Group 1 - The core viewpoint indicates that coking coal futures are experiencing low volatility, with the main contract reported at 1085.5 yuan/ton, reflecting a decline of 1.05% [1] - As of November 25, coal inventory at northern ports (excluding Huanghua Port) reached 23.98 million tons, an increase of 8.56% compared to the same period last month [2] - The coal inventory at Qinhuangdao Port was 5.68 million tons, up 2.71% year-on-year, while Caofeidian Port's coal outflow was 523,000 tons, marking an increase of 8.96% [2] Group 2 - As of November 21, the total coking coal inventory across 16 national ports was 4.569 million tons, a decrease of 313,000 tons; specifically, the inventory at North China ports was 2.43 million tons, down 40,000 tons [2] - The capacity utilization rate of 230 independent coking enterprises was 71.10%, unchanged from the previous period; total coking coal inventory was 8.8922 million tons, down 335,600 tons, with available days of coking coal at 13.4 days, a decrease of 0.4 days [2] - One德期货 notes that macroeconomic disturbances are present, with terminal demand under pressure, yet downstream coal procurement demand remains consistent, leading to a notable rise in coal stock prices [2]
总体库存水平中性 预计焦煤期货难出现趋势性行情
Jin Tou Wang·2025-11-26 07:09