Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-06 09:05Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 6, the JM2601 contract of coking coal closed at 1290.5, up 2.38%. The spot price of Tangshan Mongolian No.5 coking coal was reported at 1460, equivalent to 1240 on the futures market. The macro - level policy adjusted the tariff on US imports. Fundamentally, the mine's operating rate declined for three consecutive weeks due to safety inspections, with neutral inventory and seasonal increase in total inventory. Technically, the daily K - line is above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range oscillation. [2] - On November 6, the J2601 contract of coke closed at 1776.5, up 2.07%. The third round of price increase for coke in the spot market was implemented. Macro - level data showed that 21 troubled real - estate enterprises in the Chinese mainland had debt restructuring approved or completed. Fundamentally, the molten iron output continued to decline seasonally, and the total coke inventory was higher than the same period. The average profit per ton of coke for 30 independent coking plants was - 32 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range oscillation. [2] 3. Summary by Related Catalogs Futures Market - JM主力合约收盘价为1290.50元/吨，环比上涨22.00元；J主力合约收盘价为1776.50元/吨，环比上涨23.50元。JM期货合约持仓量为984216.00手，环比增加45197.00手；J期货合约持仓量为49120.00手，环比减少135.00手。焦煤前20名合约净持仓为 - 57205.00手，环比增加14755.00手；焦炭前20名合约净持仓为 - 5144.00手，环比增加470.00手。JM5 - 1月合约价差为54.50元/吨，环比下降9.00元；J5 - 1月合约价差为135.50元/吨，环比下降6.50元。焦煤仓单为400.00张，环比减少500.00张；焦炭仓单为2070.00张，环比无变化。[2] Spot Market - 干其毛都蒙5原煤价格为1170.00元/吨，环比上涨5.00元；唐山一级冶金焦价格为1830.00元/吨，环比上涨55.00元。俄罗斯主焦煤远期现货价格为158.50美元/湿吨，环比无变化；日照港准一级冶金焦价格为1620.00元/吨，环比上涨50.00元。京唐港澳大利亚进口主焦煤价格为1710.00元/吨，环比无变化；天津港一级冶金焦价格为1720.00元/吨，环比上涨50.00元。京唐港山西产主焦煤价格为1860.00元/吨，山西晋中灵石中硫主焦价格为1610.00元/吨，环比上涨40.00元；内蒙古乌海产焦煤出厂价为1330.00元/吨，环比无变化。JM主力合约基差为319.50元/吨，环比上涨18.00元；J主力合约基差为53.50元/吨，环比上涨31.50元。[2] Upstream Situation - 314家独立洗煤厂精煤日产量为27.50万吨，环比增加1.00万吨；精煤周库存为295.00万吨，环比增加10.60万吨。产能利用率为0.38%，环比增加0.01%。原煤月产量为41150.50万吨，环比增加2100.80万吨。煤及褐煤月进口量为4600.00万吨，环比增加326.00万吨。523家炼焦煤矿山原煤日均产量为186.30万吨，环比减少4.00万吨。16个港口进口焦煤周库存为513.89万吨，环比增加6.71万吨。[2] Industry Situation - 独立焦企全样本炼焦煤周总库存为1052.70万吨，环比增加23.00万吨；焦炭周库存为59.87万吨，环比增加1.23万吨。全国247家钢厂炼焦煤周库存为796.32万吨，环比增加13.36万吨；焦炭周库存为629.05万吨，环比减少4.11万吨。独立焦企全样本炼焦煤可用天数为12.96天，环比增加0.19天；247家样本钢厂焦炭可用天数为11.57天，环比增加0.50天。炼焦煤月进口量为1092.36万吨，环比增加76.14万吨；焦炭及半焦炭月出口量为54.00万吨，环比减少1.00万吨。炼焦煤月产量为3975.92万吨，环比增加279.06万吨；焦炭月产量为4255.60万吨，环比减少4.10万吨。独立焦企产能利用率为73.44%，环比下降0.03%；独立焦化厂吨焦盈利为 - 32.00元/吨，环比增加9.00元。[2] Downstream Situation - 全国247家钢厂高炉开工率为81.73%，环比下降3.00%；高炉炼铁产能利用率为88.59%，环比下降1.33%。粗钢月产量为7349.01万吨，环比减少387.84万吨。[2] Industry News - 国务院关税税则委员会自2025年11月10日13时01分起，调整对原产于美国的进口商品加征关税措施，一年内继续暂停实施24%的对美加征关税税率，保留10%的对美加征关税税率。郑商所发布动力煤期货2611合约有关事项公告，交易保证金标准为50%，涨跌停板幅度为10%，非期货公司会员或者客户单日开仓交易的最大数量为20手。泰国商业部外贸厅对原产于中国的热轧钢板反倾销案发起反规避调查。瑞典央行维持政策利率在1.75%不变。[2]