Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Coke: On July 29, the main coke contract closed at 1,633 yuan/ton, with an intraday decline of 2.62%. The trading volume was 47,227 lots, and the open interest was 31,181 lots, a decrease of 2,353 lots from the previous trading day. In the spot market, the latest quoted price of quasi - first - grade wet - quenched coke at Rizhao Port was 1,370 yuan/ton, a week - on - week increase of 3.79%; the ex - warehouse price at Qingdao Port was 1,400 yuan/ton, a week - on - week increase of 1.45%. Positive news supported the low - level rebound of coke futures, but after the short - term release of optimistic sentiment, coke futures entered a phased correction due to the unverified impact of coal mine over - production rectification on coking coal output [5][30]. - Coking Coal: On July 29, the main coking coal contract closed at 1,120.5 points, with an intraday decline of 6.63%. The trading volume was 1,590,877 lots, and the open interest was 337,690 lots, a decrease of 55,427 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at Ganqimaodu Port was 1,200 yuan/ton, a week - on - week increase of 16.50%, and the cost of futures warehouse receipts was about 1,177 yuan/ton. The price increase was mainly due to "anti - involution rectification" and "over - production rectification", but the actual impact of these policies remains to be verified. In the short term, there is still a risk of correction, but in the long term, the coal price center is expected to gradually rise after the capacity optimization and upgrading of the coal industry [6][31]. 3. Summary by Directory 3.1 Industry News - Real Estate: From July 21 to July 27, the total transaction area of newly built commercial housing in 10 key cities was 1.4137 million square meters, a week - on - week increase of 34.1% and a year - on - year decrease of 5.6%. The total transaction area of second - hand housing was 2.1341 million square meters, a week - on - week increase of 5.8% and a year - on - year increase of 4% [8]. - Coking Coal Auction: On July 29, 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, and all 1.0048 million tons were sold at a price of 78.5 US dollars/ton, excluding tax. The supply location is the supervision area of Ganqimaodu Port in China, and the supply time is within 360 days after payment, with the final supply date being July 29, 2026 [9]. 3.2 Spot Market - Coke: The quasi - first - grade wet - quenched coke at Rizhao Port had a current price of 1,370 yuan/ton, a week - on - week increase of 3.79%, a month - on - month increase of 12.30%, and a year - on - year decrease of 18.93%. At Qingdao Port, the price was 1,400 yuan/ton, a week - on - week increase of 1.45%, a month - on - month increase of 20.69%, and a year - on - year decrease of 13.58% [10]. - Coking Coal: The price of Mongolian coal at Ganqimaodu Port was 1,200 yuan/ton, a week - on - week increase of 16.50%, a month - on - month increase of 38.73%, and a year - on - year increase of 1.69%. The Australian - produced coking coal at Jingtang Port was 1,480 yuan/ton, a week - on - week increase of 0.68%, a month - on - month increase of 22.31%, and a year - on - year decrease of 0.67%. The Shanxi - produced coking coal at Jingtang Port was 1,650 yuan/ton, a week - on - week increase of 10.00%, a month - on - month increase of 32.00%, and a year - on - year increase of 7.84% [10]. 3.3 Futures Market - Coke: The closing price of the main contract was 1,633 yuan/ton, with a decline of 2.62%. The highest price was 1,639 yuan/ton, the lowest was 1,573.5 yuan/ton, the trading volume was 47,227 lots, a decrease of 15,715 lots, and the open interest was 31,181 lots, a decrease of 2,353 lots [13]. - Coking Coal: The closing price of the main contract was 1,120.5 points, with a decline of 6.63%. The highest price was 1,129.5 points, the lowest was 1,050 points, the trading volume was 1,590,877 lots, and the open interest was 337,690 lots, a decrease of 55,427 lots [13]. 3.4 Related Charts The report provides multiple charts showing the inventory of coke and coking coal (including independent coking plants, steel mills' coking plants, ports), domestic steel mill production, Shanghai terminal wire and rod procurement, coal washing plant production, and coking plant operation, but no specific data analysis is provided in the text [14][26][29]. 3.5 Future Outlook The views on coke and coking coal are consistent with the core views, emphasizing the short - term correction risk and long - term improvement in the fundamentals of the coal industry [30][31].
煤焦日报：四轮涨价落地，煤焦震荡调整-20250729
Bao Cheng Qi Huo·2025-07-29 10:00