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]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View - Not provided in the given content 3) Summary by Related Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from December 17 to December 23, 2025. For example, the price of Beijing's threaded steel remained at 3140 on December 23, with no change compared to the previous day; the price of Shanghai's hot - rolled coil was 3260 on December 23, also unchanged from the previous day. In contrast, the price of Shanghai's cold - rolled coil increased by 60 to 3800 on December 23 [1] Basis and Spread - Not provided in the given content Output and Inventory - Not provided in the given content

甲醇聚烯烃早报 研究中心能化团队 2025/12/24 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/12/1 7 801 2130 2095 2440 2485 2385 2550 249 318 -5 25 - 2025/12/1 8 801 2168 2120 2440 2485 2385 2525 251 318 0 20 - 2025/12/1 9 801 2157 2115 2435 2485 2385 2508 249 320 1 20 - 2025/12/2 2 801 2142 2115 2430 2485 2385 2500 248 320 11 20 - 2025/12/2 3 801 2137 2115 2420 2485 2355 2505 - - - 20 - 日度变化 0 -5 0 -10 0 -30 5 - - - 0 - 伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗发 运11 ...