瑞达期货焦煤焦炭产业日报-20250729

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - On July 29, the silicon - iron 2509 contract closed at 6110, up 3.52%. The Ningxia silicon - iron spot price was reported at 5750, up 80 yuan/ton. The Ministry of Industry and Information Technology will speed up reform, strengthen governance of key industries, and force out backward production capacity. With low - level operation of开工, falling cost of Ningxia semi - coke, and weak overall steel demand expectation, the ferro - alloy production profit is negative. Technically, the 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as oscillating [2] - On July 29, the manganese - silicon 2509 contract closed at 6212, up 2.78%. The Inner Mongolia manganese - silicon spot price was reported at 5900, up 100 yuan/ton. Manganese - based leading enterprises held a seminar to promote energy conservation and emission reduction, and supply may decline. The manufacturer's operating rate has rebounded for 8 consecutive weeks at a low level, with moderately high inventory. The imported manganese ore port inventory at the raw material end increased by 210,000 tons, and the downstream molten iron output is high. In terms of profit, the Inner Mongolia spot profit is - 90 yuan/ton, and the Ningxia spot profit is - 140 yuan/ton. This month, the steel mill's procurement price has rebounded compared with the tender price. Technically, the 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as oscillating strongly [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1120.50 yuan/ton, up 20.00 yuan; J main contract closing price was 1633.00 yuan/ton, up 24.50 yuan [2] - JM futures contract open interest was 766164.00 lots, down 4719.00 lots; J futures contract open interest was 51893.00 lots, down 464.00 lots [2] - Net open interest of the top 20 JM contracts was - 88934.00 lots, down 1951.00 lots; net open interest of the top 20 J contracts was - 4147.00 lots, up 1177.00 lots [2] - JM 1 - 9 month contract spread was 94.00 yuan/ton, up 14.50 yuan; J 1 - 9 month contract spread was 57.50 yuan/ton, up 15.50 yuan [2] - JM warehouse receipts were 0.00; J warehouse receipts were 760.00 [2] 3.2 Spot Market - Ganqimao Du Meng 5 raw coal price was 1013.00 yuan/ton, down 28.00 yuan; Tangshan quasi - first - grade metallurgical coke price was 1555.00 yuan/ton, unchanged [2] - Russian prime coking coal forward spot price (CFR) was 143.50 US dollars/wet ton, down 3.50 US dollars; Rizhao Port quasi - first - grade metallurgical coke price was 1370.00 yuan/ton, unchanged [2] - Jingtang Port Australian imported prime coking coal price was 1420.00 yuan/ton, down 180.00 yuan; Tianjin Port first - grade metallurgical coke price was 1470.00 yuan/ton, unchanged [2] - Jingtang Port Shanxi - produced prime coking coal price was 1680.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke price was 1370.00 yuan/ton, unchanged [2] - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1400.00 yuan/ton, unchanged; J main contract basis was - 78.00 yuan/ton, down 24.50 yuan [2] - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1080.00 yuan/ton, unchanged; JM main contract basis was 279.50 yuan/ton, down 20.00 yuan [2] 3.3 Upstream Situation - 110 coal washing plants' raw coal inventory was 292.53 million tons, down 6.16 million tons; 110 coal washing plants' clean coal inventory was 175.61 million tons, down 15.93 million tons [2] - 110 coal washing plants' operating rate was 62.31%, down 0.54 percentage points; raw coal output was 42107.40 million tons, up 1779.00 million tons [2] - Coal and lignite import volume was 3304.00 million tons, down 300.00 million tons; 523 coking coal mines' average daily raw coal output was 194.70 million tons, up 1.90 million tons [2] - 16 ports' imported coking coal inventory was 512.04 million tons, down 41.46 million tons; 18 ports' coke inventory was 250.33 million tons, down 2.38 million tons [2] - Independent coking enterprises' total coking coal inventory was 985.38 million tons, up 56.27 million tons; independent coking enterprises' coke inventory was 80.12 million tons, down 7.43 million tons [2] - 247 steel mills' coking coal inventory was 799.51 million tons, up 8.41 million tons; 247 steel mills' coke inventory was 639.98 million tons, up 0.99 million tons [2] - Independent coking enterprises' available days of coking coal were 12.75 days, up 0.12 days; 247 steel mills' available days of coke were 11.45 days, down 0.01 days [2] - Coking coal import volume was 910.84 million tons, up 172.10 million tons; coke and semi - coke export volume was 51.00 million tons, down 17.00 million tons [2] - Coking coal output was 4070.27 million tons, up 144.11 million tons; independent coking enterprises' capacity utilization rate was 73.45%, up 0.44 percentage points [2] - Independent coking plants' profit per ton of coke was - 54.00 yuan/ton, down 11.00 yuan; coke output was 4170.30 million tons, down 67.30 million tons [2] 3.4 National Downstream Situation - 247 steel mills' blast furnace operating rate was 83.48%, unchanged; 247 steel mills' blast furnace iron - making capacity utilization rate was 90.78%, down 0.14 percentage points [2] - Crude steel output was 8318.40 million tons, down 336.10 million tons [2] 3.5 Industry News - On July 28, the National Defense General Headquarters upgraded the flood - control level III emergency response for Beijing, Tianjin, and Hebei. Affected by rainfall, all suburban railways in Beijing were suspended on July 29 [2] - On July 28, the Inaugural Meeting of the Hebei Iron and Steel Industry Environmental Performance Specialized Committee was held in Shijiazhuang. Currently, 56 in - production iron and steel enterprises in Hebei have achieved full Class A environmental performance creation, and the committee aims to strengthen industry self - discipline [2] - The Guangdong Paper Industry Association issued an "anti - involution" initiative, opposing low - price disorderly competition and below - cost dumping [2] - The Ministry of Industry and Information Technology will further deepen reforms, promote the implementation of reform tasks, and strengthen the governance of key industries such as photovoltaics [2]