Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-10 09:26Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On November 10, the coking coal 2601 contract closed at 1265.5, down 1.02%. The spot price of Tangshan Mongolian 5 clean coal was reported at 1460, equivalent to 1240 on the futures market. With the continuous implementation of the "anti-involution" policy, the PPI recorded its first monthly increase since November last year, and the year-on-year decline was the smallest in over a year. Fundamentally, the mine's operating rate has declined for three consecutive weeks due to safety inspections. The inventory is at a moderate level, and the mid - and downstream are replenishing stocks, with the total inventory showing a seasonal upward trend. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a wide - range volatile operation [2]. - On November 10, the coke 2601 contract closed at 1743.5, down 1.19%. The third round of price increases for coke in the spot market has been implemented. Recently, Pingjiang County, Yueyang, Hunan Province, introduced new regulations and became the first county in Hunan to fully implement the ready - to - move housing sales system. Fundamentally, on the demand side, the pig iron output continued its seasonal decline this period, with the pig iron output at 234.22 (-2.14) million tons, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants across the country this period was -22 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a wide - range volatile operation [2]. 3. Summary by Relevant Catalogs Futures Market - JM main contract closing price: 1265.50 yuan/ton, down 4.50 yuan; J main contract closing price: 1743.50 yuan/ton, down 13.00 yuan [2]. - JM futures contract open interest: 956759.00 lots, down 46.00 lots; J futures contract open interest: 48341.00 lots, down 82.00 lots [2]. - Net position of the top 20 coking coal contracts: -78574.00 lots, down 7647.00 lots; Net position of the top 20 coke contracts: -5072.00 lots, down 376.00 lots [2]. - JM 5 - 1 month contract spread: 37.50 yuan/ton, down 9.00 yuan; J 5 - 1 month contract spread: 133.00 yuan/ton, up 3.50 yuan [2]. - Coking coal warehouse receipts: 100.00 sheets, down 300.00 sheets; Coke warehouse receipts: 2070.00 sheets, unchanged [2]. Spot Market - Ganqimao Mongolian 5 raw coal: 1161.00 yuan/ton, unchanged; Tangshan first - grade metallurgical coke: 1830.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 160.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1710.00 yuan/ton, unchanged; Tianjin Port first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1860.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1610.00 yuan/ton, unchanged; J main contract basis: 86.50 yuan/ton, up 13.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1330.00 yuan/ton, unchanged; JM main contract basis: 344.50 yuan/ton, up 4.50 yuan [2]. Upstream Situation - The clean coal output of 314 independent coal washing plants: 27.50 million tons, up 1.00 million tons; The clean coal inventory of 314 independent coal washing plants: 295.00 million tons, up 10.60 million tons [2]. - The capacity utilization rate of 314 independent coal washing plants: 0.38%, up 0.01%; Raw coal output: 41150.50 million tons, up 2100.80 million tons [2]. - Coal and lignite imports: 4173.70 million tons, down 426.30 million tons; The daily average output of raw coal from 523 coking coal mines: 186.30 million tons, down 4.00 million tons [2]. - The inventory of imported coking coal at 16 ports: 527.38 million tons, up 13.49 million tons; The inventory of coke at 18 ports: 262.51 million tons, down 7.39 million tons [2]. National Industry Situation - The total inventory of coking coal of all - sample independent coking enterprises: 1070.02 million tons, up 17.32 million tons; The inventory of coke of all - sample independent coking enterprises: 58.30 million tons, down 1.57 million tons [2]. - The coking coal inventory of 247 steel mills: 787.30 million tons, down 9.02 million tons; The coke inventory of 247 sample steel mills: 626.64 million tons, down 2.41 million tons [2]. - The available days of coking coal of all - sample independent coking enterprises: 12.84 days, down 0.12 days; The available days of coke of 247 sample steel mills: 11.07 days, down 0.50 days [2]. - Coking coal imports: 1092.36 million tons, up 76.14 million tons; Coke and semi - coke exports: 54.00 million tons, down 1.00 million tons [2]. - Coking coal output: 3975.92 million tons, up 279.06 million tons; The capacity utilization rate of independent coking enterprises: 72.31%, down 1.13% [2]. - The profit per ton of coke of independent coking plants: -22.00 yuan/ton, up 10.00 yuan; Coke output: 4255.60 million tons, down 4.10 million tons [2]. National Downstream Situation - The blast furnace operating rate of 247 steel mills: 83.15%, up 1.42%; The blast furnace iron - making capacity utilization rate of 247 steel mills: 87.79%, down 0.80% [2]. - Crude steel output: 7349.01 million tons, down 387.84 million tons [2]. Industry News - In October, China's CPI exceeded market expectations and reached a nine - month high year - on - year due to the rise in non - food prices. The core CPI excluding food and energy prices had the largest year - on - year increase in 20 months. Under the continuous implementation of the "anti - involution" policy, the PPI recorded its first monthly increase since November last year, and the year - on - year decline was the smallest in over a year [2]. - In October, CPI increased by 0.2% year - on - year and 0.2% month - on - month. Food prices increased by 0.3%. Year - on - year, pork prices decreased by 16.0%, affecting the CPI to decrease by about 0.23 percentage points. PPI decreased by 2.1% year - on - year and increased by 0.1% month - on - month [2]. - At the end of 2024, the National Housing and Urban - Rural Construction Work Conference clearly listed "effectively and orderly promoting the ready - to - move housing sales" as one of the key tasks of the Ministry of Housing and Urban - Rural Development in 2025. Recently, Pingjiang County, Yueyang, Hunan Province, introduced new regulations and became the first county in Hunan to fully implement the ready - to - move housing sales system [2]. - Iran's Energy Minister said that due to climate drought and aging water supply facilities, Iran is facing a water shortage problem. Tehran, the capital, will implement night - time water restrictions. Due to damage to some water pipelines in the conflict with Israel in June, the government is controlling leakage by reducing the water pressure in the pipeline network [2].