory of coke enterprises has increased month - on - month, and there may be some inventory accumulation pressure in the future; the port inventory has decreased month - on - month; the total coke inventory has decreased month - on - month. As of December 5, the inventory of all - sample independent coking plants was 76.44 tons (+4.68); the inventory of 247 steel mills was 625.25 tons (-0.27); the total inventory of four major ports was 181.3 tons (-6.1), and the total coke inventory was 882.99 tons (-1.69) [7][27] Inventory Available Days - As of December 5, the available days of coke inventory for 247 steel mills' sample coking plants were 11.29 days (+0) [30] Basis and Spread - As of December 5, the warehouse - receipt price of quasi - first - grade metallurgical coke at Rizhao Port was 1594 yuan/ton, the basis of the 01 contract was 9, a decrease of 11 compared with last week; the spread between the 1 - 5 contracts was - 149, an increase of 7.5 compared with last week. After the coke price cut, the spot price has fallen more, so the basis has weakened. The far - month contracts are more affected by the coking coal futures, so the spread has strengthened. The current basis is at a low level in the same period over the years [34] Coking Coal Supply - Some coal mines in the main production areas have resumed production. Near the end of the year, some coal mines are close to completing their production plans, and the production rhythm may slow down, resulting in a month - on - month decline in domestic coal mine supply. The customs clearance of Mongolian coal is at a high level, and seaborne coal will arrive at ports successively in December, which has a certain negative impact on the futures market. As of December 5, the daily average output of raw coal from 523 sample mines was 190.42 tons (-0.92), with an operating rate of 85.59% (-0.42); the daily average output of 314 sample coal washing plants was 27.12 tons (+0.54), with an operating rate of 36.53% (+0.21) [8][41] Mongolian Coal Customs Clearance - The customs clearance of Mongolian coal has increased month - on - month and is at a high level [43] Demand - The coke production has increased month - on - month, and the daily consumption of coking coal has increased. However, the molten iron output is still in a downward channel, and the medium - to long - term demand for coking coal is expected to continue to decline. As of December 5, the total inventory of 230 independent coking plants was 857.43 tons (-3.5), with available days of 12.68 days (-0.16), and the corresponding daily consumption of coking coal was 67.62 tons (-3.5); the inventory of 247 steel mills was 798.27 tons (-3.03), with available days of 12.88 days (-0.13), and the corresponding daily consumption of coking coal was 61.98 tons (+0.39); the total daily consumption was 129.6 tons (+0.99) [8][48] Inventory - Steel mills maintain just - in - time procurement, and their inventory has slightly decreased month - on - month; the inventory of coke enterprises has slightly decreased month - on - month; the inventory levels of coke enterprises and steel mills are at the median level in the same period over the years. The coal mine inventory has increased month - on - month, and there may be an inventory accumulation expectation in the future; the port inventory has increased month - on - month and is at the median level in the same period over the years. The total coking coal inventory has increased. As of December 5, the total port inventory was 296.5 tons (+2); the inventory of 247 steel mills was 798.27 tons (-3.03); the coking coal inventory of all - sample independent coking plants was 1009.2 tons (-1.1); the clean coal inventory of 523 sample mines was 247.01 tons (+23.09); the total coking coal inventory was 2350.98 tons (+20.96) [8][55] Inventory Available Days - As of December 5, the available days of coking coal inventory for 230 independent coking plants were 12.68 days (-0.16); and those for 247 steel enterprises were 12.88 days (-0.13) [55] Basis and Spread - As of December 5, the warehouse - receipt price of Mongolian No. 5 clean coal in Tangshan was 1168 yuan/ton, the basis of the 01 contract was 112, an increase of 11 compared with last week; the spread between the 1 - 5 contracts was - 84, an increase of 1 compared with last week. Both the spot and futures prices of coking coal have weakened. The expected arrival of seaborne coal and the continuous weakening of demand have led to a larger decline in the futures market, so the basis has strengthened, and the spread has slightly strengthened. The coking coal contracts in different months show a contango structure, indicating that the market is pessimistic about the supply - demand pattern of near - month contracts [59]