宝城期货煤焦早报（2025年11月11日）-20251111

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For both coking coal and coke, the short - term and medium - term views are "oscillation", and the intraday view is "oscillation on the strong side", with an overall "oscillation thinking" [1] - The coking coal market is in a state of multi - empty stalemate, with supply - side strong expectations driving it to run at a high level, while downstream demand seasonally weakens [5] - The coke market shows a situation of weak supply and demand in the off - season, with the upward drive mainly coming from the cost side of coking coal [6] 3. Summary by Related Catalogs 3.1 Coking Coal - Price and Viewpoint - The short - term, medium - term view is "oscillation", and the intraday view is "oscillation on the strong side", with an overall "oscillation thinking" [1][5] - Driving Logic - The spot market atmosphere of coking coal is good recently, with more increases and fewer decreases in auctions. The market is in a multi - empty stalemate this week, and the main contract runs in a narrow range [5] - Downstream demand is seasonally weak due to environmental protection and loss pressure, which brings resistance to the upward movement of coking coal futures [5] - Supply - side strong expectations are driven by safety inspections and "anti - involution" disturbances, keeping coking coal futures running at a high level [5] 3.2 Coke - Price and Viewpoint - The short - term, medium - term view is "oscillation", and the intraday view is "oscillation on the strong side", with an overall "oscillation thinking" [1][6] - Driving Logic - As of the week ending November 7, the daily average output of coke decreased week - on - week, and the daily average output of molten iron of steel mills also decreased, with the profitability of steel mills continuing to decline [6] - The inventory of coke in each link of the industrial chain has decreased. The total inventory of the coke industrial chain within the statistical scope decreased by 129,700 tons week - on - week [6] - The market shows a situation of weak supply and demand in the off - season, and the upward drive mainly comes from the cost side of coking coal [6]