Report Industry Investment Rating - Not provided Core Viewpoints - The coking coal and coke market is under pressure due to weak fundamentals and is relatively weaker compared to other black - series varieties. The steel consumption is seasonally weakening, and the steel price is expected to fluctuate within a narrow range. The coking coal and coke futures prices are expected to run weakly with oscillations [7]. Summary According to Relevant Contents Futures and Spot Data - Coke Futures: On May 22, 2025, for example, J2601 was at 1444.5, up 7.0 from the previous day; J2605 was at 1474.0, up 10; J2609 was at 1417.5, up 10.0. The J01 - J05 spread was - 29.5, up 6.0 compared to the previous day [2]. - Coking Coal Futures: JM2601 was at 856.5, up 5.5; JM2605 was at 870.5, down 4.5; JM09 was at 842.0, up 3.5. The JM01 - JM05 spread was - 14.0, up 10.0 compared to the previous day [2]. - Coke Spot: On May 22, 2025, the Xingtai ex - factory price was 1480, unchanged; the Lvliang ex - factory price was 1150 (the previous day's data seems incorrect); the Heze ex - factory price was 1485, down 1 [2]. - Coking Coal Spot: The Australian low - volatile coal was 947, down 2; the Australian medium - volatile coal was 1701, down 1; the Shanxi optimal delivery warrant was 946, unchanged [2]. - Night - trading Data: JM2509 closed at 841.5 yuan/ton, J2509 closed at 1416 yuan/ton. The coking profit of the 2509 contract was 233.8 yuan/ton, up 6.2 yuan/ton from the previous day [3]. Fundamental Data - Coke Fundamental: The average daily hot - metal output of 247 steel enterprises was 245.6, down 0.87 from the previous period, a decrease of 0.35%. The average daily coke output of 247 steel enterprises was 47.3, unchanged. The total inventory of coke decreased in multiple sectors, such as the inventory of 247 steel enterprises decreased by 7.2 to 663.8, a decrease of 1.08% [2]. - Coking Coal Fundamental: The average daily output of 110 coal - washing plants was 53.1, down 0.3 from the previous period, a decrease of 0.56%. The inventory of 523 mines increased by 20.0 to 410.5, an increase of 5.13%. The inventory of 247 steel enterprises increased by 4.0 to 791.2, an increase of 0.51% [2]. Important Information - Financial regulatory authorities encourage banks to support the renewal of small - and micro - enterprise loans. In April 2025, key steel enterprises produced 7074 million tons of crude steel, a year - on - year increase of 0.8% [4]. - The first round of coke price cuts has been implemented, with wet - quenched coke down 50 yuan/ton and dry - quenched coke down 55 yuan/ton. The trading volume of iron ore and construction steel decreased on May 21 [7][5]. - The start - up rate of 110 coal - washing plants was 62.36%, up 0.27 percentage points from the previous period. The average daily output was 52.79 million tons, down 0.03 million tons [5]. Trading Strategy - Coke: The first - round price cut has been implemented. The supply is relatively loose, and the futures price is expected to oscillate weakly. - Coking Coal: The supply is sufficient, the market sentiment is pessimistic, and the futures market is expected to oscillate weakly [7].
煤焦日报-20250522
Hong Yuan Qi Huo·2025-05-22 02:08