宝城期货煤焦早报-20250508

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - For both coking coal and coke, the short - term and medium - term views are "oscillation", and the intraday view is "oscillation on the weak side", with an overall "oscillation" approach [1]. - Coking coal has high supply pressure and a weak fundamental situation, which drags down the futures to run at a low level. The follow - up trend of Sino - US trade issues needs attention [5]. - Although there are short - term favorable policies for coke, overseas risks and cost - side pressures from coking coal still exist, and the long - short game is intense, with the futures main contract likely to maintain low - level oscillation [6]. 3. Summary by Related Catalogs Coking Coal (JM) - Price Information: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1035.0 yuan/ton, with a week - on - week flat, and the equivalent futures warehouse receipt cost is about 1008 yuan/ton [5]. - Market Situation: On May 7, a series of major favorable policies were introduced, but the domestic main production areas have a stable safety supervision environment, coal production in Shanxi remains high, and the reduction in imports is expected to be limited, resulting in high supply pressure [5]. Coke (J) - Price Information: The latest quotation of the quasi - first - grade flat - price at Rizhao Port is 1440 yuan/ton, with a week - on - week flat, and the equivalent futures warehouse receipt cost is about 1583 yuan/ton [6]. - Market Situation: A "package" of incremental policies were introduced this week, and after a period of fermentation, the market will refocus on Sino - US trade issues and the commodity's own fundamentals. Although short - term demand is okay, overseas risks and coking coal cost - side pressures still exist [6].