Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-11 09:11Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On November 11, the JM2601 contract closed at 1213.0, down 3.81%. The spot price of Tangshan Mongolian No.5 coking coal was 1460, equivalent to 1240 on the futures market. The macro - level saw the release of a guidance on promoting new energy consumption and regulation. The mine's operating rate has declined for 3 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 between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. - On November 11, the J2601 contract closed at 1685.0, down 3.60%. The third round of coke price increase has been implemented in the spot market. The macro - level involved a video conference on energy supply during the 2025 - 2026 heating season. The demand side saw a seasonal decline in molten iron production, with the molten iron output at 234.22 (-2.14) million tons. The total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants was -22 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. Group 3: Summary by Relevant Catalogs Futures Market - JM main contract closing price was 1213.00 yuan/ton, down 52.50; J main contract closing price was 1685.00 yuan/ton, down 58.50 [2]. - JM futures contract open interest was 968584.00 lots, up 11825.00; J futures contract open interest was 49588.00 lots, up 1247.00 [2]. - Net position of the top 20 JM contracts was -108748.00 lots, down 30174.00; net position of the top 20 J contracts was -4283.00 lots, up 789.00 [2]. - JM 5 - 1 month contract spread was 59.00 yuan/ton, up 21.50; J 5 - 1 month contract spread was 146.00 yuan/ton, up 13.00 [2]. - JM warehouse receipts were 200.00 sheets, unchanged; J warehouse receipts were 2070.00 sheets, unchanged [2]. Spot Market - Dry Qimantage Mongolian No.5 raw coal price was 1145.00 yuan/ton, down 16.00; Tangshan first - grade metallurgical coke price was 1830.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot price (CFR) was 160.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke price was 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal price was 1640.00 yuan/ton, down 70.00; Tianjin Port first - grade metallurgical coke price was 1720.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal price was 1860.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke price was 1620.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1610.00 yuan/ton, unchanged; J main contract basis was 145.00 yuan/ton, up 58.50 [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1330.00 yuan/ton, unchanged; JM main contract basis was 397.00 yuan/ton, up 52.50 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 1.00; the weekly inventory of clean coal from 314 independent coal washing plants was 295.00 million tons, up 10.60 [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01; the monthly raw coal output was 41150.50 million tons, up 2100.80 [2]. - The monthly import volume of coal and lignite was 4173.70 million tons, down 426.30; the daily average output of raw coal from 523 coking coal mines was 186.30, down 4.00 [2]. - The weekly inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the weekly inventory of coking coal at all - sample independent coking enterprises was 1070.02 million tons, up 17.32 [2]. - The weekly inventory of coke at 18 ports was 262.51 million tons, down 7.39; the weekly inventory of coke at all - sample independent coking enterprises was 58.30 million tons, down 1.57 [2]. - The weekly inventory of coking coal at 247 steel mills nationwide was 787.30 million tons, down 9.02; the weekly inventory of coke at 247 sample steel mills was 626.64 million tons, down 2.41 [2]. - The weekly available days of coking coal at all - sample independent coking enterprises was 12.84 days, down 0.12; the weekly available days of coke at 247 sample steel mills was 11.07 days, down 0.50 [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 [2]. - The monthly output of coking coal was 3975.92 million tons, up 279.06; the weekly capacity utilization rate of independent coking enterprises was 72.31%, down 1.13 [2]. - The weekly profit per ton of coke at independent coking plants was -22.00 yuan/ton, up 10.00; the monthly output of coke was 4255.60 million tons, down 4.10 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80 [2]. - The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. Industry News - There is a surge in low - price "bank - direct - supply houses", with some property prices 25% lower than the market price. Banks are accelerating property disposal to improve debt recovery rates [2]. - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. By 2030, new electricity demand will be mainly met by new new - energy power generation [2]. - The National Development and Reform Commission held a video conference on energy supply during the 2025 - 2026 heating season, requiring stable energy production and supply, strengthened coal production organization and transportation support [2].