宝城期货煤焦早报（2025年11月12日）-20251112

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For both the 2601 contract of coking coal and coke, the short - term and medium - term views are "oscillation", the intraday view is "oscillation and weakening", and the reference view is the "oscillation idea". The core logic for coking coal is that there are still differences in supply, leading to a downward adjustment; for coke, it is that the cost support weakens, causing a new round of correction [1]. 3. Summary by Related Catalogs Coking Coal (JM) - Price Information: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1435.0 yuan/ton, with a week - on - week flat [5]. - Market Influence: The National Development and Reform Commission held a video conference on energy supply guarantee for the 2025 - 2026 heating season, which mainly aims to ensure the supply of thermal coal for power generation and has limited impact on coking coal. The supply of coking coal still has differences, and the futures main contract has a new round of correction at the upper edge of the previous oscillation range. Considering the possible supply contraction after coal mines complete their production targets at the end of the year, the negative impact of energy supply guarantee during the heating season on coking coal is expected to be limited [5]. Coke (J) - Price Information: The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1530 yuan/ton, with a week - on - week decline of 2.55% [6]. - Market Influence: The industrial game has intensified this week, and there is certain resistance to the fourth round of price increase for coke spot. The divergence in the supply of coke raw materials still exists. The correction of coking coal at the upper edge of the oscillation range drags down the coke futures trend. The subsequent focus is on the actual supply of coking coal at the end of the year [6].