Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - On November 13, the closing price of the coking coal 2601 contract was 1214.0, down 0.29%. The spot price of Tangshan Mongolian No. 5 clean coal was 1550, equivalent to 1330 on the futures market. The mine's operating rate has declined for three consecutive weeks due to safety inspections, inventory is neutral, and the total inventory of the middle and lower reaches shows a seasonal upward trend. 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 pay attention to risk control [2]. - On November 13, the closing price of the coke 2601 contract was 1686.0, down 0.30%. The third round of price increases for coke has been implemented. The demand for molten iron continues its seasonal decline, with a molten iron output of 234.22 (-2.14) tons. The total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants nationwide is -22 yuan/ton. The daily K - line is below the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should pay attention to risk control [2]. Summary by Relevant Catalogs Futures Market - The closing price of the JM main contract was 1214.00 yuan/ton, down 5.00; the closing price of the J main contract was 1686.00 yuan/ton, down 3.50. The JM futures contract open interest was 941024.00 lots, up 11489.00; the J futures contract open interest was 48706.00 lots, down 207.00. The net open interest of the top 20 coking coal contracts was -100998.00 lots, up 1324.00; the net open interest of the top 20 coke contracts was -3608.00 lots, up 450.00. The JM5 - 1 monthly contract spread was 47.00 yuan/ton, down 13.50; the J5 - 1 monthly contract spread was 134.00 yuan/ton, down 12.00. The coking coal warehouse receipts were 100.00, down 100.00; the coke warehouse receipts were 2070.00, unchanged [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1100.00 yuan/ton, down 11.00; the price of Tangshan Grade I metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.30 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of Australian imported prime coking coal at Jingtang Port was 1590.00 yuan/ton, down 10.00; the price of Tianjin Port Grade I metallurgical coke was 1720.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal at Jingtang Port was 1860.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1400.00 yuan/ton, up 70.00. The JM main contract basis was 396.00 yuan/ton, up 5.00; the J main contract basis was 144.00 yuan/ton, up 3.50 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.40 million tons, down 0.10; the weekly inventory of clean coal from 314 independent coal washing plants was 300.80 million tons, up 5.80. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged. The monthly raw coal output was 41150.50 million tons, up 2100.80. 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 192.00, up 5.60. The weekly inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the weekly inventory of coke at 18 ports was 262.51 million tons, down 7.39. The weekly total inventory of coking coal in the full - sample of independent coking enterprises was 1070.02 million tons, up 17.32; the weekly inventory of coking coal in 247 steel mills nationwide was 787.30 million tons, down 9.02. The weekly inventory of coke in the full - sample of independent coking enterprises was 58.30 million tons, down 1.57; the weekly inventory of coke in 247 sample steel mills was 626.64 million tons, down 2.41. The weekly available days of coking coal in the full - sample of independent coking enterprises was 12.84 days, down 0.12; the weekly available days of coke in 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. 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. The weekly profit per ton of coke in 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. The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. Industry News - Mysteel predicts that the Simandou project will gradually release its production capacity during the 14th Five - Year Plan period. Conservatively estimated, the combined output of the north and south blocks will reach 20 million tons in 2026 [2]. - China Securities Regulatory Commission Vice - Chairman Li Ming stated to continuously improve the market ecosystem for long - term investment, promote the implementation of the plan to encourage medium - and long - term funds to enter the market, and expand the scale and proportion of equity investments of social security, insurance, and annuities. Strengthen strategic reserve and market - stabilizing mechanism construction to enhance the internal stability of the capital market and prevent large fluctuations [2]. - The China Photovoltaic Industry Association is working on industry self - discipline and "anti - involution" under the guidance of relevant ministries, believing that the work will succeed. It will fight against malicious short - selling and rumor - spreading in the photovoltaic industry [2].
瑞达期货焦煤焦炭产业日报-20251113
Rui Da Qi Huo·2025-11-13 09:34