Nanhua Futures(SH:603093) Jin Tou Wang·2025-06-30 07:17Group 1 - Coking coal futures experienced a slight increase, with the main contract reported at 846.0 CNY/ton, up 1.44% as of June 30 [1] - Mongolia's ETT company held an online auction for coking coal, with a starting price of 63.2 USD/ton, remaining unchanged from the previous auction on June 27, but all 32,000 tons offered went unsold [2] - The price of Mongolian 5 raw coal at the port increased to 740 CNY/ton, a rise of 20-30 CNY/ton, while 4 raw coal reached 710 CNY/ton, up 25-30 CNY/ton [2] Group 2 - South China Futures noted that the tightening supply of coking coal is due to increased environmental regulations and accidents, leading to a rebound in prices and improved inventory structure [3] - The expectation for the resumption of production in coal mines previously affected by environmental restrictions and accidents is strong, despite downward pressure on terminal demand during the off-season [3] - The impact of the US-China trade war on export markets introduces significant uncertainty, and domestic demand stimulus policies are showing diminishing returns [3] Group 3 - Heng Tai Futures reported that while coking coal supply is seasonally increasing at the China-Mongolia border, the outflow from port traders is poor, leading to high inventory levels [4] - The overall supply of coking coal is becoming more relaxed as domestic coal mines resume operations, with an increase in the operating rate and capacity utilization of washing plants [4] - The core of the adjustment in coking coal fundamentals is the quality of terminal demand, with expectations of a negative feedback loop in the black chain due to reduced cost support from raw materials [4]