Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The short - term, medium - term, and reference views for both coking coal (JM2601) and coke (J2601) are "oscillation". The intraday views are "oscillation with a slight upward bias". The core logic is that due to the approaching National Day holiday, market sentiment turns to waiting and seeing, and pre - holiday capital exits the market, leading to the weak operation of coking coal and coke futures [1][5][6]. 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - Production: As of the week ending September 26, the daily average output of clean coal from 523 coking coal mines nationwide was 772,000 tons, a week - on - week increase of 11,000 tons, but 25,000 tons lower than the same period last year [5]. - Imports: The number of Mongolian coal trucks passing through the 288 - port continued to rise, with nearly 8,000 trucks passing through in a week [5]. - Demand: The combined daily average output of coke from sample coking plants and steel mills was 1.1278 million tons, a week - on - week decrease of 5,900 tons [5]. - Inventory: This week, the coking coal inventory of independent coking plants increased significantly by 586,600 tons to 9.9907 million tons, and the coking coal inventory of steel mills increased by 57,300 tons to 7.9607 million tons, indicating that the pre - holiday restocking demand of downstream enterprises has been fulfilled [5]. 3.2 Coke (J) - Production: As of the week ending September 26, the combined daily average output of coke from independent coking plants and steel - mill coking plants was 1.1278 million tons, a week - on - week decrease of 5,900 tons. The profit per ton of coke for 30 independent coking plants was - 34 yuan/ton, with losses widening by 17 yuan/ton, which suppressed the production enthusiasm of coking enterprises to some extent [6]. - Demand: The daily average output of hot metal from 247 steel mills nationwide was 2.4236 million tons, a week - on - week increase of 13,400 tons [6]. - Inventory: This week, the coke inventory shifted downstream. The inventories of upstream independent coking plants and intermediate ports both decreased week - on - week. The coke inventory of 247 steel mills increased significantly by 166,400 tons to 6.6131 million tons. The total industrial chain coke inventory increased by 52,300 tons week - on - week to 9.2041 million tons [6].
宝城期货煤焦早报（2025年9月30日）-20250930
Bao Cheng Qi Huo·2025-09-30 01:47