News Summary Core Viewpoint - The coal market is experiencing fluctuations due to seasonal demand changes and supply concerns, with a focus on maintaining energy supply during the heating season [1][2][3]. Group 1: Market Prices and Trends - In the Luliang region, the price of primary coking coal has increased by 10 yuan to 1650 yuan/ton [1] - Vietnam's coal imports reached 4.8284 million tons in October 2025, marking a month-on-month increase of 21.99% and a year-on-year increase of 11.27% [1] - From January to October 2025, Vietnam's total coal imports amounted to 55.5707 million tons, reflecting a year-on-year growth of 2.33% [1] Group 2: Supply and Demand Dynamics - The current market is characterized by a policy vacuum, weak terminal demand, and concerns over coal supply, leading to a pullback in the double焦盘面 [2] - Despite tight supply conditions for coking coal, demand remains weak, and inventory levels are accumulating but remain low, limiting the downward price adjustment space [3] - The strategy suggests observing for signs of price stabilization and taking advantage of potential buying opportunities during coking coal pullbacks [2]
库存累积但处于低位 焦煤长期偏多思路不变
Jin Tou Wang·2025-11-12 08:23