宝城期货煤焦早报-20250815

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For both Jiao Coal 2601 and Coke 2601, the short - term view is "interval oscillation", the medium - term view is "oscillation with a slightly upward trend", and the intraday view is "oscillation with a slightly upward trend", with an overall reference view of "oscillation" [1]. - Jiao Coal: Due to the interplay of multiple and bearish factors, it is expected to maintain interval oscillation in the short - term, and the key lies in the long - term and obvious impact of anti - involution rectification on Jiao Coal supply [1][5]. - Coke: After the sixth round of price increase was implemented, the spot market remains optimistic. With the supply of coking coal at the cost end being disturbed, it is expected that the main contract of coke will maintain interval oscillation in the near future [1][7]. 3. Summary by Relevant Catalogs 3.1 Jiao Coal (JM) - Price Information: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1190.0 yuan/ton, with a week - on - week increase of 3.48%, and the equivalent futures warehouse receipt cost is about 1167 yuan/ton [5]. - Market Situation: The anti - involution policies in the coal industry are being implemented one after another. As the futures price returns to a high level, market games increase. The short - term trend is interval oscillation [5]. 3.2 Coke (J) - Price Information: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1480 yuan/ton, with a week - on - week increase of 4.23% [7]. - Market Situation: The sixth round of price increase for coke was implemented this week, and the optimistic atmosphere in the spot market continues. The supply and demand of coke are basically stable recently, and the supply of coking coal at the cost end is disturbed. The futures price has pulled back at the 1750 yuan/ton level. It is expected to maintain interval oscillation in the near future [7].