多空交织，煤焦区间震荡：煤焦日报-20251028

Group 1: Report Information - Report Date: October 28, 2025 [4] - Report Type: Coal and Coke Daily Report [4] - Title: "Mixed Signals, Coal and Coke Trading in a Range" [4] Group 2: Core Views - Coke: On October 28, the coke main contract closed at 1,747.5 yuan/ton, with an intraday decline of 0.96%. The closing position was 39,733 lots, a decrease of 755 lots from the previous trading day. In the spot market, the latest quoted price of quasi - first - grade wet - quenched coke at Rizhao Port was 1,570 yuan/ton, up 3.29% week - on - week; at Qingdao Port, it was 1,530 yuan/ton, up 2.68% week - on - week. Currently, there is intense upstream - downstream gaming in the coke market, with insufficient fundamental support. The relative positives are cost support from coking coal and sentiment support from improved domestic and international macro conditions [5][30] - Coking Coal: On October 28, the coking coal main contract closed at 1,242 points, down 0.76% intraday. The closing position was 650,364 lots, a decrease of 17,467 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at the Ganqimaodu Port was 1,340 yuan/ton, up 2.29% week - on - week. Overall, there are no significant short - term changes in the coking coal fundamentals. Strong expectations support the coking coal main contract to trade in a range. Future attention should be paid to the results of Sino - US trade measures and supply changes in major production areas [5][30] Group 3: Industry News - Real Estate Transaction Data: From October 20th to October 26th, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 1.6926 million square meters, a 3.3% increase month - on - month and a 25.2% decrease year - on - year. The total transaction (signing) area of second - hand housing in these 10 cities was 2.2564 million square meters, a 3.3% increase month - on - month and a 15.8% decrease year - on - year [7] - Coking Coal Price in Linfen Anze: On October 28, the coking coal price in the Linfen Anze market remained stable. The ex - factory price of low - sulfur primary coking coal with A9, S0.5, V20, G85 was 1,600 yuan/ton (cash and tax included) [8] Group 4: Spot Market | Variety | Current Price | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Year - on - Year Comparison | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (Flat - Price) | 1,570 yuan/ton | +3.29% | +6.80% | -7.10% | -16.93% | | Qingdao Port Quasi - First - Grade Coke (Ex - Warehouse) | 1,530 yuan/ton | +2.68% | +4.79% | -5.56% | -15.93% | | Ganqimaodu Port Mongolian Coking Coal | 1,340 yuan/ton | +2.29% | +4.69% | +13.56% | -9.46% | | Jingtang Port Australian - Produced Coking Coal | 1,640 yuan/ton | 0.00% | +1.86% | +10.07% | -5.75% | | Jingtang Port Shanxi - Produced Coking Coal | 1,740 yuan/ton | 0.00% | +1.75% | +13.73% | -2.25% | [9] Group 5: Futures Market | Futures | Active Contract | Closing Price | Price Change | High | Low | Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,747.5 yuan/ton | -0.96% | 1,786.5 yuan/ton | 1,740.0 yuan/ton | 17,044 lots | -3,423 lots | 39,733 lots | -755 lots | | Coking Coal | | 1,242.0 yuan/ton | -0.76% | 1,272.0 yuan/ton | 1,239.5 yuan/ton | 848,493 lots | -128,259 lots | 650,364 lots | -17,467 lots | [12] Group 6: Related Charts - Coke Inventory: Includes charts of 230 independent coking plants' coke inventory, 247 steel mills' coking plants' coke inventory, port coke total inventory, and total coke inventory [13][14][15][16] - Coking Coal Inventory: Covers charts of mine - mouth coking coal inventory, port coking coal inventory, 247 sample steel mills' coking coal inventory, and all - sample independent coking plants' coking coal inventory [17][20][22][27] - Other Charts: Include domestic steel mills' production situation, Shanghai terminal wire rod procurement volume, coal washing plant production situation, and coking plant operation situation [24][25][28][29] Group 7: Market Outlook - Coke: Same as the core view, with short - term intense upstream - downstream gaming, insufficient fundamental support, and relative positives from cost and macro sentiment [5][30] - Coking Coal: Short - term fundamentals show no significant changes, with strong expectations supporting range - bound trading. Future focus is on Sino - US trade measures and supply in major production areas [5][30]