宝城期货煤焦早报-20250418

Report Summary 1. Report Industry Investment Rating - No information provided on industry investment rating 2. Report's Core View - For both coking coal and coke, the short - term and medium - term views are "sideways", and the intraday view is "sideways to weak", with an overall "sideways" approach [1][5][6] 3. Summary by Related Catalogs Coking Coal (JM) - Price and Market Performance: On the night of April 17, the main coking coal contract continued to decline, hitting a new low for the year, with moving averages in a bearish arrangement. As of the latest data, the latest quotation of Mongolian coal at the Ganqimao Port is 1035.0 yuan/ton, down 4.2% week - on - week, with the equivalent futures warehouse receipt cost about 1008 yuan/ton [5] - Core Logic: In March, the national raw coal output reached 440 million tons, a year - on - year increase of 9.6%, indicating continued pressure on the coking coal supply side. The Sino - US trade friction has increased the impact of macro factors, with concerns about the export of black terminal products and the need for time to improve domestic demand in real estate and infrastructure. The supply of coking coal remains high, downstream demand support is insufficient, and overseas macro negatives have recently exerted pressure, so coking coal futures continue to operate weakly [5] Coke (J) - Price and Market Performance: On the night of April 17, coke futures fluctuated weakly. The J2509 contract closed at 1553.5 yuan/ton, with a decline of 0.99% during the night session. The latest quoted price of quasi - first - grade coke at Rizhao Port is 1440 yuan/ton, up 3.60% week - on - week, with the equivalent futures warehouse receipt cost about 1583 yuan/ton [6] - Core Logic: The futures market shows intense long - short competition. The domestic demand for ferrous metals has been relatively weak due to the real estate and infrastructure industries in recent years. The intensification of the Sino - US trade friction in April has deepened concerns about the medium - and long - term demand for black series commodities, suppressing the market atmosphere. Although the short - term fundamentals of coking coal have improved, concerns about the cost side and medium - and long - term demand have dragged down coke futures to operate at low levels [6]