煤焦日报-20250617

Group 1: Report Industry Investment Rating - No relevant information provided. Group 2: Core Viewpoints of the Report - The current fundamental situation of coking coal and coke remains weak with significant downward pressure. Coke futures prices are expected to fluctuate, and coking coal spot markets are running weakly while futures markets are expected to fluctuate [6]. Group 3: Summary by Related Catalogs 1. Market Data - Futures Market: For coke futures, J2601 closed at 1260.1, J2605 at 1384.0, and J2509 at 1371.0. For coking coal futures, JM2601 closed at 810.5, JM2605 at 836.0. The 2509 - contract coking profit was 260.8 yuan/ton, down 1.9 yuan/ton from the previous day [2]. - Spot Market: The ex - factory price of coke in Xingtai was 1315 yuan/ton, in Lvliang 1030 yuan/ton. The price of Australian low - volatility coking coal was 768 yuan/ton. The optimal coking coal delivery warrant in Shanxi was 789 yuan/ton [2]. 2. Fundamental Data - Coke: The daily average iron - making output of 247 steel enterprises was 241.6 tons, the daily average coke output of 247 steel enterprises was 47.2 tons, and the daily average consumption was 108.7 tons. The inventory of all - sample independent coking plants was 125.7 tons, and the port coke inventory was 203.1 tons [2]. - Coking Coal: The daily average output of clean coal from 110 coal washing plants was 47.8 tons, and the inventory of all - sample independent coking plants was 798.1 tons, and the port coking coal inventory was 312.0 tons [2]. 3. Important Information - The conflict between Israel and Iran continues, and Israel's Haifa refinery has been shut down [4]. - In May, the output of industrial raw coal above designated size was 4.0 billion tons, a year - on - year increase of 4.2%. From January to May, the output was 19.9 billion tons, a year - on - year increase of 6.0%. The national coke output from January to May was 207.23 million tons, a year - on - year increase of 3.3% [4]. - On June 16, the transaction volume of iron ore at major ports was 973,000 tons, a month - on - month increase of 215,000 tons. The transaction volume of construction steel by 237 mainstream traders was 110,200 tons, a month - on - month increase of 8.3% [5]. - Due to environmental protection factors, some coal - washing plants in Linfen have been shut down, with an affected production capacity of 8.7 million tons [5]. 4. Trading Strategy - The third round of coke price cuts has been implemented, with a cumulative reduction of 170 yuan/ton for wet - quenched coke and 185 yuan/ton for dry - quenched coke. The fundamental weakness of coking coal and coke remains unchanged, and there is significant downward pressure. The steel market is in the off - season, with prices expected to fluctuate slightly. Coke supply is relatively loose, and futures prices are expected to fluctuate. Coking coal supply is also relatively loose, with the spot market running weakly and the futures market expected to fluctuate [6].