瑞达期货焦煤焦炭产业日报-20251028

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 28, the JM2601 contract of coking coal closed at 1242.0, down 0.76%. The spot price of Tangshan Mongolian No.5 clean coal was reported at 1460, equivalent to 1240 on the futures market. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors are advised to control risks [2]. - On October 28, the J2601 contract of coke closed at 1747.5, down 0.96%. The second - round price increase of coke has been implemented. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It is driven by cost and should be treated as a wide - range oscillation, and investors are advised to control risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1242.00 yuan/ton, down 21.50 yuan; the closing price of the J main contract was 1747.50 yuan/ton, down 32.00 yuan [2]. - The JM futures contract position was 911,218.00 lots, down 16,022.00 lots; the J futures contract position was 49,303.00 lots, down 710.00 lots [2]. - The net position of the top 20 coking coal contracts was - 63,323.00 lots, up 1,548.00 lots; the net position of the top 20 coke contracts was - 4,432.00 lots, up 44.00 lots [2]. - The JM5 - 1 monthly contract spread was 65.50 yuan/ton, up 3.00 yuan; the J5 - 1 monthly contract spread was 129.50 yuan/ton, down 1.00 yuan [2]. - The coking coal warehouse receipts were 0.00, down 100.00; the coke warehouse receipts were 2,070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Mongolian No.5 raw coal was 1,135.00 yuan/ton, up 5.00 yuan; the price of Tangshan Grade - 1 metallurgical coke was 1,775.00 yuan/ton, up 55.00 yuan [2]. - The price of Russian prime coking coal forward spot (CFR) was 157.50 US dollars/wet ton, up 2.50 US dollars; the price of Rizhao Port quasi - Grade - 1 metallurgical coke was 1,570.00 yuan/ton, up 50.00 yuan [2]. - The price of Australian imported prime coking coal at Jingtang Port was 1,700.00 yuan/ton, unchanged; the price of Shanxi - produced prime coking coal at Jingtang Port was 1,760.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1,520.00 yuan/ton, up 70.00 yuan; the price of Inner Mongolia Wuhai - produced coking coal ex - factory was 1,280.00 yuan/ton, unchanged [2]. - The basis of the JM main contract was 278.00 yuan/ton, up 91.50 yuan; the basis of the J main contract was 27.50 yuan/ton, up 87.00 yuan [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 26.70 million tons, up 0.60 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 289.60 million tons, down 0.80 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, up 0.01%; the monthly raw coal output was 41,150.50 million tons, up 2,100.80 million tons [2]. - The monthly import volume of coal and lignite was 4,600.00 million tons, up 326.00 million tons; the daily average output of raw coal from 523 coking coal mines was 191.00 thousand tons, down 5.10 thousand tons [2]. - The weekly inventory of imported coking coal at 16 ports was 507.18 million tons, up 19.02 million tons; the weekly inventory of coke at 18 ports was 260.79 million tons, up 8.14 million tons [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1,029.70 million tons, up 32.33 million tons; the weekly inventory of coke of all - sample independent coking enterprises was 58.64 million tons, up 1.35 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 782.96 million tons, down 5.36 million tons; the weekly inventory of coke of 247 sample steel mills was 633.16 million tons, down 6.28 million tons [2]. - The weekly available days of coking coal of all - sample independent coking enterprises was 12.77 days, down 0.13 days; the weekly available days of coke of 247 sample steel mills was 11.07 days, down 0.12 days [2]. 3.4 Industry Situation - The monthly import volume of coking coal was 1,092.36 million tons, up 76.14 million tons; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 million tons [2]. - The monthly output of coking coal was 3,696.86 million tons, down 392.52 million tons; the weekly capacity utilization rate of independent coking enterprises was 73.47%, down 0.77% [2]. - The weekly profit per ton of coke of independent coking plants was - 41.00 yuan/ton, down 28.00 yuan/ton; the monthly output of coke was 4,255.60 million tons, down 4.10 million tons [2]. 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 84.73%, up 0.48%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 89.92%, down 0.39% [2]. - The monthly output of crude steel was 7,349.01 million tons, down 387.84 million tons [2]. 3.6 Industry News - The second - round price increase of coke has been fully implemented. The mainstream steel mills in Shandong and Hebei have issued letters to increase the coke purchase price, with a wet - quenching increase of 50 yuan/ton and a dry - quenching increase of 55 yuan/ton, effective from 0:00 on October 27 [2]. - The latest forecast of the International Monetary Fund (IMF) shows that the US government debt - to - GDP ratio will reach 143.4% by 2030, exceeding that of Italy and Greece for the first time this century [2]. - On October 27, Premier Li Qiang of the State Council attended the Fifth Leaders' Meeting of the Regional Comprehensive Economic Partnership Agreement in Kuala Lumpur, Malaysia. The parties to the agreement should cooperate more closely to jointly address challenges [2]. - US President Trump said that Russian President Putin should end the war in Ukraine instead of testing nuclear missiles, and added that the US has deployed a nuclear - powered submarine near the Russian coast [2]. - On October 25, the Datong - Qinhuangdao Railway, the major "west - to - east coal transportation" artery in China, completed its autumn maintenance, laying a foundation for coal supply during the coming winter and spring [2].