煤焦日报：政策预期兑现，煤焦低位震荡-20250507

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On May 7, the coke main contract closed at 1,507 yuan/ton, down 0.66% intraday. After the domestic policy expectations are fulfilled, although the short - term demand for coke is okay, there are still overseas risks and coking coal cost - side pressures. The long - short game of coke remains intense, and the futures main contract may maintain low - level fluctuations [5][33]. - On May 7, the coking coal main contract closed at 908 points, down 0.77% intraday. The domestic policy expectations are fulfilled, but the fundamentals of coking coal are still weak, dragging the futures to run at a low level. Attention should be paid to the future trend of Sino - US trade issues [6][34]. 3. Summary by Related Catalogs 3.1 Industry News - On May 7, the central bank announced three major measures: reducing the reserve requirement ratio, cutting interest rates, and lowering the provident fund interest rate, providing heavy - weight credit policy support for the property market. The reserve requirement ratio was cut by 0.5 percentage points, expected to provide about 1 trillion yuan of long - term liquidity to the market. The policy interest rate was cut by 0.1 percentage points, and the personal housing provident fund loan interest rate was cut by 0.25 percentage points [8]. - On May 7, the price of coking coal in the Linfen Anze market remained stable. The ex - factory price of low - sulfur main coking clean coal A9, S0.5, V20, G85 was 1,290 yuan/ton (cash and tax included) [9]. 3.2 Spot Market - The price of Rizhao Port's quasi - first - class coking coal for flat - position delivery was 1,440 yuan/ton, with a week - on - week flat. The price of Qingdao Port's quasi - first - class coking coal for out - of - warehouse delivery was 1,320 yuan/ton, down 1.49% compared to the previous price. The price of Mongolian coal at the Ganqimaodu Port was 1,035 yuan/ton, with a week - on - week flat. The price of Australian - produced coking coal at Jingtang Port was 1,300 yuan/ton, with a week - on - week flat. The price of Shanxi - produced coking coal at Jingtang Port was 1,400 yuan/ton, with a week - on - week flat [13]. 3.3 Futures Market - On May 7, the closing price of the coke futures main contract was 1,507 yuan/ton, down 0.66%, with a trading volume of 24,881 and an open interest of 45,157 hands, an increase of 3,280 hands from the previous trading day. The closing price of the coking coal futures main contract was 908 yuan/ton, down 0.77%, with a trading volume of 342,798 and an open interest of 360,120 hands, an increase of 16,714 hands from the previous trading day [14]. 3.4 Related Charts - The report provides charts on coke inventory, coking coal inventory, and other aspects, including the inventory of 230 independent coking plants, 247 steel mill coking plants, port coke, and coking coal, as well as charts on Shanghai terminal wire and screw procurement volume, domestic steel mill production, coal washing plant production, and coking plant operation [15][21][27] 3.5 Future Outlook - The situation of coke and coking coal futures is similar to the core viewpoints. For coke, the long - short game remains intense, and the futures main contract may maintain low - level fluctuations. For coking coal, the fundamentals are weak, dragging the futures to run at a low level [5][6][33]