瑞达期货焦煤焦炭产业日报-20250923

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 23, the JM2601 contract of coking coal closed at 1217.5, down 0.94%. On the spot side, the price of Tangshan Mongolian No. 5 coking coal was reported at 1366, equivalent to 1146 on the futures market. Macroscopically, China's September LPR quotes remained unchanged. Fundamentally, the capacity utilization rate of mines 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 [2]. - On September 23, the J2601 contract of coke closed at 1717.5, down 0.67%. On the spot side, the second - round price cut of coke has been implemented. Macroscopically, the Ministry of Industry and Information Technology issued a work plan for stabilizing the growth of the steel industry. Fundamentally, on the demand side, the current pig iron output is 2410200 tons, an increase of 4700 tons, with pig iron 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 is 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 [2]. 3. Summary According to the Directory 3.1 Futures Market - JM主力合约收盘价为1217.50元/吨，环比持平；J主力合约收盘价为1717.50元/吨，环比下降0.50元 [2] - JM期货合约持仓量为938864.00手，环比减少11172.00手；J期货合约持仓量为52233.00手，环比减少264.00手 [2] - 焦煤前20名合约净持仓为 - 117153.00手，环比增加8204.00手；焦炭前20名合约净持仓为 - 5587.00手，环比减少205.00手 [2] - JM5 - 1月合约价差为96.50元/吨，环比增加7.50元；J5 - 1月合约价差为143.50元/吨，环比增加10.00元 [2] - 焦煤仓单为0.00张，环比持平；焦炭仓单为1540.00张，环比减少10.00张 [2] 3.2 Spot Market - 干其毛都蒙5原煤价格为1020.00元/吨，环比上涨11.00元；俄罗斯主焦煤远期现货（CFR）价格为151.50美元/湿吨，环比上涨2.50美元 [2] - 唐山一级冶金焦价格为1665.00元/吨，环比持平；日照港准一级冶金焦价格为1470.00元/吨，环比持平 [2] - 京唐港澳大利亚进口主焦煤价格为1630.00元/吨，环比持平；京唐港山西产主焦煤价格为1670.00元/吨，环比持平 [2] - 山西晋中灵石中硫主焦价格为1270.00元/吨，环比持平；内蒙古乌海产焦煤出厂价为1080.00元/吨，环比持平 [2] - JM主力合约基差为52.50元/吨，环比持平；J主力合约基差为 - 52.50元/吨，环比上涨0.50元 [2] 3.3 Upstream Situation - 314家独立洗煤厂精煤产量为26.80万吨，环比增加1.20万吨；314家独立洗煤厂精煤库存为304.40万吨，环比增加23.80万吨 [2] - 314家独立洗煤厂产能利用率为0.37%，环比增加0.02%；原煤产量为39049.70万吨，环比增加951.00万吨 [2] - 煤及褐煤进口量为4274.00万吨，环比增加713.00万吨；523家炼焦煤矿山原煤日均产量为190.00万吨，环比增加4.40万吨 [2] - 16个港口进口焦煤库存为515.32万吨，环比增加48.97万吨；焦炭18个港口库存为260.80万吨，环比增加2.49万吨 [2] - 独立焦企全样本炼焦煤总库存为940.41万吨，环比增加56.87万吨；独立焦企全样本焦炭库存为66.41万吨，环比减少1.43万吨 [2] - 247家钢厂炼焦煤库存为790.34万吨，环比减少3.39万吨；全国247家样本钢厂焦炭库存为644.67万吨，环比增加11.38万吨 [2] - 独立焦企全样本炼焦煤可用天数为12.74天，环比减少0.07天；247家样本钢厂焦炭可用天数为11.42天，环比增加0.13天 [2] - 炼焦煤进口量为1016.22万吨，环比增加55.50万吨；焦炭及半焦炭出口量为55.00万吨，环比减少34.00万吨 [2] - 炼焦煤产量为4089.38万吨，环比增加25.00万吨；独立焦企产能利用率为75.87%，环比减少0.05% [2] - 独立焦化厂吨焦盈利情况为 - 17.00元/吨，环比减少52.00元；焦炭产量为4259.70万吨，环比增加74.20万吨 [2] 3.4 National Downstream Situation - 247家钢厂高炉开工率为84.00%，环比增加0.15%；247家钢厂高炉炼铁产能利用率为90.38%，环比增加0.18% [2] - 粗钢产量为7736.86万吨，环比减少228.96万吨 [2] 3.5 Industry News - 9月22日，中国人民银行行长潘功胜表示介绍“十四五”时期金融业发展情况，不涉及短期政策调整 [2] - 据财新报道，中国计划9月底出台新型政策性金融工具，规模5000亿元，投向数字经济、人工智能等八大领域 [2] - 中国9月LPR报价维持不变，5年期以上LPR为3.5%，1年期LPR为3% [2] - 金融监管总局局长李云泽称“十四五”期间组建城市房地产融资协调机制，白名单项目贷款超7万亿元，支持近2000万套住房建设交付 [2]