宝城期货煤焦早报-20250903

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The overall view of coking coal 2601 and coke 2601 is oscillatory, with short - term, medium - term, and intraday views being mostly oscillatory, and intraday views also showing a tendency to be oscillatory and slightly stronger [1]. - Coking coal futures are expected to maintain range - bound trading, and the回调 space may be relatively limited considering the long - term impact of the "anti - involution" policy [5]. - Coke futures' main contract oscillates downward due to weakened cost support, but the回调 space is also expected to be limited due to potential new positive factors on the supply side from the "anti - involution" policy [6]. 3. Summary by Variety Coking Coal (JM) - Price and Inventory: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1180.0 yuan/ton, with a week - on - week flat. The total inventory of coking coal within the statistical scope this week is 2332.07 million tons, a week - on - week increase of 16.26 million tons. Mines and ports are accumulating inventory, while coke enterprises and steel mills are reducing inventory [5]. - Market Outlook: With the phased realization of positive factors on the supply side of coking coal and no new driving force for the "anti - involution" policy, coking coal futures are expected to range - bound. The回调 space is relatively limited in the long - term [5]. Coke (J) - Price: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1570 yuan/ton, with a week - on - week flat. The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1450 yuan/ton, a week - on - week decrease of 2.68% [6]. - Market Outlook: As the steel market weakens, downstream operating pressure increases, and some steel mills start the first round of coke price increase, leading to more industry chain games. The cost support of coke weakens, causing the futures main contract to oscillate downward. However, new positive factors on the supply side are expected in the future, and the回调 space is limited [6].