多空交织，煤焦延续震荡：煤焦日报-20251015

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - For coke, on October 15, the main contract closed at 1,642 yuan/ton, with an intraday increase of 0.34%. The position volume of the main contract at the close was 42,900 lots, a net increase of 422 lots from the previous trading day. The spot market prices of Rizhao Port and Qingdao Port showed different trends. Overall, the coke fundamentals changed little, and with the resurgence of Sino-US trade game disturbances, the coke futures are expected to fluctuate in the short term [3][28]. - For coking coal, on October 15, the main contract closed at 1,151 points, with an intraday increase of 1.01%. The position volume of the main contract at the close was 601,900 lots, a net decrease of 5,180 lots from the previous trading day. The latest quotation of Mongolian coal at Ganqimaodu Port decreased week-on-week. Overall, the supply of coking coal is strong while the demand is weak, with insufficient fundamental support. Coupled with the resurgence of US tariff pressure, the coking coal futures are expected to fluctuate in the short term [3][28]. 3. Summary by Relevant Catalogs Industry News - In September 2025, China's PPI decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared with the previous month, and remained flat month-on-month. The purchase price of industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared with the previous month, and increased by 0.1% month-on-month [5]. - On October 15, the price of coking coal in Linfen Anze market remained stable, with the ex-factory price of low-sulfur main coking clean coal A9, S0.5, V20, G85 being 1,530 yuan/ton (cash and tax included) [6]. Spot Market - Coke: The current price of Rizhao Port's quasi-first-class wet quenched coke flat price index is 1,520 yuan/ton, unchanged week-on-week, up 3.40% month-on-month, down 10.06% year-on-year, and down 21.65% compared with the same period. The ex-factory price of Qingdao Port's quasi-first-class wet quenched coke is 1,450 yuan/ton, up 0.69% week-on-week, down 0.68% month-on-month, down 10.49% year-on-year, and down 22.46% compared with the same period [7]. - Coking coal: The latest quotation of Mongolian coal at Ganqimaodu Port is 1,260 yuan/ton, down 1.56% week-on-week and month-on-month, up 6.78% year-on-year, and down 18.71% compared with the same period. The price of Australian coking coal at Jingtang Port is 1,530 yuan/ton, up 0.66% week-on-week, down 4.97% month-on-month, up 2.68% year-on-year, and down 17.74% compared with the same period. The price of Shanxi coking coal at Jingtang Port is 1,660 yuan/ton, unchanged week-on-week, down 2.92% month-on-month, up 8.50% year-on-year, and down 14.87% compared with the same period [7]. Futures Market - Coke: The closing price of the main contract was 1,642 yuan/ton, with a daily increase of 0.34%. The highest price was 1,655 yuan/ton, the lowest was 1,616.5 yuan/ton, the trading volume was 20,916 lots, a decrease of 1,933 lots from the previous trading day, and the position volume was 42,861 lots, an increase of 422 lots from the previous trading day [10]. - Coking coal: The closing price of the main contract was 1,151 yuan/ton, with a daily increase of 1.01%. The highest price was 1,164 yuan/ton, the lowest was 1,131.5 yuan/ton, the trading volume was 933,698 lots, a decrease of 34,344 lots from the previous trading day, and the position volume was 601,850 lots, a decrease of 5,180 lots from the previous trading day [10]. Relevant Charts - The report provides multiple charts showing the inventory of coke and coking coal in different regions and enterprises over the years, as well as the production situation of domestic steel mills, the procurement volume of Shanghai terminal wire rods, and the production and operation data of coal washing plants and coking plants [11][15][22]. Market Outlook - The outlook for coke and coking coal is consistent with the core views, expecting short - term fluctuations [28].