Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Report's Core View - The short - term, medium - term, and intraday views of both coking coal (JM2601) and coke (J2601) are mainly oscillatory, with an intraday bias towards strength. The coking coal is expected to be oscillatory due to good spot market atmosphere, while the coke is expected to have range - bound oscillations due to the interweaving of multiple and short factors [1]. 3) Summary by Related Catalogs a) Coking Coal (JM) - Price and Supply - demand Situation: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1,280 yuan/ton, with a week - on - week increase of 5.79%. Last week, the daily average output of clean coal from 523 coking coal mines nationwide was 76.1 tons, a week - on - week increase of 3.3 tons, but 3.3 tons lower than the same period last year. At the import end, the number of Mongolian coal customs - clearance vehicles at the 288 Port returned to the annual high last week, with the daily customs - clearance vehicles around 1,300 - 1,400. The total daily average output of coke from sample coking plants and steel mills was 113.37 tons, with basically no change week - on - week [5]. - Market Outlook: The real - world fundamentals of coking coal have limited support. However, under the repeated disturbance of the anti - involution theme, the downstream replenishment expectation before the National Day and the coal mine production - reduction expectation at the end of the month support the price to a certain extent, driving the main contract of coking coal to maintain high - level oscillations [5]. b) Coke (J) - Price and Supply - demand Situation: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,470 yuan/ton, with no change week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,440 yuan/ton, with a week - on - week decrease of 4.00%. As of the week of September 19, the total daily average output of coke from sample coking plants and steel mills was 113.37 tons, with basically no change week - on - week; the daily average output of hot metal from 247 steel mills nationwide was 241.02 tons, a week - on - week increase of 0.47 tons [6]. - Market Outlook: The fundamental contradictions of coke are not prominent for the time being, and the market is in a wait - and - see mood. The futures are in range - bound oscillations, and the future trend depends on whether there are new positive factors in the anti - involution policy [6].
宝城期货煤焦早报（2025年9月25日）-20250925
Bao Cheng Qi Huo·2025-09-25 01:50