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瑞达期货焦煤焦炭产业日报-20250922
Rui Da Qi Huo·2025-09-22 08:51

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - On September 22, the JM2601 contract of coking coal closed at 1217.5, up 0.12%. The spot price of Tangshan Meng 5 coking coal was reported at 1366, equivalent to 1146 on the futures market. The LPR remained unchanged this month. The capacity utilization rate at the mine end has rebounded for two consecutive weeks, some coal varieties have rebounded, the capacity utilization rate of independent coal washing plants has rebounded, the cumulative import growth rate has declined for three consecutive months, and the inventory is at a neutral level. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a fluctuating and bullish trend, and investors are advised to control risks [2]. - On September 22, the J2601 contract of coke closed at 1718.0, down 0.43%. The second - round price cut of coke in the spot market has been implemented. The Ministry of Industry and Information Technology issued a work plan for stabilizing growth in the steel industry, aiming for an average annual increase of about 4% in the added value of the steel industry from 2025 - 2026, with economic benefits stabilizing and rebounding, and market supply - demand becoming more balanced. On the demand side, the current period's hot metal output was 2.4102 million tons, an increase of 0.0047 million tons, with hot metal output fluctuating at a high level, and the coke inventory is higher than the same period. In terms of profit, the average loss per ton of coke for 30 independent coking plants nationwide in the current period was 17 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a fluctuating and bullish trend, and investors are advised to control risks [2]. 3. Summary by Directory Futures Market - JM主力合约收盘价 was 1217.50 yuan/ton, down 14.50; J主力合约收盘价 was 1718.00 yuan/ton, down 20.50 [2]. - JM期货合约持仓量 was 950036.00 hands, down 7417.00; J期货合约持仓量 was 52497.00 hands, down 272.00 [2]. - The net position of the top 20 contracts of coking coal was - 125357.00 hands, down 9486.00; the net position of the top 20 contracts of coke was - 5382.00 hands, down 64.00 [2]. - The JM5 - 1 month contract spread was 89.00 yuan/ton, down 13.00; the J5 - 1 month contract spread was 133.50 yuan/ton, down 11.00 [2]. - The coking coal warehouse receipts were 0.00, down 100.00; the coke warehouse receipts were 1550.00, unchanged [2]. Spot Market - The price of Ganqimao Meng 5 raw coal was 1009.00 yuan/ton, unchanged; the price of Tangshan first - class metallurgical coke was 1665.00 yuan/ton, unchanged [2]. - The price of Russian main coking coal forward spot (CFR) was 149.00 US dollars/wet ton, down 2.50; the price of Rizhao Port quasi - first - class metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of imported main coking coal from Australia at Jingtang Port was 1630.00 yuan/ton, up 90.00; the price of first - class metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged [2]. - The price of main coking coal produced in Shanxi at Jingtang Port was 1670.00 yuan/ton, unchanged; the price of quasi - first - class metallurgical coke at Tianjin Port was 1470.00 yuan/ton, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 1270.00 yuan/ton, unchanged; the J主力合约基差 was - 53.00 yuan/ton, up 20.50 [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1080.00 yuan/ton, unchanged; the JM主力合约基差 was 52.50 yuan/ton, up 14.50 [2]. Upstream Situation - The fine coal output of 314 independent coal washing plants was 26.80 million tons, up 1.20; the fine coal inventory of 314 independent coal washing plants was 304.40 million tons, up 23.80 [2]. - The capacity utilization rate of 314 independent coal washing plants was 0.37%, up 0.02; the raw coal output was 39049.70 million tons, up 951.00 [2]. - The import volume of coal and lignite was 4274.00 million tons, up 713.00; the daily average output of raw coal from 523 coking coal mines was 190.00 thousand tons, up 4.40 [2]. - The inventory of imported coking coal at 16 ports was 515.32 million tons, up 48.97; the inventory of coke at 18 ports was 260.80 million tons, up 2.49 [2]. - The total inventory of coking coal of all - sample independent coking enterprises was 940.41 million tons, up 56.87; the coke inventory of all - sample independent coking enterprises was 66.41 million tons, down 1.43 [2]. National Industry Situation - The coking coal inventory of 247 steel mills was 790.34 million tons, down 3.39; the coke inventory of 247 sample steel mills nationwide was 644.67 million tons, up 11.38 [2]. - The available days of coking coal for all - sample independent coking enterprises was 12.74 days, down 0.07; the available days of coke for 247 sample steel mills was 11.42 days, up 0.13 [2]. - The import volume of coking coal was 1016.22 million tons, up 55.50; the export volume of coke and semi - coke was 55.00 million tons, down 34.00 [2]. - The coking coal output was 4089.38 million tons, up 25.00; the capacity utilization rate of independent coking enterprises was 75.87%, down 0.05 [2]. - The profit per ton of coke for independent coking plants was - 17.00 yuan/ton, down 52.00; the coke output was 4259.70 million tons, up 74.20 [2]. National Downstream Situation - The blast furnace operating rate of 247 steel mills was 84.00%, up 0.15; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.38%, up 0.18 [2]. - The crude steel output was 7736.86 million tons, down 228.96 [2]. Industry News - Shanghai optimized and adjusted the property tax policy: the first - home purchase is exempt from property tax [2]. - The leaders of China and the US had a phone call. Trump said the call was "very productive", and he plans to meet with Chinese leaders during the APEC meeting and visit China early next year [2]. - The State Council Information Office will hold a series of theme press conferences on "High - quality Completion of the 14th Five - Year Plan" at 3 pm on Monday, with Pan Gongsheng, Wu Qing, Li Yunze, and Zhu Hexin attending [2]. - Six departments including the Ministry of Industry and Information Technology issued a notice on carrying out a special rectification action on network chaos in the automotive industry, emphasizing that online trolls and "black - mouthed" critics cannot build good cars or good brands, and only through the coordinated efforts of government supervision, enterprise self - discipline, and platform responsibility can a good public opinion environment be created [2].