市场氛围回暖，煤焦震荡走强

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On June 26, the coke主力合约 closed at 1395.5 yuan/ton, up 1.86% intraday. The spot prices at Rizhao Port and Qingdao Port decreased week-on-week. With the accumulation of positive factors, the market sentiment changed, and the coke futures rebounded at a low level. The market is expected to be in a stalemate in June, and the coking coal supply in July should be monitored [5][33]. - On June 26, the coking coal主力合约 closed at 819.5 points, up 3.60% intraday. The supply of coking coal shrank during the safety month, and the import volume was also restricted. After the coking coal price reached a multi - year low in early June, the contract started to rise. The recovery of Shanxi's production in July should be focused on [6][34]. Summary by Directory Industry News - From April to May 2025, the number of global new shipbuilding orders decreased by 46, and the corrected total tonnage decreased by 63.85% month - on - month. Compared with May 2024, the number decreased by 111, and the corrected total tonnage decreased by 54.71% year - on - year. Chinese shipyards received the most orders, and South Korea ranked second [8]. - On June 26, Mongolia's small TT company held an online auction for coking coal. The starting price of Meng 4 raw coal was 78 US dollars/ton, a decrease of 12 US dollars/ton from June 5. All 102,400 tons were sold at the base price [9]. Spot Market - For coke, the current price of Rizhao Port's quasi - first - grade flat - price coke is 1,220 yuan/ton, down 3.94% week - on - week; Qingdao Port's quasi - first - grade ex - warehouse price is 1,140 yuan/ton, down 2.56% week - on - week [10]. - For coking coal, the current price of Mongolian coal at Ganqimaodu Port is 865 yuan/ton, unchanged week - on - week; the price of Australian - produced coal at Jingtang Port is 1,190 yuan/ton, down 1.65% week - on - week; the price of Shanxi - produced coal at Jingtang Port is 1,250 yuan/ton, unchanged week - on - week [10]. Futures Market - The closing price of the coke主力合约 was 1,395.5 yuan/ton, up 1.86%, with a trading volume of 22,795 and an open interest of 51,299, an increase of 24 from the previous trading day [13]. - The closing price of the coking coal主力合约 was 819.5 points, up 3.60%, with a trading volume of 870,999 and an open interest of 564,662, an increase of 40,404 from the previous trading day [13]. Related Charts - The report provides charts on coke inventory (including 230 independent coking plants, 247 steel mill coking plants, port, and total inventory), coking coal inventory (including mine mouth, port, 247 sample steel mills, and all - sample independent coking plants), and other related charts such as Shanghai terminal wire rod procurement volume, domestic steel mill production, and coking plant production [14][21][27]. Market Outlook - The analysis of coke and coking coal is consistent with the core viewpoints, emphasizing the short - term rebound of coke futures and the upward trend of coking coal contracts, and suggesting to pay attention to the coking coal supply in July and the production recovery in Shanxi [33][34].