煤焦日报：偏空氛围主导，煤焦弱势震荡-20250527

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On May 27, the coke main contract closed at 1364 yuan/ton, with an intraday decline of 0.94%. The supply of coke increased week - on - week and year - on - year, while the demand decreased week - on - week. Coke inventory increased significantly at independent coking plants. Affected by upstream cost and downstream demand concerns, the coke futures will maintain a weak operation [5][33]. - On May 27, the coking coal main contract closed at 799.5 points, with an intraday decline of 0.12%. The supply of coking coal is expected to contract in late May, and the demand increased week - on - week and year - on - year. The supply - strong and demand - weak pattern has been partially repaired, but the overall situation is still loose. The coking coal futures will oscillate weakly due to the weak market atmosphere [6][34]. 3. Summaries by Related Catalogs Industry News - In April 2025, the weighted average procurement cost of steel raw materials converted to dry basis was 1238.38 yuan/ton, a month - on - month decrease of 38.32 yuan/ton or 3.00%. From January to April, the cumulative average procurement cost was 1328.03 yuan/ton, a year - on - year decrease of 637.98 yuan/ton or 32.45% [8]. - On May 27, Mongolia's ETT Company held an online auction for coking coal. The starting price of 1/3 coking raw coal was 65.4 US dollars/ton, up 0.8 US dollars/ton from the previous auction on May 9. All 64,000 tons of the listed quantity were unsold [9]. Spot Market - Coke: The current price of Rizhao Port's quasi - first - grade coke at the flat - price is 1390 yuan/ton, with no weekly change, a monthly decline of 3.47%, an annual decline of 17.75%, and a year - on - year decline of 31.86%. The current price of Qingdao Port's quasi - first - grade coke at the ex - warehouse is 1250 yuan/ton, a weekly decline of 1.57%, a monthly decline of 6.72%, an annual decline of 22.84%, and a year - on - year decline of 38.42% [10]. - Coking Coal: The current price of Mongolian coking coal at Ganqimaodu Port is 970 yuan/ton, with no weekly change, a monthly decline of 6.28%, an annual decline of 17.80%, and a year - on - year decline of 39.38%. The current price of Australian - produced coking coal at Jingtang Port is 1290 yuan/ton, with no weekly change, a monthly decline of 0.77%, an annual decline of 13.42%, and a year - on - year decline of 40.83%. The current price of Shanxi - produced coking coal at Jingtang Port is 1320 yuan/ton, with no weekly change, a monthly decline of 5.71%, an annual decline of 13.73%, and a year - on - year decline of 38.60% [10]. Futures Market - Coke: The closing price of the active contract was 1364.0 yuan/ton, with a decline of 0.94%. The highest price was 1382.0 yuan/ton, the lowest was 1348.0 yuan/ton, the trading volume was 26,256, the volume difference was 4,779, the position was 56,307, and the position difference was 591 [13]. - Coking Coal: The closing price of the active contract was 799.5 yuan/ton, with a decline of 0.12%. The highest price was 806.5 yuan/ton, the lowest was 788.0 yuan/ton, the trading volume was 521,082, the volume difference was - 71,174, the position was 521,014, and the position difference was 1,529 [13]. Related Charts - The report provides charts on coke inventory (including independent coking plants, steel mills, ports, and total inventory), coking coal inventory (including mine mouth, ports, steel mills, and independent coking plants), domestic steel mill production, Shanghai terminal line - screw procurement volume, coal washing plant production, and coking plant operation [14][21][28]. Market Outlook - Coke: The supply and demand situation remains unchanged from the core view, and it is expected that the coke spot market will maintain a bearish atmosphere in the short term [5][33]. - Coking Coal: The supply and demand situation remains unchanged from the core view, and the coking coal market atmosphere is still under pressure from downstream price - cut expectations [6][34].