煤焦日报-20250626

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fourth round of coke price cuts has been implemented, with wet - quenched coke lowered by 220 yuan/ton and dry - quenched coke by 240 yuan/ton. Steel has entered the off - season, and its price is expected to fluctuate within a narrow range. Coke fundamentals have improved, and its futures price is expected to fluctuate. [7] - For coking coal, due to safety inspections and environmental protection, supply has tightened marginally but is expected to resume production soon. The coking coal spot market is stable, and the futures market is expected to fluctuate. [7] Group 3: Summary by Related Catalogs 1. Futures and Spot Market - Coke Futures: For example, J2601 closed at 1428.0 (previous day 1399.5), up 28.5; J2605 closed at 1458.5 (previous day 1418.0), up 40.5. [2] - Coking Coal Futures: JM2601 closed at 847.5 (previous day 827.5), up 20.0; JM2605 closed at 872.5 (previous day 855.8), up 20.0. [2] - Spot Market: Xingtai coke factory - price was 1260 (unchanged), Australian low - volatile coking coal was 888 (down 4). [2] 2. Fundamentals - Coke Fundamentals: 247 steel enterprises' daily iron - water output was 242.2 (up 0.57, 0.24% MoM); independent coking plants' coke inventory was 115.6 (down 10.1, - 8.06% MoM). [2] - Coking Coal Fundamentals: 110 coal - washing plants' daily coking coal output was 51.0 (up 3.5, 6.70% MoM); port coking coal inventory was 303.3 (down 8.7, - 2.79% MoM). [2] 3. Important News - Premier Li Qiang attended the 2025 Summer Davos Forum, stating that China will continue to integrate into the global market. [4] - On June 25, the main port iron ore transactions were 107.70 million tons, up 32.5% MoM; 237 mainstream traders' construction steel transactions were 9.35 million tons, up 0.3% MoM. [5] - From June 1 - 22, the national passenger car market retail was 126.9 million vehicles, up 24% YoY compared with the same period last June. [6] 4. Trading Strategies - Coke prices have been cut for the fourth time. Steel is in the off - season, and coke fundamentals have improved. Futures prices are expected to fluctuate. [7] - Coking coal supply has tightened marginally, and the market is expected to be stable with futures prices fluctuating. [7]