Group 1 - The core viewpoint indicates that coking coal futures are experiencing a weak and volatile trend, with prices under pressure due to seasonal factors, but further declines are limited [1] - The macroeconomic environment is supportive, with the central bank lowering rates and promoting a more active fiscal policy, which may provide some support to the market [1] - The supply side is recovering as previously shut-down coal mines resume production, with the capacity utilization rate increasing from 79.6% to 88.5% [2] Group 2 - Demand for coking coal shows a mix of short-term support from winter stockpiling and expectations of weakening demand thereafter, with independent coking plants increasing their coal inventories [3] - The recent extreme weather conditions may boost heating demand, potentially providing support for coking coal prices [4] - The overall market situation for coking coal remains stable, with limited downside risk for prices, although demand may weaken as stockpiling concludes and steel production remains inconsistent [4]
山东齐盛期货：焦煤下行空间有限
Qi Huo Ri Bao·2026-01-23 00:31