宝城期货煤焦早报（2025年10月23日）-20251023

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Report Core View - The overall view for both coking coal and coke is a sideways trading approach. Coking coal shows a slight upward trend in the short - term, while coke is slightly stronger in the intraday period, and both are expected to move in a range in the short and medium - term [1][5][6]. 3. Summary by Variety Coking Coal (JM) - Price and Market: The latest quotation of Mongolian coking coal at the Ganqimao Port is 1300.0 yuan/ton, with a week - on - week increase of 3.17%. In the domestic market, the coking coal auction in Linfen, Shanxi yesterday mostly saw price increases, with a good atmosphere [5]. - Market Outlook: In the short - term, it is expected to rise; in the medium - term, it will be in a sideways trend. The overall view is a sideways trading approach. Although the fundamental support for coking coal is insufficient at present, recent weather in major production areas and anti - involution factors have caused the coking coal futures main contract to maintain a range - bound operation [1][5]. Coke (J) - Price and Market: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, with a week - on - week flat. The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1450 yuan/ton, also with a week - on - week flat. Some domestic coke enterprises initiated a second price increase last week, but due to the recent shrinkage of steel mill profits, the price increase has not been implemented yet, and the upstream and downstream of the industrial chain continue to be in a game state [6]. - Market Outlook: In the intraday period, it is expected to be slightly stronger; in the medium - term, it will be in a sideways trend. The overall view is a sideways trading approach. Recently, both supply and demand of coke have decreased, with a more obvious reduction on the supply side and an overall decline in inventory. The fundamentals are relatively neutral, and there is no obvious positive news from the policy side, driving the coke main contract to maintain a range - bound operation [1][6].