关于修改焦炭交割标准品的简评

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The addition of the equilibrium moisture penalty will guide the delivery underlying of coke futures to shift from wet - quenched coke on a dry - basis to both dry - quenched and wet - quenched coke. After April 1st, 2026, if the delivery seller provides wet - quenched coke, there will be an additional penalty of 110 yuan/ton after dry - basis conversion. This will further correct the delivery cost difference between dry - quenched and wet - quenched coke and encourage more deliverable products to participate in coke delivery. For J2604 and subsequent contracts, the coke futures price should have an additional premium of 110 yuan/ton on the basis of the previous contract's valuation [3]. 3. Summary by Related Content - Policy Change: On March 27, 2025, the Dalian Commodity Exchange announced that starting from the first trading day of April 2026, standard warehouse receipts will be registered according to the revised rules, applicable to J2604 and subsequent contracts. The main change is that the concept of equilibrium moisture is added to the quality requirements of the standard product, with the equilibrium moisture of the standard product required to be ≤1%. If the equilibrium moisture of the substitute is >1%, a one - time deduction of 110 yuan/ton will be applied. The exchange also provided a detailed explanation of the detection method of equilibrium moisture [2]. - Impact on Delivery and Price: Taking the current spot price of quasi - first - grade wet - quenched coke at Rizhao Port (about 1360 yuan/ton) as an example, the price on the futures market without quality premium or discount is 1462 yuan/ton after deducting about 7% moisture. After introducing the concept of equilibrium moisture, the price on the futures market becomes 1572 yuan/ton. According to the tender price of a large steel mill in East China, the price difference between quasi - first - grade wet - quenched coke on a dry - basis and pure dry - quenched coke is about 140 yuan/ton. After the standard modification, the delivery cost difference between the two is further corrected [3].