Core Insights - The coking coal prices in Handan market remained stable, with low-sulfur primary coking coal priced at 1580 CNY/ton and low-sulfur fat coking coal at 1590 CNY/ton, both being ex-factory prices inclusive of tax [1] - National coking coal prices showed variations, with prices in Shanxi Lüliang at 1650 CNY/ton and in Hebei Tangshan at 1615 CNY/ton, indicating a competitive market [2] - The futures market for coking coal saw the main contract closing at 1213.0 CNY/ton, down 3.81%, with a trading volume of 1,001,695 lots [2] Market Data - In October 2025, coal exports from North Queensland's three ports decreased by 7.24% month-on-month and 4.98% year-on-year, totaling 10,521,800 tons [3] - Mongolia's coal exports in October 2025 fell by 26.52% month-on-month but increased by 1.81% year-on-year, with a cumulative export of 6,973,430 tons from January to October 2025 [3] Industry Analysis - The fourth quarter is traditionally a period with a high incidence of coal mining accidents, leading to increased safety regulations and restrictions on coal production, which is expected to result in a year-on-year decline in coking coal output for November and December [4] - The anticipated winter stockpiling of raw materials is expected to provide strong support for coking coal prices, although steel demand remains uncertain, limiting the upward potential for raw materials [4] - Overall, the market is expected to experience high-level fluctuations and adjustments in the short term, awaiting new driving factors [4]
需求尚不明朗 预计短期焦煤高位震荡调整
Jin Tou Wang·2025-11-11 08:45