多空僵持，煤焦区间震荡：煤焦日报-20250922

Report Summary 1. Industry Investment Rating No information provided in the report. 2. Core Views - Coke: As of the week ending September 19, the combined daily average coke production of sample coking plants and steel mills was 1133700 tons, remaining basically flat week - on - week. The daily average hot metal production of 247 steel mills nationwide was 2410200 tons, a slight increase of 4700 tons week - on - week. During the week, coke inventory shifted downstream. The inventory of independent coking plants was 664100 tons, a decrease of 14300 tons week - on - week; the coke inventory of steel mill coking plants was 6446700 tons, an increase of 113800 tons week - on - week; the total inventory was 9151800 tons, an increase of 89400 tons week - on - week. With the approaching National Day holiday, the pre - holiday inventory replenishment demand of enterprises is gradually released, providing some support for the spot price. Overall, the fundamental contradictions of coke are not prominent, market sentiment is wait - and - see, and the futures are oscillating within a range. The future trend depends on whether there are new positive factors in the anti - involution policy [5][35]. - Coking Coal: As of the week ending September 19, the daily average production of clean coal from 523 coking coal mines nationwide was 761000 tons, an increase of 33000 tons month - on - month, but 33000 tons lower than the same period last year. At the import end, the number of Mongolian coal customs - cleared vehicles at the 288 port returned to the high of the year last week, with the daily customs - cleared vehicles around 1300 - 1400. On the demand side, the combined daily average coke production of sample coking plants and steel mills was 1133700 tons, remaining basically flat week - on - week. Overall, the real - world fundamentals of coking coal lack support, but against the backdrop of repeated disturbances in the anti - involution theme, the downstream inventory replenishment expectation before the National Day and the coal mine production reduction expectation at the end of the month provide some support for the price, driving the main coking coal contract to maintain a high - level oscillation for the time being [6][36]. 3. Summary by Directory Industry News - On September 22, the State Council Information Office held a press conference. The People's Bank of China Governor Pan Gongsheng, Financial Regulatory Administration Director Li Yunze, China Securities Regulatory Commission Chairman Wu Qing, and People's Bank of China Deputy Governor and State Administration of Foreign Exchange Director Zhu Hexin introduced the achievements of the financial industry during the "14th Five - Year Plan" period and answered reporters' questions [8]. - On September 22, the price of coking coal in the Jinzhong market increased by 10 yuan/ton. The ex - factory price of medium - sulfur primary coking clean coal with A10.5, S1.3, V25, G80, CSR65, and petrographic 0.15 was 1250 yuan/ton including tax [9]. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port Quasi - first - grade FOB) | 1470 | - 3.29% | - 6.37% | - 13.02% | - 13.02% | | Coke (Qingdao Port Quasi - first - grade Ex - warehouse) | 1480 | 6.47% | 0.00% | - 8.64% | - 12.43% | | Coking Coal (Ganqimao Port Mongolian Coal) | 1150 | 0.88% | - 2.54% | - 2.54% | - 17.86% | | Coking Coal (Jingtang Port Australian - produced) | 1610 | 5.23% | 1.90% | 8.05% | - 3.01% | | Coking Coal (Jingtang Port Shanxi - produced) | 1610 | 3.87% | - 1.23% | 5.23% | - 6.94% | [10] Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1718.0 | - 0.43 | 1753.5 | 1705.0 | 25876 | 2249 | 45299 | - 489 | | Coking Coal | | 1217.5 | 0.12 | 1253.0 | 1204.0 | 1299354 | 221235 | 716268 | - 7023 | [14] Related Charts - Coke Inventory: Charts show the inventory trends of 230 independent coking plants, 247 steel mill coking plants, port coke, and total coke from 2019 - 2025 [15][16][18][20]. - Coking Coal Inventory: Charts display the inventory trends of mine - mouth coking coal, port coking coal, 247 sample steel mill coking coal, and all - sample independent coking plant coking coal from 2019 - 2025 [23][26][27][32]. - Other Charts: Include domestic steel mill production (blast furnace operating rate and steel mill profitability), Shanghai terminal wire rod and screw procurement volume, coal washing plant production (clean coal inventory and operating rate), and coking plant operation (ton - coke profit and coke oven capacity utilization rate) [29][31][33][34]. Market Outlook The analysis and outlook for coke and coking coal are the same as the core views, emphasizing the current production, inventory situations, and future price trends affected by factors such as the approaching National Day holiday and anti - involution policies [35][36].