焦煤品种手册

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The report comprehensively analyzes the basic situation of the coking coal spot market, including demand, supply, import and export, trade, and logistics. It also details the coking coal futures, including contracts, trading systems, delivery targets, and related business basics, and summarizes trading strategies and market participants [4][22][34] Summary by Relevant Catalogs 1. Spot and Market Supply - Demand Basic Situation - Definition and Classification of Coking Coal: Coking coal is a type of bituminous coal, and coking coal can be further divided into gas coal, gas - fat coal, 1/3 coking coal, fat coal, coking coal, and lean coal. Coking coal, also known as main coking coal, is a key raw material for coke production [4] - Demand for Coking Coal: Coking coal consumption depends directly on coke production and indirectly on pig iron production. China's coke production peaked in 2014 and then declined. In 2024, China's coking industry removed significant production capacity, with an annual coke output of 4.89 billion tons. Coking enterprises are concentrated in North, East, and Northwest China, and the coking coal industry has a bargaining advantage over the coking industry [5] - Supply of Coking Coal: China's coking clean coal production peaked in 2013, declined, and then gradually recovered after supply - side reforms. In 2024, it dropped to 4.73 billion tons due to the rectification of some large mines. Production is mainly concentrated in Shanxi, Shandong, and Hebei, with Shanxi accounting for about 45% [9] - Import and Export of Coking Coal: China is a net importer of coking coal. Since 2006, exports have decreased, and imports have increased. In 2024, imports reached 1.22 billion tons, and exports were only 730,000 tons, with an import dependence of about 21%. The main import sources are Mongolia, Russia, Australia, etc. [14] - Trade and Logistics of Coking Coal: Domestic coking coal trade is mainly from north to south and west to east. Overseas imports enter through ports and borders. Rail transportation is the main mode, and large state - owned mines use long - term agreement pricing, while private mines use market pricing [21] 2. Coking Coal Futures Basics - Coking Coal Futures Contracts: The contract details were modified in 1907 and 2304 contracts, mainly regarding delivery standards. The 2025 contract details include a trading unit of 60 tons/hand, a minimum price change of 0.5 yuan/ton, etc. [22][23] - Coking Coal Futures Trading System - Margin System: The exchange margin is 12% of the contract value, and it is adjusted according to the approaching delivery date and contract position [24] - Circuit - Breaker System: The daily limit is ±8% of the previous trading day's settlement price. The limit is adjusted when there are consecutive limit - up or limit - down situations [25] - Position Limit System: Limits are set for non - futures company members and customers at different trading stages, and individual customers are not allowed to enter the delivery month [27][29] - Coking Coal Futures Delivery Targets: After the modification of delivery standards, washed (main) coking coal and fat coal are suitable for the contract, and medium - sulfur low - ash main coking coal is the most common delivery product. Brand delivery will start from the 2601 contract, with four brands currently [31] 3. Coking Coal Futures Business Basics - Calculation of Coking Coal Basis: The pricing target of coking coal futures needs to meet delivery requirements, and moisture and other factors need to be considered. Rolling delivery was introduced in the 2009 contract, and there are warehouse and factory - warehouse delivery methods. The minimum delivery unit is 60 tons, and the warehouse receipt is valid for one month [34] - Summary of Coking Coal Futures Strategies: It is not recommended for non - industrial customers to participate in the near - month contract delivery. In addition to hedging, there are inter - period and inter - commodity arbitrage strategies. However, the liquidity of forward contracts is poor, and there are differences between the actual and simulated coking profits [38][39] - Summary of Coking Coal Futures Participants: The participation and liquidity of the coking coal futures market are relatively low. Entities such as downstream coking enterprises, steel mills, and import and port traders have participated, but the participation of coking coal mines is limited [40]