观望情绪渐浓，煤焦延续震荡：煤焦日报-20250923

Report Industry Investment Rating - No relevant content provided Core Viewpoints - On September 23, the coke main contract closed at 1,717.5 yuan/ton, down 0.67% on the day. The spot prices of Rizhao Port and Qingdao Port had slight changes. Last week, the coke daily output was basically flat week-on-week, and the iron water daily output increased slightly. With the approaching National Day holiday, the pre - holiday restocking demand supported the spot price. The coke fundamentals had no prominent contradictions, with strong market wait - and - see sentiment, and the futures fluctuated in a range. The future trend depends on new benefits from anti - involution policies [5][34]. - On September 23, the coking coal main contract closed at 1,217.5 points, down 0.94% on the day. The spot price of Mongolian coal at Ganqimaodu Port remained flat week - on - week. Last week, the coking coal output increased, and the import volume at the 288 Port reached a high. The demand side's output was basically flat week - on - week. The coking coal's real - world fundamentals had insufficient support, but the pre - National Day restocking expectation and the end - of - month mine production reduction expectation supported the price, driving the main contract to maintain high - level fluctuations [6][35]. Summary by Directory Industry News - On September 22, in the press conference on the "14th Five - Year Plan", it was mentioned that the real - estate financial policy was effective. The urban real - estate financing coordination mechanism issued over 7 trillion yuan in loans, supporting the construction and delivery of nearly 20 million housing units [8]. - On September 23, the coking coal price in Jinzhong market rose by 10 yuan/ton, with the medium - sulfur primary coking coal's ex - factory price at 1,260 yuan/ton [9]. Spot Market - Rizhao Port's quasi - first - grade wet - quenched coke flat - price index was 1,470 yuan/ton, unchanged week - on - week; Qingdao Port's quasi - first - grade wet - quenched coke ex - warehouse price was 1,460 yuan/ton, down 2.67% week - on - week. The price of Mongolian coal at Ganqimaodu Port was 1,210 yuan/ton, unchanged week - on - week. The prices of Australian - produced and Shanxi - produced coking coal at Jingtang Port remained unchanged week - on - week [5][6][10]. Futures Market - The coke main contract closed at 1,717.5 yuan/ton, down 0.67%, with a trading volume of 25,522 and a position of 44,874, down 425 from the previous trading day. The coking coal main contract closed at 1,217.5 points, down 0.94%, with a trading volume of 1,065,414 and a position of 706,845, down 9,423 from the previous trading day [13]. Related Charts - The report provides multiple charts related to coke and coking coal inventories, including those of independent coking plants, steel mills, and ports, as well as charts on domestic steel mill production, Shanghai terminal wire and screw purchases, coal washing plant production, and coking plant operations [14][22][27]. Market Outlook - The coke market has no prominent fundamental contradictions, with strong wait - and - see sentiment, and the futures fluctuate in a range. The future trend depends on new benefits from anti - involution policies. The coking coal's real - world fundamentals have insufficient support, but the pre - National Day restocking expectation and the end - of - month mine production reduction expectation support the price, driving the main contract to maintain high - level fluctuations [5][6][34][35].