煤焦日报：多空因素交织，煤焦区间震荡-20250911

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On September 11, the coke main contract closed at 1,630 yuan/ton, with an intraday increase of 1.81%. The position of the main contract was 46,900 lots, a net increase of 472 lots from the previous trading day. The spot price of Rizhao Port's quasi - first - grade wet - quenched coke decreased by 3.18% week - on - week, while that of Qingdao Port increased by 0.70% week - on - week. Coke supply and demand have not improved significantly. After the 9/3 parade, coke enterprises and steel mills gradually resumed production, but concerns on the demand side emerged due to shrinking profits of downstream steel mills. The "anti - involution" policy expectation still disturbs the market, supporting coke to maintain a volatile operation [5][33]. - On September 11, the coking coal main contract closed at 1,141.5 points, with an intraday increase of 2.33%. The position of the main contract was 718,100 lots, a net increase of 13,673 lots from the previous trading day. The latest quotation of Mongolian coal at Ganqimaodu Port decreased by 3.4% week - on - week. Domestic coking coal production has been suppressed, but the optimistic atmosphere in the futures market has cooled due to the lack of further production - cut expectations, and the demand - drag logic has become more prominent. However, the "anti - involution" news still disturbs the market, and there is some resistance to the downward movement of coking coal futures. The market is in a stalemate between bulls and bears, and the main contract is oscillating within a range [6][33]. 3. Summary by Relevant Catalogs 3.1 Industry News - From January to August this year, China's automobile production and sales exceeded 20 million for the first time. Production and sales reached 21.051 million and 21.128 million vehicles respectively, with year - on - year increases of 12.7% and 12.6%. New energy vehicle production and sales were 9.625 million and 9.62 million vehicles respectively, with year - on - year increases of 37.3% and 36.7%. New energy vehicle sales accounted for 45.5% of total vehicle sales. From January to August, automobile exports were 4.292 million vehicles, a year - on - year increase of 13.7%, among which new energy vehicle exports were 1.532 million vehicles, a year - on - year increase of 87.3% [7]. - On September 11, Mongolia's small TT company conducted an online auction of coking coal. The starting price of Mongolian No. 4 raw coal was $90/ton, and the listed quantity of 51,200 tons was fully sold at a transaction price of $101.5/ton. The supply location is the supervision area of Ganqimaodu Port in China, and the supply time is within 90 days after payment, with the final supply date being December 11, 2025 [8]. 3.2 Spot Market - Rizhao Port's quasi - first - grade wet - quenched coke flat - price index was 1,520 yuan/ton, a week - on - week decrease of 3.18%. Qingdao Port's quasi - first - grade wet - quenched coke ex - warehouse price was 1,430 yuan/ton, a week - on - week increase of 0.70%. The latest quotation of Mongolian coal at Ganqimaodu Port was 1,140 yuan/ton, a week - on - week decrease of 3.4% [5][6][12]. 3.3 Futures Market - The coke main contract closed at 1,630 yuan/ton, with an intraday increase of 1.81%, a trading volume of 22,593 lots (a decrease of 1,062 lots from the previous day), and a position of 46,939 lots (an increase of 472 lots from the previous day). The coking coal main contract closed at 1,141.5 points, with an intraday increase of 2.33%, a trading volume of 1,064,365 lots (an increase of 57,148 lots from the previous day), and a position of 718,075 lots (an increase of 13,673 lots from the previous day) [13]. 3.4 Relevant Charts - The report provides multiple charts including coke and coking coal inventory charts (such as 230 independent coking plants' coke inventory, 247 steel mills' coking plant coke inventory, etc.), domestic steel mill production situation, Shanghai terminal wire rod and screw steel procurement volume, coal washing plant production situation, and coking plant operation situation [14][27][31]. 3.5 Market Outlook - Coke's main contract situation and market analysis are the same as the core viewpoints. Coking coal's main contract situation and market analysis are also consistent with the core viewpoints, with both maintaining a volatile operation due to the influence of multiple factors [5][6][33].