多空僵持，煤焦高位震荡：煤焦日报-20251106

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - On November 6, 2025, the coke main contract closed at 1,776.5 yuan/ton, up 2.07% intraday. The position of the main contract was 38,200 lots, with a difference of -248 lots from the previous trading day. The coke supply stabilized while the demand declined, and the fundamentals weakened marginally. After the previous macro - positive factors were realized, the market sentiment cooled down, and the coke futures adjusted at a high level, running within the oscillation range since the end of July [6][34]. - On November 6, 2025, the coking coal main contract closed at 1,290.5 points, up 2.38% intraday. The position of the main contract was 674,603 lots, with a difference of +30,130 lots from the previous trading day. Recently, the supply - demand pattern of coking coal had no obvious change, and the upward driving force mainly came from the emotional support brought by anti - involution and the easing of Sino - US trade relations. As the macro - positive factors were realized, the long - short game in the market intensified, and the coking coal futures ran near the upper edge of the oscillation range. The subsequent focus was on the actual impact of safety supervision and anti - involution on coking coal supply [6][34]. Group 3: Summary According to Related Catalogs 1. Industry News - In October 2025, the bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period of the previous year, the total bond financing of real estate enterprises in October increased significantly, with only 28.97 billion yuan in the same period of the previous year [8]. - On November 6, the online auction price of coking coal in the Lvliang Xiaoyi market increased slightly. The starting price of high - sulfur main coking coal in Xiaoyi was 1,220 yuan/ton, with 25,000 tons listed and all sold. The average transaction price was 1,366 yuan/ton, up 1 yuan/ton compared with November 3 [9]. 2. Spot Market - For coke, the current price of Rizhao Port's quasi - first - class flat - closing coke was 1,620 yuan/ton, with a weekly increase of 3.18%, a monthly increase of 3.18%, an annual decrease of 4.14%, and a year - on - year decrease of 14.29%. The current price of Qingdao Port's quasi - first - class outbound coke was 1,570 yuan/ton, with a weekly increase of 0.64%, a monthly increase of 1.29%, an annual decrease of 3.09%, and a year - on - year decrease of 10.80% [10]. - For coking coal, the current price of Mongolian coking coal at the Ganqimaodu Port was 1,435 yuan/ton, with a weekly increase of 3.24%, a monthly increase of 3.24%, an annual increase of 21.61%, and a year - on - year decrease of 1.03%. The current price of Australian - produced coking coal at Jingtang Port was 1,670 yuan/ton, with a weekly increase of 0.60%, a monthly increase of 0.60%, an annual increase of 12.08%, and a year - on - year decrease of 1.18%. The current price of Shanxi - produced coking coal at Jingtang Port was 1,800 yuan/ton, with a weekly increase of 3.45%, a monthly increase of 3.45%, an annual increase of 17.65%, and a year - on - year increase of 2.27% [10]. 3. Futures Market - The closing price of the coke active contract was 1,776.5 yuan/ton, up 2.07%, with a maximum price of 1,785.0 yuan/ton, a minimum price of 1,746.5 yuan/ton, a trading volume of 18,410 lots, a volume difference of -697 lots, a position of 38,200 lots, and a position difference of -248 lots [13]. - The closing price of the coking coal active contract was 1,290.5 points, up 2.38%, with a maximum price of 1,294.5 points, a minimum price of 1,265.0 points, a trading volume of 915,849 lots, a volume difference of 107,901 lots, a position of 674,603 lots, and a position difference of 30,130 lots [13]. 4. Related Charts - The report presented various charts related to coke and coking coal inventories, including those of 230 independent coking plants, 247 steel - mill coking plants, ports, and total inventories, as well as other charts such as domestic steel - mill production, Shanghai terminal wire - rod procurement, and coking - plant and coal - washing - plant operation conditions [14][27][32] 5. Future Outlook - The analysis of coke and coking coal futures was consistent with the core views, emphasizing the current price, position changes, and the impact of supply - demand and macro - factors on the market, and suggesting to focus on the impact of safety supervision and anti - involution on coking coal supply [34]