煤焦日报：多空交织，煤焦宽幅震荡-20250625

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The coke market is experiencing a shift in sentiment with the accumulation of positive factors, leading to intensified long - short competition and low - level wide - range oscillations. However, considering the potential recovery of coking coal supply after the safety month and long - term pressure on black metal terminal exports, the market is expected to be in a stalemate in June, and coke futures may continue to fluctuate widely [5][34]. - For coking coal, the supply has been affected by safety inspections, environmental protection, and operational pressures during the safety month, and the price inversion of imported coal has curbed imports, alleviating the pessimistic outlook on the fundamentals. But with the end of the safety month in June and the expected increase in supply in July, the market has mixed factors, and coking coal futures are also expected to fluctuate widely [6][35]. 3. Summary by Related Catalogs Industry News - The central bank will conduct 300 billion yuan of MLF operations on June 25, with a net investment of 118 billion yuan, which is the fourth consecutive month of increased operations. The mid - term liquidity net investment has exceeded 300 billion yuan this month. The market expects the subsequent monetary policy to remain moderately flexible and strengthen support for the real economy [8]. - On June 25, Mongolia's small TT company held an online auction for coking coal. The starting price of 1/3 coking raw coal was 63.5 US dollars per ton, down 1.5 US dollars from the previous period. All 102,400 tons on offer failed to sell. Since the beginning of the year, all 11 auctions have failed, with a total of 537,600 tons unsold [9]. Spot Market | Variety | Current Price | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade, flat - price) | 1,220 yuan/ton | - 3.94% | - 8.96% | - 27.81% | - 40.20% | | Coke (Qingdao Port, quasi - first - grade, ex - warehouse) | 1,150 yuan/ton | - 1.71% | - 5.74% | - 29.01% | - 41.03% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 865 yuan/ton | 0.00% | - 5.98% | - 26.69% | - 45.94% | | Coking Coal (Jingtang Port, Australian coal) | 1,190 yuan/ton | - 1.65% | - 6.30% | - 20.13% | - 44.13% | | Coking Coal (Jingtang Port, Shanxi coal) | 1,250 yuan/ton | 0.00% | - 3.10% | - 18.30% | - 39.02% | [10] Futures Market | Futures | Active Contract | Closing Price | Daily Increase | High | Low | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,387.5 yuan/ton | 1.46% | 1,396.5 yuan/ton | 1,345.5 yuan/ton | 34,007 | 4,246 | 51,275 | - 1,125 | | Coking Coal | - | 804.5 points | 0.75% | 805.0 points | 778.5 points | 839,404 | - 212,966 | 524,258 | - 9,292 | [14] Related Charts - The report provides multiple charts showing the inventory trends of coke and coking coal, including those of independent coking plants, steel mills, ports, and mines, as well as other related production and demand indicators such as Shanghai terminal wire rod procurement volume, domestic steel mill production, and coking plant production [15][22][28] Market Outlook - Coke: On June 25, the main coke contract closed at 1,387.5 yuan/ton, with a 1.46% increase. The open interest decreased by 1,125 lots. Spot prices in Rizhao and Qingdao ports declined week - on - week. The market is expected to maintain wide - range oscillations in June [5][34]. - Coking Coal: On June 25, the main coking coal contract closed at 804.5 points, with a 0.75% increase. The open interest decreased by 9,292 lots. The market has mixed factors, and with the expected increase in supply in July, it is also expected to fluctuate widely [6][35].