供需层面仍然偏宽松 焦煤期货价格窄幅震荡为主

Group 1 - The coal futures market in China is showing a predominantly positive trend, with coking coal futures experiencing fluctuations and a current increase of approximately 1.25% [1] - Coking coal production is declining due to safety inspections and environmental checks, leading to a slight increase in spot auction prices and a decrease in terminal inventory [1] - Overall, the supply of carbon elements remains ample, and despite the seasonal downturn in downstream iron and steel production, there is a certain level of optimism in the market [1] Group 2 - Nanhua Futures indicates that the supply-demand imbalance for coking coal is easing, and geopolitical conflicts are providing support for energy commodities, suggesting potential for further upward movement in the short term [2] - However, downstream enterprises lack confidence in future demand, and the current rebound has not significantly improved spot market sentiment, with ongoing pressure from high upstream inventory levels [2] - Zhonghui Futures notes that while domestic coking coal prices have slightly rebounded, the overall supply-demand situation remains loose, and geopolitical disturbances may lead to short-term price fluctuations, but mid-term trends are expected to remain within a range [2]