瑞达期货焦煤焦炭产业日报-20250708

1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 8, the JM2509 contract closed at 843.5, up 0.84%. In the spot market, the price of Meng 5 raw coal rose by 6 yuan/ton. The overall capacity utilization rate of coking coal mines decreased, the clean coal inventory started to be destocked, and the cumulative import growth rate declined. The overall coal supply gradually recovered. Technically, the 4 - hour cycle K - line was above the 20 and 60 moving averages. It is recommended to treat it with a bullish - biased sideways approach [2]. - On July 8, the J2509 contract closed at 1424.5, up 0.14%. In the spot market, the fourth round of coke price cuts was implemented. The supply of raw materials gradually improved, and the hot metal output remained at a high level. The average loss per ton of coke for 30 independent coking plants nationwide was 52 yuan/ton this period. Technically, the 4 - hour cycle K - line was above the 20 and 60 moving averages. It is recommended to treat it with a bullish - biased sideways approach [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 843.50 yuan/ton, up 8.50 yuan; J main contract closing price was 1424.50 yuan/ton, up 2.00 yuan [2]. - JM futures contract open interest was 778,353.00 lots, up 2,875.00 lots; J futures contract open interest was 56,385.00 lots, up 93.00 lots [2]. - Net open interest of the top 20 JM contracts was - 67,007.00 lots, up 10,788.00 lots; net open interest of the top 20 J contracts was - 3,751.00 lots, up 228.00 lots [2]. - The spread between JM1 - 9 contracts was 47.50 yuan/ton, down 6.00 yuan; the spread between J1 - 9 contracts was 46.00 yuan/ton, up 0.50 yuan [2]. - The number of JM warehouse receipts was 200.00, unchanged; the number of J warehouse receipts was 90.00, unchanged [2]. 3.2 Spot Market - The price of Meng 5 raw coal at Ganqimao Port was 745.00 yuan/ton, up 3.00 yuan; the price of Tangshan quasi - first - grade metallurgical coke was 1390.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 115.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1220.00 yuan/ton, unchanged [2]. - The price of Australian prime coking coal imported at Jingtang Port was 1240.00 yuan/ton, unchanged; the price of Tianjin Port first - grade metallurgical coke was 1320.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1340.00 yuan/ton; the price of Tianjin Port quasi - first - grade metallurgical coke was 1220.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 930.00 yuan/ton, unchanged; the basis of J main contract was - 34.50 yuan/ton, down 2.00 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 940.00 yuan/ton, unchanged; the basis of JM main contract was 86.50 yuan/ton, down 8.50 yuan [2]. 3.3 Upstream Situation - The raw coal inventory of 110 coal washing plants was 3.1217 million tons, down 91,100 tons; the clean coal inventory was 2.1498 million tons, down 168,900 tons [2]. - The operating rate of 110 coal washing plants was 59.72%, up 0.62 percentage points; the raw coal output was 40.3284 million tons, up 1.3978 million tons [2]. - The import volume of coal and lignite was 36.04 million tons, down 1.79 million tons; the daily average output of raw coal from 523 coking coal mines was 188,000 tons, up 3,000 tons [2]. - The inventory of imported coking coal at 16 ports was 5.2471 million tons, up 295,900 tons; the inventory of coke at 18 ports was 2.4202 million tons, down 98,700 tons [2]. - The total inventory of coking coal of all - sample independent coking enterprises was 8.4818 million tons, up 392,000 tons; the inventory of coke of all - sample independent coking enterprises was 1.021 million tons, down 109,300 tons [2]. - The coking coal inventory of 247 steel mills was 7.896 million tons, up 83,900 tons; the coke inventory of 247 steel mills was 6.3749 million tons, up 97,400 tons [2]. - The available days of coking coal for all - sample independent coking enterprises was 12.51 days, up 0.12 days; the available days of coke for 247 steel mills was 11.52 days, up 0.30 days [2]. - The import volume of coking coal was 7.3869 million tons, down 1.5065 million tons; the export volume of coke and semi - coke was 680,000 tons, up 130,000 tons [2]. - The output of coking coal was 40.7027 million tons, up 1.4411 million tons; the capacity utilization rate of independent coking enterprises was 73.17%, down 0.40 percentage points [2]. - The profit per ton of coke for independent coking plants was - 46.00 yuan/ton, down 23.00 yuan; the output of coke was 42.376 million tons, up 776,000 tons [2]. 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.44%, down 0.40 percentage points; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, down 0.58 percentage points [2]. - The crude steel output was 86.545 million tons, up 526,000 tons [2]. 3.5 Industry News - On July 7, US President Trump signed an executive order to extend the so - called "reciprocal tariff" suspension period from July 9 to August 1 [2]. - As of July 7, Trump had issued new tariff rate threats to 14 countries, with Japan, South Korea, Kazakhstan, Malaysia, and Tunisia facing a 25% tariff rate [2]. - On July 6, Vietnam's anti - dumping duty on Chinese hot - rolled coils came into effect. From January to May 2025, China's exports of the涉案 hot - rolled coils to Vietnam decreased by 43.6% year - on - year to 2.307 million tons [2]. - As of the end of June, China's gold reserves were 73.9 million ounces (about 2,298.55 tons), up 70,000 ounces (about 2.18 tons) month - on - month, marking the eighth consecutive month of increase [2]. - US Secretary of State Rubio will visit Malaysia from July 8 to 12 to attend the ASEAN meeting, which will be his first visit to the Indo - Pacific region as the top US diplomat [2].