瑞达期货焦煤焦炭产业日报-20250814

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - On August 14, the JM2601 contract of coking coal closed at 1214.0, down 6.25%. The market sentiment was affected by the position limit adjustment. Fundamentally, the mine - end inventory changed from decreasing to increasing, and the 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 3 consecutive months, and the total inventory has increased for 4 consecutive weeks. Technically, the daily K is above the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. - On August 14, the J2601 contract of coke closed at 1707.0, down 4.32%. The fifth price increase was implemented in the spot market. Fundamentally, the raw material inventory rebounded, and the hot metal production was 242.23 tons, a decrease of 0.39 tons. The mine - end inventory has no pressure, and the inventory has transferred downstream. The total coking coal inventory has increased for 4 consecutive weeks. In terms of profit, the average loss per ton of coke of 30 independent coking plants nationwide was 16 yuan/ton. Technically, the daily K is between the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the JM main contract was 1214.00 yuan/ton, down 31.00 yuan; the closing price of the J main contract was 1707.00 yuan/ton, down 30.00 yuan [2]. - The JM futures contract position was 886207.00 lots, down 34771.00 lots; the J futures contract position was 52042.00 lots, down 2152.00 lots [2]. - The net position of the top 20 coking coal contracts was - 115590.00 lots, down 32614.00 lots; the net position of the top 20 coke contracts was - 6516.00 lots, down 12.00 lots [2]. - The spread between the JM1 - 9 contracts was 148.00 yuan/ton, up 3.50 yuan; the spread between the J1 - 9 contracts was 71.00 yuan/ton, down 6.50 yuan [2]. - The coking coal warehouse receipts were 800.00, unchanged; the coke warehouse receipts were 820.00, up 20.00 [2]. - The basis of the JM main contract was 106.00 yuan/ton, up 31.00 yuan; the basis of the J main contract was - 42.00 yuan/ton, up 30.00 yuan [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1040.00 yuan/ton, up 29.00 yuan; the price of Tangshan Grade - 1 metallurgical coke was 1665.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 147.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of Australian prime coking coal imported at Jingtang Port was 1540.00 yuan/ton, down 70.00 yuan; the price of Tianjin Port Grade - 1 metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1610.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1320.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 26.40 million tons, up 0.40 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 297.00 million tons, up 8.90 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly raw coal output was 42107.40 million tons, up 1779.00 million tons [2]. - The monthly import volume of coal and lignite was 3560.90 million tons, up 256.90 million tons; the daily average output of raw coal from 523 coking coal mines was 187.90 million tons, down 0.40 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 463.05 million tons, down 30.89 million tons; the weekly inventory of coking coal of all - sample independent coking enterprises was 987.92 million tons, down 4.81 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 808.66 million tons, up 4.87 million tons; the weekly inventory of coke of 247 sample steel mills was 619.28 million tons, down 7.41 million tons [2]. - The weekly available days of coking coal for all - sample independent coking enterprises was 12.99 days, up 0.12 days; the weekly available days of coke for 247 sample steel mills was 10.91 days, down 0.26 days [2]. Industry Situation - The monthly import volume of coking coal was 910.84 million tons, up 172.10 million tons; the monthly export volume of coke and semi - coke was 51.00 million tons, down 17.00 million tons [2]. - The monthly output of coking coal was 4064.38 million tons, down 5.89 million tons; the weekly capacity utilization rate of independent coking enterprises was 74.03%, up 0.34% [2]. - The weekly profit per ton of coke for independent coking plants was - 16.00 yuan/ton, up 29.00 yuan [2]. - The monthly output of coke was 4170.30 million tons, down 67.30 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.77%, up 0.29%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2]. - The monthly crude steel output was 8318.40 million tons, down 336.10 million tons [2]. Industry News - Dalian Commodity Exchange adjusted the trading limit and handling fee standard for the coking coal futures JM2601 contract. From the trading time on August 15, 2025, non - futures company members or clients are not allowed to open more than 1000 lots in a single day on the coking coal futures JM2601 contract; from the trading time on August 18, the handling fee rate for intraday speculative trading will be raised to two ten - thousandths of the transaction amount [2]. - This week, Mysteel statistics showed that the capacity utilization rate of 523 coking coal mine samples was 83.7%, down 0.2% month - on - month. The daily average output of raw coal was 187.9 million tons, down 0.4 million tons month - on - month, the raw coal inventory was 470.2 million tons, down 6.4 million tons month - on - month, the daily average output of clean coal was 76.4 million tons, up 0.9 million tons month - on - month, and the clean coal inventory was 257.7 million tons, up 12.0 million tons month - on - month [2]. - On August 13, some steel mills in Hebei and Tianjin regions raised the purchase price of coke for the sixth time. The price of tamping wet - quenched coke was raised by 50 yuan/ton, the price of tamping dry - quenched coke was raised by 55 yuan/ton, the price of top - charging wet - quenched coke was raised by 70 yuan/ton, and the price of top - charging dry - quenched coke was raised by 75 yuan/ton. The mainstream steel mills tendered on the 14th [2].