Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-01 08:51Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On September 1st, the JM2601 contract of coking coal closed at 1,118.5, down 3.29%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1,350, equivalent to 1,130 on the futures market. With a neutral - to - high inventory level, the coking coal market should be treated as a volatile market [2]. - On September 1st, the J2601 contract of coke closed at 1,594.5, down 3.54%. The eighth round of price increase for coke was not implemented, and the first - round price cut was proposed in some regions. The overall inventory of coking coal is increasing, and the coke market should also be treated as a volatile market [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the JM main contract was 1,118.5 yuan/ton, down 32.5 yuan; the closing price of the J main contract was 1,594.5 yuan/ton, down 48.5 yuan [2]. - The JM futures contract open interest was 920,229 lots, up 10,170 lots; the J futures contract open interest was 52,306 lots, up 3,566 lots [2]. - The net open interest of the top 20 JM contracts was - 135,349 lots, down 1,871 lots; the net open interest of the top 20 J contracts was - 5,127 lots, up 167 lots [2]. - The JM5 - 1 contract spread was 49 yuan/ton, up 7 yuan; the J5 - 1 contract spread was 96.5 yuan/ton, up 6 yuan [2]. - The coking coal warehouse receipts were 300 pieces, up 300 pieces; the coke warehouse receipts were 970 pieces, up 60 pieces [2]. - The JM main contract basis was 181.5 yuan/ton, up 32.5 yuan; the J main contract basis was 180.5 yuan/ton, up 48.5 yuan [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 980 yuan/ton, unchanged; the price of Tangshan Grade - 1 metallurgical coke was 1,775 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 150 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade - 1 metallurgical coke was 1,570 yuan/ton, unchanged [2]. - The price of Australian prime coking coal imported at Jingtang Port was 1,570 yuan/ton, unchanged; the price of Tianjin Port Grade - 1 metallurgical coke was 1,670 yuan/ton, unchanged [2]. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1,610 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade - 1 metallurgical coke was 1,570 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1,300 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1,100 yuan/ton, unchanged [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 260,000 tons, up 3,000 tons; the weekly inventory of clean coal from 314 independent coal washing plants was 2.895 million tons, down 53,000 tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly raw coal output was 38.0987 million tons, down 4.0087 million tons [2]. - The monthly import volume of coal and lignite was 3.561 million tons, up 257,000 tons; the daily average output of raw coal from 523 coking coal mines was 188,600 tons, down 2,600 tons [2]. - The weekly inventory of imported coking coal at 16 ports was 4.5541 million tons, up 49,600 tons; the weekly inventory of coke at 18 ports was 2.6866 million tons, up 400 tons [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 9.6127 million tons, down 51,400 tons; the weekly inventory of coke of all - sample independent coking enterprises was 653,100 tons, up 9,400 tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 8.1185 million tons, down 4,600 tons; the weekly inventory of coke of 247 sample steel mills was 6.1007 million tons, up 4,800 tons [2]. - The weekly available days of coking coal of all - sample independent coking enterprises was 13.25 days, up 0.18 days; the weekly available days of coke of 247 sample steel mills was 10.78 days, up 0.02 days [2]. Industry Situation - The monthly import volume of coking coal was 962,300 tons, up 53,110 tons; the monthly export volume of coke and semi - coke was 89,000 tons, up 38,000 tons [2]. - The monthly output of coking coal was 4.06438 million tons, down 5,890 tons; the weekly capacity utilization rate of independent coking enterprises was 73.36%, down 1.06 percentage points [2]. - The average profit per ton of coke of 30 independent coking plants nationwide was 55 yuan/ton, up 32 yuan/ton; the monthly output of coke was 4.1855 million tons, up 15,200 tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.18%, down 0.16 percentage points; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.00%, down 0.27 percentage points [2]. - The monthly output of crude steel was 79.6582 million tons, down 3.5258 million tons [2]. Industry News - The National Development and Reform Commission stated that it is necessary to develop "AI +" and resolutely avoid disorderly competition and blind follow - up. The next 1 - 2 years are the critical window period for AI implementation [2]. - CCTV News reported that the proportion of electricity in terminal energy consumption in China has reached 30%, significantly higher than the world average. It is expected to exceed 40% by 2035 [2]. - Xinhua News Agency reported that EU member states discussed the EU's policy towards Israel. The Spanish Foreign Minister proposed that the EU break the Israeli blockade, solve the famine problem in the Gaza Strip and expand sanctions against Israel [2]. - The US Department of Commerce announced that it will revoke the exemptions of South Korean chip manufacturers Samsung and SK Hynix for using US equipment in their Chinese factories. The restrictions will take effect in 120 days [2]. Viewpoint Summary - For coking coal, on September 1st, the 2601 contract closed at 1,118.5, down 3.29%. The spot price of Tangshan Mongolian No. 5 coking coal was 1,350, equivalent to 1,130 on the futures market. The inventory level is neutral - to - high, and the market should be treated as a volatile market [2]. - For coke, on September 1st, the 2601 contract closed at 1,594.5, down 3.54%. The eighth - round price increase was not implemented, and the first - round price cut was proposed in some regions. The overall inventory of coking coal is increasing, and the market should also be treated as a volatile market [2].