Workflow
煤焦日报-20250625
Hong Yuan Qi Huo·2025-06-25 07:38

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Coke's fourth - round price cut has been implemented, with wet - quenched coke down by 220 yuan/ton and dry - quenched coke down by 240 yuan/ton. Steel is in the off - season, and its price is expected to fluctuate within a narrow range. Steel mills' production enthusiasm is good, and iron - molten output has slightly rebounded. Coke supply is tending to be loose, and its futures price is expected to fluctuate. [6] - For coking coal, due to stricter safety inspections and environmental supervision in some coal mines in Shanxi, supply has tightened marginally. Coal prices have stopped falling and stabilized. The coking coal spot market is running steadily, and the futures market is expected to fluctuate. [6] 3. Summary by Related Catalogs 3.1 Futures and Spot Market Data - Coke Futures: For example, J2601 closed at 1424.0, down 24.5; J2605 closed at 1450.0, down 32.0. [2] - Coking Coal Futures: JM2601 closed at 843.5, down 16.0; JM2605 closed at 866.0, down 13.5. [2] - Spot Market: Coke's邢台出厂价is 1560 yuan/ton with no change; coking coal's澳洲低挥发is 868 yuan/ton, down 1. [2] - Coking Profit: 01盘面利润is 251.7 yuan/ton, down 8.3 yuan/ton compared to the previous day. [2] 3.2 Fundamental Data - Coke Fundamentals: 247 steel enterprises' iron - molten daily output is 241.6, up 0.57 (0.24% month - on - month). The daily output of all - sample independent coking plants is 65.0, down 0.34 (- 0.52% month - on - month). [2] - Coking Coal Fundamentals: 110 coal - washing plants' refined coal daily output is 47.8, down 3.5 (6.70% month - on - month). The inventory of all - sample independent coking plants' coking coal is 798.1, down 2.3 (- 0.29% month - on - month). [2] 3.3 Important News - In May 2025, the crude steel output of 70 countries/regions included in the World Steel Association statistics was 158.8 million tons, a year - on - year decrease of 3.8%. [4] - On June 24, the main port iron ore transactions in China were 81.30 tons, a month - on - month decrease of 31.2%; 237 mainstream traders' construction steel transactions were 9.32 tons, a month - on - month decrease of 9.5%. [5] 3.4 Trading Strategies - Coke: With the fourth - round price cut implemented, steel is in the off - season, and coke supply is loose. Futures prices are expected to fluctuate. [6] - Coking Coal: Supply has tightened marginally, prices have stopped falling and stabilized. The spot market is stable, and the futures market is expected to fluctuate. [6]