煤焦日报：多空因素交织，煤焦低位调整-20250610

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On June 10, the coke main contract closed at 1,349 yuan/ton, with an intraday increase of 0.48%. The coke market has little change in fundamentals, and the off - season suppresses the industry atmosphere. However, factors such as coking coal supply disturbances and the easing of Sino - US frictions drive the price to rebound slightly at a low level, and the main contract maintains a low - level shock pattern [5][34]. - On June 10, the coking coal main contract closed at 785 points, with an intraday increase of 0.51%. The uncertainty on the coking coal supply side increases, and the Sino - US trade friction eases, driving the short - term rebound of coking coal futures. But the long - term supply - demand pattern has not reversed, and the sustainability of this rebound remains to be seen [6][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - On June 9, the Sino - US economic and trade delegations held the first meeting of the Sino - US economic and trade consultation mechanism in London, following the high - level economic and trade talks in Geneva in May [8]. - On June 10, Mongolia's small TT company held an online auction for coking coal. The starting price was 65 US dollars/ton, and all 51,200 tons on offer failed to sell. Since the beginning of the year, all 10 auctions have failed, with a total of 486,400 tons unsold [9]. 3.2 Spot Market - Coke: The latest quoted price of Rizhao Port's quasi - first - grade coke for flat - position delivery is 1,270 yuan/ton, a week - on - week decrease of 5.22%, and the cost of futures warehouse receipts is about 1,401 yuan/ton. The price of Qingdao Port's quasi - first - grade coke for ex - warehouse delivery also decreased [13]. - Coking coal: The latest quoted price of Mongolian coking coal at Ganqimaodu Port is 900 yuan/ton, unchanged from the previous week. The prices of Australian and Shanxi coking coal at Jingtang Port also showed different degrees of decline [13]. 3.3 Futures Market - Coke: The main contract closed at 1,349 yuan/ton, with an intraday increase of 0.48%, a trading volume of 31,312 lots, and an open interest of 54,018 lots, with an increase of 255 lots compared to the previous trading day [14]. - Coking coal: The main contract closed at 785 points, with an intraday increase of 0.51%, a trading volume of 1,417,228 lots, and an open interest of 567,843 lots, with an increase of 10,312 lots compared to the previous trading day [14]. 3.4 Relevant Charts - The report provides multiple charts, including those related to coke and coking coal inventory, Shanghai terminal wire rod procurement volume, domestic steel mill production, coal washing plant production, and coking plant operation [15][22][29] 3.5 Future Outlook - Coke: The fundamentals of the coke market change little. The off - season suppresses the industry, but factors like coking coal supply disturbances and the easing of Sino - US frictions drive a slight low - level rebound, and the main contract maintains a low - level shock pattern [5][34]. - Coking coal: The uncertainty on the coking coal supply side increases, and the short - term rebound is driven by the easing of Sino - US trade frictions. However, the long - term supply - demand pattern has not reversed, and the sustainability of the rebound remains to be observed [6][35].