Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current valuation of 02 is high, and its future performance mainly depends on the spot market trend. In the short term, due to the improvement in the spot market, the market sentiment is positive. However, it is difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. Therefore, entry at the current level is not recommended. [2][8] - The valuation of 04 is moderately high, but in the short term, it may follow the spot market or recover the basis. Attention should be paid to shorting opportunities in the near - term continuous high. The far - month contracts are greatly affected by geopolitical factors. Shorting off - season contracts is safer than shorting peak - season contracts. Overall, a positive spread strategy should be adopted, and attention should be paid to shorting opportunities in the 10 contract. [2][8] Group 3: Summary by Related Catalog Futures Contract Data - EC2512: Yesterday's closing price was 1606.0, down 1.53% or 16.8, with a trading volume of 281 and an open interest of 1890, a decrease of 11 in open interest. [2][8] - EC2602: Down 3.48%, trading volume of 35004, closing price of 1806.6, down 217.4, open interest of 41660, down 0.75%. [2][8] - EC2604: Trading volume of 7754, open interest of 20867, closing price of 1158.0, up 431.2. [2][8] - EC2606: Up 0.89%, closing price of 1331.7, up 257.5, open interest of 372, trading volume of 2187. [2][8] - EC2608: Trading volume of 141, open interest of 1199, closing price of 1480.0, up 109.2. [2][8] - EC2610: Down 0.85%, closing price of 1052.0, up 537.2. [2][8] Month - to - Month Spread Data - EC2512 - 2504: The spread was 448.0, with a daily decline of 16.2 and a weekly decline of 52.1. [2][8] - EC2512 - 2602: The spread was - 200.6, with a daily decline of 40.2 and a weekly decline of 104.4. [2][8] - EC2502 - 2604: The spread was 648.6, with a previous value of 705.0 and a previous - two - period value of 591.0. [2][8] Index Data - SCEIS: Up 5.21%, updated every Monday. The current value is 1589.20, the previous value was 1510.56, and the previous - two - period value was 1509.10, announced on 2025/12/22. [2][8] - SCFI (European line): Up 9.86%, updated every Friday. The current value is 1400 dollars/TEU, the previous value was 1533, and the previous - two - period value was 1538, announced on 2025/12/19. [2][8] - CCFI (European line): Up 1.59%, the current value is 1473.9 points, the previous value was 1470.55, and the previous - two - period value was 1447.56, announced on 2025/12/19. [2][8] - NCFI: Up 9.98%, the current value is 1067.29 points, the previous value was 1064.13, and the previous - two - period value was 967.55, announced on 2025/12/19. [2][8] European Line Spot Market Situation - Week 52: MSK opened bookings at $2300 (a decrease of $100 compared to the previous week). Other companies mainly continued to use the rates of Week 51. The central price was $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January bookings. [2][8] - Week 1: MSK opened bookings at $2500 (an increase of $200 compared to the previous week), waiting for other shipping companies to open bookings. [2][8] - Week 2: MSK mainly maintained the same price, quoting $2500 (high - cube containers at $2600). [2][8] Related News - On 12/23, the Suez Canal Authority: The Jacques Saadé and Adonis of CMA CGM passed through the canal on Tuesday. One was a return vessel with a previous statement, and the other was on a regular route with a precedent. [2][8]

研究中心能化团队 2025/12/24 | | 指标 | 11/21 | 12/17 | 12/19 | 12/22 | 12/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | 61 | -102 | 1 | -2915 | -2897 | 18 | | | | 华东基差(镇江库) | 91 | -32 | -9 | -2995 | -2977 | 18 | -2795 -2945 | | 基差&月差 | 华南基差(佛山库) | 71 | -102 | -109 | -2995 | -2977 | 18 | -2875 | | | 01-03 | -41 | -17 | -27 | -30 | -26 | 4 | -9 | | | 02-03 | -26 | -2 | -15 | -12 | -13 | -1 | -11 | | | 03-06 | -42 | -10 | -24 | -23 | -27 | -4 | -17 | | | BU主力合约(02) | 300 ...

1. Report Information - Report Name: Coking Coal Daily [1] - Date: December 24, 2025 [1] - Research Team: Black Team of the Research Center [1] 2. Price Information Spot Prices - **LiuLin Main Coking Coal**: The latest price is 1,500.00, with no daily change, a weekly decrease of 5.00, a monthly decrease of 145.00, and an annual increase of 3.45% [2] - **Raw Coal Port Delivery Price**: The latest price is 965.00, with a daily decrease of 5.00, a weekly decrease of 5.00, a monthly decrease of 43.00, and an annual increase of 1.58% [2] - **ShaHeYi Meng 5**: The latest price is 1,360.00, with no daily change, no weekly change, a monthly decrease of 150.00, and an annual decrease of 8.11% [2] - **AnZe Main Coking Coal**: The latest price is 1,600.00, with no daily change, a weekly increase of 100.00, a monthly increase of 20.00, and an annual increase of 3.90% [2] International Spot Prices - **Peak Downs**: The latest price is 228.00, with no daily change, a weekly increase of 2.00, a monthly increase of 14.00, and an annual increase of 27.00 [2] - **Goonyella**: The latest price is 229.00, with no daily change, a weekly increase of 2.00, a monthly increase of 16.00, and an annual increase of 28.00 [2] Futures Prices - **Futures 05**: The latest price is 1,125.00, with a daily increase of 20.50, a weekly increase of 63.00, a monthly decrease of 63.50, and an annual decrease of 2.93% [2] - **Futures 09**: The latest price is 1,199.50, with a daily increase of 14.50, a weekly increase of 64.00, a monthly decrease of 54.00, and an annual decrease of 2.04% [2] - **Futures 01**: The latest price is 1,034.50, with a daily increase of 30.50, a weekly increase of 64.00, a monthly decrease of 62.50, and an annual decrease of 4.39% [2] 3. Inventory Information - **Total Inventory**: The latest inventory is 3,934.10, with a weekly increase of 28.66, a monthly increase of 297.27, and an annual decrease of 16.27% [2] - **Coal Mine Inventory**: The latest inventory is 272.77, with a weekly increase of 17.46, a monthly increase of 86.85, and an annual decrease of 19.17% [2] - **Port Inventory**: The latest inventory is 307.50, with a weekly increase of 11.00, a monthly increase of 9.00, and an annual decrease of 31.50% [2] - **Steel Mill Coking Coal Inventory**: The latest inventory is 794.65, with a weekly decrease of 3.62, a monthly increase of 4.48, and an annual increase of 5.11% [2] - **Coking Plant Coking Coal Inventory**: The latest inventory is 1,037.30, with a weekly increase of 28.10, a monthly decrease of 31.67, and an annual decrease of 0.23% [2] - **Coking Plant Coke Inventory**: The latest inventory is 85.73, with a weekly decrease of 0.22, a monthly increase of 0.50, and an annual decrease of 0.89% [2] 4. Production and Utilization Information - **Coking Capacity Utilization Rate**: The latest utilization rate is 72.05, with a weekly decrease of 1.11, a monthly increase of 0.34, and an annual decrease of 1.33% [2] 5. Basis and Spread Information Basis - **05 Basis**: The latest basis is -98.79, with a daily decrease of 20.50, a weekly decrease of 40.01, a monthly decrease of 137.65, and an annual decrease of 80.94 [2] - **09 Basis**: The latest basis is -173.29, with a daily decrease of 14.50, a weekly decrease of 41.01, a monthly decrease of 147.15, and an annual increase of 1.08 [2] - **01 Basis**: The latest basis is -8.29, with a daily decrease of 30.50, a weekly decrease of 41.01, a monthly decrease of 138.65, and an annual decrease of 1.14 [2] Spread - **5 - 9 Spread**: The latest spread is -74.50, with a daily increase of 6.00, a weekly decrease of 1.00, a monthly decrease of 9.50, and an annual increase of 0.14 [2] - **9 - 1 Spread**: The latest spread is 165.00, with a daily decrease of 16.00, no weekly change, a monthly increase of 8.50, and an annual increase of 0.16 [2] - **1 - 5 Spread**: The latest spread is -90.50, with a daily increase of 10.00, a weekly increase of 1.00, a monthly increase of 1.00, and an annual increase of 0.18 [2]

Report Overview - The report is a daily report on coke, released on December 24, 2025, by the black team of the research center [1] Key Data Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1485.59, with no daily change, a weekly decrease of 54.61, a monthly decrease of 163.84, and a year - on - year decrease of 13.49% [2] - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year increase of 4.52% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.63% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.37% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 150.00, and a year - on - year decrease of 15.71% [2] Production and Utilization - The blast furnace开工率 (not translated as the term might be specific to the industry and needs context) is 84.93, with a weekly decrease of 0.99, a monthly decrease of 3.65, and a year - on - year decrease of 2.69% [2] - The daily average iron water output is 226.55, with a weekly decrease of 2.65, a monthly decrease of 9.73, and a year - on - year decrease of 1.25% [2] - The coking capacity utilization rate is 71.92, with a weekly decrease of 0.72, a monthly increase of 0.82, and a year - on - year decrease of 2.18% [2] - The daily average coke output is 51.30, with a weekly decrease of 0.30, a monthly decrease of 1.59, and a year - on - year decrease of 3.21% [2] Inventory - The coking plant inventory is 51.90, with a weekly increase of 1.79, a monthly increase of 8.46, and a year - on - year increase of 10.19% [2] - The port inventory is 175.65, with a weekly decrease of 5.55, a monthly decrease of 17.35, and a year - on - year increase of 5.08% [2] - The steel mill inventory is 633.73, with a weekly decrease of 1.55, a monthly increase of 11.39, and a year - on - year increase of 0.34% [2] - The steel mill inventory days are 11.72, with a weekly increase of 0.06, a monthly increase of 0.67, and a year - on - year decrease of 6.24% [2] Futures Data - The latest price of the 05 futures contract is 1742.5, with a daily increase of 6.00, a weekly increase of 78.50, a monthly decrease of 36.00, and a year - on - year decrease of 4.18% [2] - The latest price of the 09 futures contract is 1818.5, with a daily increase of 8.50, a weekly increase of 81.50, a monthly decrease of 26.00, and a year - on - year decrease of 2.60% [2] - The latest price of the 01 futures contract is 1606, with a daily increase of 9.50, a weekly increase of 84.50, a monthly decrease of 21.00, and a year - on - year decrease of 9.72% [2] - The 05 basis is 32.32, with a daily decrease of 6.00, a weekly decrease of 137.22, a monthly decrease of 154.15, and a year - on - year decrease of 171.97 [2] - The 09 basis is - 43.68, with a daily decrease of 8.50, a weekly decrease of 140.22, a monthly decrease of 164.15, and a year - on - year decrease of 199.47 [2] - The 01 basis is 168.82, with a daily decrease of 9.50, a weekly decrease of 143.22, a monthly decrease of 169.15, and a year - on - year decrease of 74.97 [2] - The 5 - 9 spread is - 136.50, with a daily increase of 3.50, a weekly increase of 6.00, a monthly increase of 15.00, and a year - on - year decrease of 97.00 [2] - The 9 - 1 spread is - 76.00, with a daily decrease of 2.50, a weekly decrease of 3.00, a monthly decrease of 10.00, and a year - on - year decrease of 27.50 [2] - The 1 - 5 spread is 212.50, with a daily decrease of 1.00, a weekly decrease of 3.00, a monthly decrease of 5.00, and a year - on - year increase of 124.50 [2]

集运早报 远月受地缘影响大，做空淡季合约比做旺季合约更安全，整体以正套思路对待，以及关注10做空机会。 欧线现货情况: 消息面 Week52: MSK开舱2300 (环比-100)，其余公司目前沿用week51为主。中枢2500美金, 折盘面约1750点。 所有船司喊涨1月舱位。 Week1: MSK开舱2500美金(环比+200)，等待其余船司开舱。 Week2: MSK平开为主,报2500美金(高箱2600)。 相关新闻 12/23 苏伊士运河管理局：法国达飞海运Jacques Saadé号和Adonis号于周二通过了运河。 (一艘为返程船, 已发过声明; 另一艘为地线, 有先 例) | | | | | | | 研究中心能化团队 | | | 2025/12/24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਵਲੇ | | 昨日收盘价 | 涨跌 | 基美 | 昨日成交量 | | 昨日持仓虽 | 持仓变动 -66 | | | EC2512 | | 1606.0 | -1.53% | -16.8 | 281 | | 18 ...

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/24 -P G 内院CFR华 CP预测合 山东烷基 丙烷CIF日本 纸面进口利润 日期 华南液化气 山东液化气 山东醚后碳四 主力基差 华东液化气 同价 化油 E 2025/12/17 4398 523 -254 4490 4410 504 4600 7110 586 282 2025/12/18 4398 4380 . 7130 4500 576 203 500 4610 -165 389 2025/12/19 4398 4380 4610 7150 4500 573 504 497 -142 399 2025/12/22 4480 4388 4370 580 536 202 4580 7150 -213 355 2025/12/23 4377 4370 4580 444 4475 550 7180 l l - n Blog RH 日度变化 -11 0( 14 0 ...

纸浆早报 研究中心能化团队 2025/12/24 SP主力合约收盘价： 5620.00 | 日期 | 2025/12/23 | 2025/12/22 | 2025/12/19 | 2025/12/18 | 2025/12/17 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5620.00 | 5622.00 | 5506.00 | 5500.00 | 5506.00 | | 折美元价 | 698.78 | 698.09 | 683.23 | 682.39 | 682.74 | | 距上一日涨跌 | -0.03557% | 2.10679% | 0.10909% | -0.10897% | 0.69495% | | 山东银星基差 | -30 | -17 | 19 | 40 | 34 | | 江浙沪银星基差 | -55 | -47 | 29 | 40 | 34 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | ...

Price Performance - The latest price of London Platinum is 2083.00, with a change of 127.00 [2] - The latest price of London Palladium is 1773.00, with a change of 90.00 [2] - The latest price of WTI Crude Oil is 58.38, with a change of 0.37 [2] - The latest price of LME Copper is 11932.00, with a change of -37.00 [2] - The latest price of the US Dollar Index is 97.91, with a change of -0.35 [2] - The latest price of EUR/USD is 1.18, with a change of 0.00 [2] - The latest price of GBP/USD is 1.35, with a change of 0.01 [2] - The latest price of USD/JPY is 156.26, with a change of -0.77 [2] Trading Data - The latest inventory of COMEX Silver is 14023.94, with a change of 7.36 [3] - The latest inventory of SHFE Silver is 899.66, with a change of -1.81 [3] - The latest Gold ETF holdings are 1064.56, with no change [3] - The latest Silver ETF holdings are 16503.37, with a change of -95.88 [3] - The deferred fee payment direction of SGE Gold is 1, with no change [3] - The deferred fee payment direction of SGE Silver is 2, with no change [3]

2025/12/18 -2500.00 -2644.38 130 -27 99400 5400 2025/12/19 -2493.35 -2665.29 130 -31 99900 7300 2025/12/22 -2628.45 -2752.80 130 -33 99250 8000 2025/12/23 -2631.81 -2712.76 130 -29 98975 9825 变化 -3.36 40.04 0 4 -275 1825 本周LME锌0-3M升水从90.6美金震荡下行至-30.61美金，贴水缓解海外供需矛盾，锌价下跌。供应端，国产和进口TC 加速下滑，四季度至明年一季度国产矿边际走紧，冬储临近，国内冶炼厂锌矿库存内卷收货，目前利润尚可，需关注硫 酸价格和白银价格的走势对总利润的影响。11月，火烧云锌锭正式投产(月产量预计在8k-1wt)，其他冶炼厂增量有限， 12月驰宏、内蒙新疆等多家冶炼厂检修，预计环比下滑1.5-1.8万吨。需求端，内需季节性疲软;海外，欧洲需求一般， 美国锌锭进口近期有所抬升。随出口窗口逐渐打开，交仓使国内社库震荡下行国内现货紧张，受锌价下跌影响升水维持 高位，海外LME ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - No information provided in the content 3. Summary by Relevant Catalogs Price - **Silicon Iron**: On December 24, 2025, the latest price of Ningxia 72 silicon iron was 5250, with a daily change of 30 and a weekly change of 100; Inner Mongolia 72 was 5270, with a daily change of 20 and a weekly change of 70; Qinghai 72 was 5200, unchanged daily and with a weekly increase of 50; Shaanxi 72 was 5220, with a daily change of 20 and a weekly change of 120; Shaanxi 75 was 5650, unchanged daily and with a weekly increase of 50. The export price of Tianjin 72 was 1020, and Tianjin 75 was 1070, both unchanged [2] - **Silicon Manganese**: On December 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese was 5570, with a daily change of 20 and a weekly change of 30; Ningxia 6517 was 5540, unchanged daily and with a weekly increase of 50; Guangxi 6517 was 5670, with a daily change of 20 and a weekly change of 70; Guizhou 6517 was 5620, with a daily change of 20 and a weekly change of 70; Yunnan 6517 was 5620, with a daily change of 20 and a weekly change of 70; Guangxi 6014 was 5050, unchanged daily and with a weekly increase of 50 [2] Supply - **Silicon Iron**: The production data of 136 silicon - iron enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [5] - **Silicon Manganese**: The weekly production of silicon manganese in China from 2021 - 2025 is shown, along with the procurement price and quantity of Hebei Iron and Steel Group [7] Demand - **Silicon Iron**: The demand - related data include the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the procurement volume and price of Hebei Iron and Steel Group, and the export volume of silicon iron [5] - **Silicon Manganese**: The demand - related data include the estimated production of crude steel in China, the demand in China, and the export volume [8] Inventory - **Silicon Iron**: It shows the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions [6] - **Silicon Manganese**: It presents the warehouse receipt quantity, effective forecast, total inventory, inventory average available days in China, and the inventory of 63 sample enterprises [8] Cost and Profit - **Silicon Iron**: The cost - related data involve electricity prices in different regions, the market price of semi - coke, and the production cost in Ningxia and Inner Mongolia. The profit data include the profit of 75 - grade silicon - iron export, the profit of Ningxia silicon - iron converted to the main contract, and the spot profit [6] - **Silicon Manganese**: The profit data include the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of Guangxi silicon - manganese converted to the main contract [8]