Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For the 2601 contract of coking coal, the short - term, medium - term, and overall views are all "oscillation", with an intraday view of "oscillation on the strong side". The coking coal continues to oscillate supported by strong expectations [1]. - For the 2601 contract of coke, the short - term, medium - term, and overall views are all "oscillation", with an intraday view of "oscillation on the strong side". Coke oscillates at a high level due to the interweaving of long and short factors [1]. 3. Summary by Related Catalogs Coking Coal (JM) - Price行情驱动逻辑: As of the week of September 19, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 million tons, a week - on - week increase of 3.3 million tons but 3.3 million tons lower than the same period last year. At the 288 port, the number of Mongolian coal customs - cleared vehicles last week returned to the highest level this year, with a daily customs - cleared vehicle number of about 1300 - 1400. The combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, basically flat week - on - week. The real - world fundamentals of coking coal have insufficient support, but the pre - National Day downstream replenishment expectation and the end - of - month coal mine production reduction expectation support the price, driving the main contract to maintain high - level oscillation [5]. Coke (J) - Price行情驱动逻辑: As of the week of September 19, the combined daily average output of coke from sample coking plants and steel mills was 113.37 million tons, basically flat week - on - week; the daily average output of hot metal from 247 steel mills nationwide was 241.02 million tons, a week - on - week increase of 0.47 million tons. During the week, the coke inventory transferred downstream. The inventory of independent coking plants was 66.41 million tons, a week - on - week decrease of 1.43 million tons; the coke inventory of steel mill coking plants was 644.67 million tons, a week - on - week increase of 11.38 million tons; the total inventory was 915.18 million tons, an 8.94 - million - ton week - on - week increase. As the National Day holiday approaches, the pre - holiday replenishment demand supports the spot price. The fundamental contradiction of coke is not prominent, the market is wait - and - see, the futures oscillate within a range, and the future trend depends on whether there are new benefits from the anti - involution policy [6].
宝城期货煤焦早报（2025年9月22日）-20250922
Bao Cheng Qi Huo·2025-09-22 02:58