Report Date - The report is dated August 13, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - On August 13, the JM2601 contract of coking coal closed at 1,245.0, down 3.00%. The sentiment declined, and anti - involution varieties saw a correction. The overall mine - end inventory decreased, and clean coal inventory transferred from upstream mines and coal washing plants to downstream coal - using enterprises. The cumulative import growth rate has been declining for three consecutive months, and the total inventory has increased for four consecutive weeks. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. Considering the price reaching the previous high, it should be treated as a volatile operation [2] - On August 13, the J2601 contract of coke closed at 1,737.0, down 2.83%. The fifth round of price increase was implemented on the spot side. Market sentiment was volatile. The raw - material inventory increased. The current hot - metal output was 2.4223 million tons, a decrease of 39,000 tons. The hot - metal output was at a high level, and the coal - mine inventory was no longer under pressure, with inventory transferring downstream. The total coking - coal inventory increased for four consecutive weeks. In terms of profit, the average loss per ton of coke for 30 independent coking plants nationwide was 16 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. Considering the price reaching the previous high, it should be treated as a volatile operation [2] Summary by Directory Futures Market - JM main - contract closing price was 1,245.00 yuan/ton, down 68.00 yuan; J main - contract closing price was 1,737.00 yuan/ton, down 75.00 yuan [2] - JM futures - contract holding volume was 920,978.00 lots, down 56,561.00 lots; J futures - contract holding volume was 54,194.00 lots, down 227.00 lots [2] - Net holding volume of the top 20 coking - coal contracts was - 115,590.00 lots, down 32,614.00 lots; net holding volume of the top 20 coke contracts was - 6,516.00 lots, down 12.00 lots [2] - JM January - September contract spread was 144.50 yuan/ton, down 6.00 yuan; J January - September contract spread was 77.50 yuan/ton, down 4.50 yuan [2] - Coking - coal warehouse receipts were 800.00 sheets, unchanged; coke warehouse receipts were 800.00 sheets, unchanged [2] Spot Market - The price of Ganqimao Meng 5 raw coal was 1,011.00 yuan/ton, up 25.00 yuan; the price of Tangshan first - grade metallurgical coke was 1,665.00 yuan/ton, unchanged [2] - The price of Russian main - coking coal forward spot (CFR) was 147.00 US dollars/wet ton, up 2.00 US dollars; the price of Rizhao Port quasi - first - grade metallurgical coke was 1,470.00 yuan/ton, unchanged [2] - The price of Australian imported main - coking coal at Jingtang Port was 1,610.00 yuan/ton, unchanged; the price of Shanxi - produced main - coking coal at Jingtang Port was 1,610.00 yuan/ton, unchanged [2] - The price of medium - sulfur main - coking coal in Jinzhong, Shanxi was 1,320.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1,100.00 yuan/ton, unchanged [2] - JM main - contract basis was 75.00 yuan/ton, up 68.00 yuan; J main - contract basis was - 72.00 yuan/ton, up 75.00 yuan [2] Upstream Situation - The clean - coal output of 314 independent coal - washing plants was 26.40 million tons, up 0.40 million tons; the clean - coal inventory of 314 independent coal - washing plants was 297.00 million tons, up 8.90 million tons [2] - The capacity utilization rate of 314 independent coal - washing plants was 0.37%, unchanged; the raw - coal output was 42,107.40 million tons, up 1,779.00 million tons [2] - The import volume of coal and lignite was 3,560.90 million tons, up 256.90 million tons; the daily average output of raw coal from 523 coking coal mines was 188.30 million tons, down 5.30 million tons [2] - The inventory of imported coking coal at 16 ports was 463.05 million tons, down 30.89 million tons; the inventory of coke at 18 ports was 273.55 million tons, up 2.65 million tons [2] - The total inventory of coking coal of independent coking enterprises in the full sample was 987.92 million tons, down 4.81 million tons; the inventory of coke of independent coking enterprises in the full sample was 69.73 million tons, down 3.89 million tons [2] - The inventory of coking coal of 247 steel mills nationwide was 808.66 million tons, up 4.87 million tons; the inventory of coke of 247 sample steel mills was 619.28 million tons, down 7.41 million tons [2] - The available days of coking coal of independent coking enterprises in the full sample were 12.99 days, up 0.12 days; the available days of coke of 247 sample steel mills were 10.91 days, down 0.26 days [2] Industry Situation - The import volume of coking coal was 910.84 million tons, up 172.10 million tons; the export volume of coke and semi - coke was 51.00 million tons, down 17.00 million tons [2] - The output of coking coal was 4,064.38 million tons, down 5.89 million tons; the capacity utilization rate of independent coking enterprises was 74.03%, up 0.34% [2] - The profit per ton of coke of independent coking plants was - 16.00 yuan/ton, up 29.00 yuan/ton; the output of coke was 4,170.30 million tons, down 67.30 million tons [2] Downstream Situation - The blast - furnace operating rate of 247 steel mills nationwide was 83.77%, up 0.29%; the blast - furnace iron - making capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2] - The crude - steel output was 8,318.40 million tons, down 336.10 million tons [2] Industry News - A coking enterprise in Shandong plans to limit production from August 16 - 25 by 30%, from August 26 - September 3 by 50%, and resume normal production at 0:00 on September 4, with an estimated cumulative impact on coke output of about 4.1 million tons. The current operation rate of this coking enterprise is 90% [2] - The Reserve Bank of Australia cut the key interest rate by 25 basis points to 3.60%, the lowest level since April 2023, in line with market expectations [2] - The Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative to resist disorderly competition, market monopoly, false publicity, etc., and to reasonably arrange new production capacity [2] - China Evergrande announced that it will cancel its listing status on August 25, 2025 [2] - Guizhou Province issued measures to strengthen coal (mine) warehouse management, aiming to reduce the number of coal (mine) warehouses [2]
瑞达期货焦煤焦炭产业日报-20250813
Rui Da Qi Huo·2025-08-13 08:52