煤焦日报：多空交织，煤焦高位震荡-20250917

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On September 17, the coke main contract closed at 1,734.5 yuan/ton, with an intraday increase of 0.46%. The open interest of the main contract was 46,700 lots, a decrease of 365 lots from the previous trading day. In the spot market, the latest quoted price of the FOB price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, a week - on - week decrease of 3.29%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,480 yuan/ton, a week - on - week increase of 6.47%. In the futures market, recent anti - involution disturbances have reappeared, pushing the coke market sentiment back to optimism. Under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [5][35]. - On September 17, the coking coal main contract closed at 1,233 points, with an intraday increase of 0.37%. The open interest of the main contract was 760,500 lots, a decrease of 3,079 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at the Ganqimaodu Port was 1,140 yuan/ton, remaining flat week - on - week. The market's anti - involution sentiment has resurfaced, boosting the positive supply expectations for coking coal. In addition, the Shanxi Provincial Party Committee and the provincial government were required to strictly implement the coal total - volume control and strictly control illegal mining in ecologically sensitive areas. Overall, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. It should be noted that there are currently no specific policy measures in the coal industry, and attention should be paid to the follow - up relevant policies [6][36]. 3. Summary by Relevant Catalogs 3.1 Industry News - In August 2025, key steel enterprises produced 65.71 million tons of crude steel, a year - on - year increase of 1.1%, with a daily output of 2.1196 million tons, a month - on - month decrease of 1.5%; produced 60.8 million tons of pig iron, a year - on - year increase of 1.4%, with a daily output of 1.9614 million tons, a month - on - month decrease of 1.5%; produced 68.73 million tons of steel products, a year - on - year increase of 6.1%, with a daily output of 2.2172 million tons, a month - on - month decrease of 0.4%. From January to August, key steel enterprises cumulatively produced 555 million tons of crude steel, a cumulative year - on - year decrease of 0.9%, with a cumulative daily output of 2.2852 million tons; cumulatively produced 498 million tons of pig iron, a cumulative year - on - year decrease of 0.3%, with a cumulative daily output of 2.0505 million tons; cumulatively produced 562 million tons of steel products, a cumulative year - on - year increase of 2.3%, with a cumulative daily output of 2.3131 million tons [8]. - On September 17, the auction prices of coking coal in the Linfen market mostly rose. Among the 14 reported transaction results, all 290,000 tons of the listed volume were sold. The prices of 7 enterprises increased, with an average increase of 54 yuan/ton, and the prices of 4 enterprises decreased, with an average decrease of 20 yuan/ton. The short - term price is expected to fluctuate strongly [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (FOB) | 1,470 yuan/ton | - 3.29% | - 6.37% | - 13.02% | - 13.02% | | Qingdao Port Quasi - First - Grade Coke (Ex - Warehouse) | 1,480 yuan/ton | 6.47% | 0.00% | - 8.64% | - 11.90% | | Mongolian Coal at Ganqimaodu Port | 1,140 yuan/ton | 0.00% | - 3.39% | - 3.39% | - 18.57% | | Australian - Produced Coal at Jingtang Port | 1,610 yuan/ton | 5.23% | 1.90% | 8.05% | - 3.01% | | Shanxi - Produced Coal at Jingtang Port | 1,550 yuan/ton | 0.00% | - 4.91% | 1.31% | - 10.40% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,734.5 | 0.46% | 1,748.0 | 1,710.0 | 24,917 | - 8,469 | 46,703 | - 365 | | Coking Coal | | 1,233.0 | 0.37% | 1,258.5 | 1,208.5 | 1,392,210 | - 74,157 | 760,526 | - 3,079 | [14] 3.4 Relevant Charts - The report provides multiple charts including the price trend charts of mainstream varieties, the inventory charts of coke and coking coal, and the production and operation situation charts of steel mills, coking plants, and coal washing plants. These charts show the historical data trends of relevant indicators from 2019 - 2025 [11][15][22] 3.5 Future Outlook - For coke, under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [35]. - For coking coal, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. Attention should be paid to the follow - up relevant policies [36].