光大期货：1月22日矿钢煤焦日报

Rebar Steel - The rebar futures contract closed at 3117 CNY/ton, up 6 CNY/ton, with a slight increase of 0.19% and a reduction in open interest by 0.1 million contracts [3][12] - The spot prices remained stable, with Tangshan's ordinary billet at 2930 CNY/ton and Hangzhou's Zhongtian rebar at 3210 CNY/ton, while the national construction material transaction volume was 76,300 tons [3][12] - Significant growth in exports of rebar and steel billets was noted, with December 2025 rebar exports at 2.1188 million tons, up 45.24%, and total exports for the year at 19.378 million tons, up 61.73% [3][12] - The overall market for rebar is characterized by weak supply and demand, with limited inventory pressure but also weak driving forces, leading to expectations of narrow fluctuations in prices [3][12] Iron Ore - The iron ore futures contract closed at 784 CNY/ton, down 5.5 CNY/ton, reflecting a decrease of 0.7% with a trading volume of 220,000 contracts and a reduction in open interest by 11,000 contracts [4][13] - The supply side shows a continued decline in shipments from Australia and Brazil, while other countries have increased their shipments, leading to a global decrease in total shipments [4][13] - Iron production has decreased by 14,900 tons to 2.2801 million tons, with port and steel mill inventories continuing to accumulate [4][13] - The market is expected to experience a mixed trend due to the interplay of supply and demand factors [4][13] Coking Coal - The coking coal futures contract closed at 1129 CNY/ton, up 5 CNY/ton, with a rise of 0.44% and a decrease in open interest by 17,288 contracts [5][15] - Spot prices in the Linfen Anze market increased by 20 CNY/ton, with low-sulfur premium coking coal priced at 1640 CNY/ton [5][15] - Domestic coal production remains stable, with an increase in pre-sale orders, providing some support for current coal prices [5][15] - There is a rigid demand for replenishment ahead of the Spring Festival, but purchasing activity has slowed down due to previous stockpiling and expectations of declining iron production [5][15] Coke - The coke futures contract closed at 1683.5 CNY/ton, up 10 CNY/ton, with an increase of 0.6% and a slight reduction in open interest by 71 contracts [6][16] - The spot market for coke remains stable, with the price of premium metallurgical coke at the Rizhao port unchanged at 1450 CNY/ton [6][16] - Current production levels at coke enterprises are stable, but the trading atmosphere in the domestic market is generally weak, influenced by fluctuations in futures prices [6][16] - Steel mills are maintaining high inventory levels, leading to a focus on essential purchases only, with expectations of price fluctuations in the short term [6][16] Manganese Silicon - The manganese silicon futures contract closed at 5786 CNY/ton, down 0.24%, with an increase in open interest by 25,227 contracts to 332,300 contracts [7][17] - Prices in various regions range from 5570 to 5750 CNY/ton, with a decrease of 30 CNY/ton in Tianjin and Jiangsu [7][17] - The overall market sentiment is weak, with a slight decline in manganese ore prices impacting cost support [7][17] - Demand during the steel procurement period provides some support, but actual consumption remains low compared to previous years [7][17] Silicon Iron - The silicon iron futures contract closed at 5556 CNY/ton, up 0.4%, with a decrease in open interest by 1,555 contracts to 244,000 contracts [8][18] - Prices across regions are approximately 5250 to 5350 CNY/ton, with a 30 CNY/ton increase in Inner Mongolia [8][18] - The overall production of silicon iron remains stable, with weekly output at a five-year low [8][18] - Demand during the steel procurement period provides some support, but market sentiment remains weak with limited fundamental drivers [8][18]