Workflow
瑞达期货焦煤焦炭产业日报-20250829
  1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - On August 28, the JM2601 contract of coking coal closed at 1175.0, up 0.90%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1350, equivalent to 1130 on the futures market. The power consumption in July exceeded 1 trillion kWh for the first time, and the power supply is stable after the peak - summer period. The mine - end inventory has changed from decreasing to increasing, and the cumulative import growth rate has declined for three consecutive months with a moderately high inventory level. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. - On August 28, the J2601 contract of coke closed at 1672.5, down 0.51%. The mainstream coking enterprises proposed the eighth - round price increase for coke. The demand side has high - level molten iron production (240.75 tons, +0.09 tons this period). The mine - end inventory has no pressure, and the inventory has shifted downstream, with the total coking coal inventory generally increasing. The average profit per ton of coke for 30 independent coking plants is 23 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1175.00 yuan/ton, up 21.00 yuan; the closing price of the J main contract was 1672.50 yuan/ton, up 3.00 yuan. The JM futures contract open interest was 927249.00 lots, up 14534.00 lots; the J futures contract open interest was 47918.00 lots, up 550.00 lots. The net open interest of the top 20 coking coal contracts was - 125180.00 lots, up 3769.00 lots; the net open interest of the top 20 coke contracts was - 4921.00 lots, up 296.00 lots. The JM1 - 9 contract spread was 155.00 yuan/ton, up 12.50 yuan; the J1 - 9 contract spread was 89.00 yuan/ton, up 20.00 yuan. The coking coal warehouse receipts were 0.00, unchanged; the coke warehouse receipts were 820.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 978.00 yuan/ton, down 7.00 yuan. The price of Russian prime coking coal forward spot (CFR) was 150.00 US dollars/wet ton, unchanged. The price of Australian prime coking coal imported at Jingtang Port was 1570.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal at Jingtang Port was 1610.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Jinzhong, Shanxi was 1300.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged. The price of Tangshan first - grade metallurgical coke was 1775.00 yuan/ton, unchanged. The price of quasi - first - grade metallurgical coke at Rizhao Port was 1570.00 yuan/ton, unchanged. The price of first - grade metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged. The price of quasi - first - grade metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged. The basis of the JM main contract was 125.00 yuan/ton, down 21.00 yuan; the basis of the J main contract was 102.50 yuan/ton, down 3.00 yuan [2]. 3.3 Upstream Situation - The refined coal output of 314 independent coal washing plants was 26.00 tons, up 0.30 tons. The refined coal inventory of 314 independent coal washing plants was 289.50 tons, down 5.30 tons. The capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged. The raw coal output was 38098.70 tons, down 4008.70 tons. The import volume of coal and lignite was 3561.00 tons, up 257.00 tons. The daily average output of raw coal from 523 coking coal mines was 188.60 tons, down 2.60 tons. The inventory of imported coking coal at 16 ports was 450.45 tons, up 2.67 tons. The inventory of coke at 18 ports was 268.62 tons, down 1.09 tons [2]. 3.4 Industry Situation - The total inventory of coking coal of independent coking enterprises was 966.41 tons, down 10.47 tons. The inventory of coke of independent coking enterprises was 64.37 tons, up 1.86 tons. The inventory of coking coal of 247 steel mills nationwide was 812.31 tons, up 6.51 tons. The inventory of coke of 247 sample steel mills was 609.59 tons, down 0.21 tons. The available days of coking coal for independent coking enterprises were 13.07 days, up 0.10 days. The available days of coke for 247 sample steel mills were 10.76 days, down 0.07 days. The import volume of coking coal was 962.30 tons, up 53.11 tons. The export volume of coke and semi - coke was 89.00 tons, up 38.00 tons. The output of coking coal was 4064.38 tons, down 5.89 tons. The capacity utilization rate of independent coking enterprises was 74.42%, up 0.08%. The profit per ton of coke for independent coking plants was 23.00 yuan/ton, up 3.00 yuan. The output of coke was 4185.50 tons, up 15.20 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.34%, down 0.23%. The blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, up 0.03%. The crude steel output was 7965.82 tons, down 352.58 tons [2]. 3.6 Industry News - Personal bankruptcy local regulations have been implemented in Xiamen. Chinese chip manufacturers plan to triple the production of AI chips in 2026. PetroChina is studying the application of stablecoins in cross - border settlement. The Chinese Ministry of Commerce's international trade negotiation representative visited Canada from August 24th to 27th and will then go to Washington, the United States [2].