Core Viewpoint - The coking coal futures market is experiencing a significant price increase, with the main contract reaching a peak of 1142.0 yuan, reflecting a 2.15% rise [1] Group 1: Market Dynamics - The coking coal market is characterized by "supply disturbances still existing, and demand showing rigid support" [2] - Supply-side factors include ongoing inspections by the Energy Bureau leading to production cuts in previously overproducing mines, and stricter environmental controls in regions like Inner Mongolia, which limit the recovery of production [2] - Demand remains supported by steel mills maintaining strong production levels, although some coking enterprises are facing losses due to cost pressures, leading to low operating rates and limited raw material replenishment [2] Group 2: Inventory and Price Trends - Overall inventory at the mining level is decreasing, with coking coal inventory shifting from upstream mines and washing plants to downstream coal-consuming enterprises [3] - Import growth has been declining for three consecutive months, while total inventory has increased for four weeks, indicating a neutral to high inventory level [3] - The market sentiment is cautious, with port traders adjusting prices based on market conditions and emotions, leading to a more reserved trading atmosphere [2][3]
市场交投氛围趋于谨慎 焦煤期货以震荡运行对待
Jin Tou Wang·2025-08-04 07:10