Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For the 2601 contract of coking coal, it is expected to fluctuate in the short - and medium - term, rise intraday, with an overall view of oscillation due to the coexistence of long and short factors [1]. - For the 2601 contract of coke, it is expected to fluctuate in the short - and medium - term, be slightly stronger intraday, with an overall view of oscillation because of policy disturbances [1]. 3. Summary by Related Catalogs Coking Coal (JM) - Supply: As of the week ending September 12, the daily average output of raw coal from 523 coking coal mines nationwide was 185.6 million tons, a week - on - week increase of 15.5 million tons, still 17 million tons lower than the same period last year; the daily average output of clean coal was 72.8 million tons, a week - on - week increase of 3.5 million tons and 6 million tons lower than the same period last year [5]. - Demand: The combined daily average output of coke from independent coking plants and steel mill coking plants was 113.36 million tons, a week - on - week increase of 3.32 million tons per day. Short - term demand faces some pressure due to the contraction of steel mill profits [5]. - Market Outlook: The supply of coking coal has gradually stabilized after the previous "anti - involution" capacity verification. The fundamentals are slightly bearish, but the policy expectations of "anti - involution" and "stable growth" support market sentiment. The main contract of coking coal will maintain range - bound operation, and attention should be paid to subsequent policy changes [5]. Coke (J) - Supply: The combined daily average output of coke from independent coking plants and steel mill coking plants was 113.36 million tons, a week - on - week increase of 3.32 million tons per day. Due to the implementation of coke price cuts, the latest weekly profit per ton of coke decreased by 29 yuan/ton to 35 yuan/ton [6]. - Demand: The daily average output of hot metal from 247 steel mills nationwide was 240.55 million tons, a week - on - week increase of 11.71 million tons per day, returning to the pre - parade production level [6]. - Inventory: The total inventory of coke within the statistical scope increased slightly this week, reaching 906.24 million tons, with inventory mainly accumulating in steel mills [6]. - Market Outlook: With a mix of long and short factors in the market, coke will operate in a range. Attention can be paid to whether there are new positive policies for "stable growth" and "anti - involution" [6].
宝城期货煤焦早报-20250915
Bao Cheng Qi Huo·2025-09-15 02:12