瑞达期货焦煤焦炭产业日报-20251202

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - On December 2nd, the JM2601 contract of coking coal closed at 1096.5, up 1.86%. After continuous price drops, coking coal and coke saw a technical rebound, driven by basis convergence and improved macro - expectations. Fundamentally, the mine capacity utilization rate declined this period, the refined coal inventory of mines and coal washing plants increased for 4 consecutive weeks, the total inventory was neutral, and the mid - downstream inventory showed a seasonal upward trend. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term oscillating trend [2]. - On December 2nd, the J2601 contract of coke closed at 1629.5, up 2.45%. The first round of coke price cut was implemented. Fundamentally, the demand side had a hot metal output of 234.68 (-1.60) tons this period, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke of 30 independent coking plants was 46 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term oscillating trend [2]. 3. Summary by Directory 3.1 Futures Market - JM主力合约收盘价为1096.50元/吨，环比上涨3.50元；J主力合约收盘价为1629.50元/吨，环比上涨10.00元 [2]. - JM期货合约持仓量为842409.00手，环比减少9636.00手；J期货合约持仓量为47283.00手，环比减少1696.00手 [2]. - 焦煤前20名合约净持仓为 - 110919.00手，环比减少8149.00手；焦炭前20名合约净持仓为346.00手，环比增加444.00手 [2]. - JM5 - 1月合约价差为83.00元/吨，环比减少7.00元；J5 - 1月合约价差为135.00元/吨，环比减少15.50元 [2]. - 焦煤仓单为600.00张，无环比变化；焦炭仓单为2070.00张，无环比变化 [2]. 3.2 Spot Market - 干其毛都蒙5原煤价格为1000.00元/吨，环比上涨26.00元；唐山一级冶金焦价格为1830.00元/吨，环比下降55.00元 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为162.00美元/湿吨，无环比变化；日照港准一级冶金焦价格为1620.00元/吨，环比下降50.00元 [2]. - 京唐港澳大利亚进口主焦煤价格为1510.00元/吨，无环比变化；天津港一级冶金焦价格为1720.00元/吨，环比下降50.00元 [2]. - 京唐港山西产主焦煤价格为1670.00元/吨，无环比变化；天津港准一级冶金焦价格为1620.00元/吨，环比下降50.00元 [2]. - 山西晋中灵石中硫主焦价格为1610.00元/吨，无环比变化；J主力合约基差为200.50元/吨，环比下降65.00元 [2]. - 内蒙古乌海产焦煤出厂价为1350.00元/吨，无环比变化；JM主力合约基差为513.50元/吨，环比下降3.50元 [2]. 3.3 Upstream Situation - 314家独立洗煤厂精煤产量为26.60万吨，环比减少1.00万吨；314家独立洗煤厂精煤库存为305.30万吨，环比增加2.50万吨 [2]. - 314家独立洗煤厂产能利用率为0.36%，环比下降0.01%；原煤产量为40675.00万吨，环比减少475.50万吨 [2]. - 煤及褐煤进口量为4174.00万吨，环比减少426.00万吨；523家炼焦煤矿山原煤日均产量为191.30万吨，环比减少2.10万吨 [2]. - 16个港口进口焦煤库存为465.00万吨，环比增加8.10万吨；焦炭18个港口库存为247.20万吨，环比减少6.20万吨 [2]. - 独立焦企全样本炼焦煤总库存为1010.30万吨，环比减少27.89万吨；全国247家钢厂炼焦煤库存为801.30万吨，环比减少 [2]. - 独立焦企全样本炼焦煤可用天数为13.01天，环比增加0.04天；247家样本钢厂焦炭可用天数为11.29天，环比增加0.24天 [2]. 3.4 Industry Situation - 炼焦煤进口量为1059.32万吨，环比减少33.04万吨；焦炭及半焦炭出口量为73.00万吨，环比增加19.00万吨 [2]. - 炼焦煤产量为4231.51万吨，环比增加255.59万吨；独立焦企产能利用率为72.95%，环比增加1.24% [2]. - 独立焦化厂吨焦盈利情况为46.00元/吨，环比增加27.00元 [2]. - 焦炭产量为4189.60万吨，环比减少66.00万吨 [2]. - 全国247家钢厂高炉开工率为81.07%，环比下降1.10%；247家钢厂高炉炼铁产能利用率为87.96%，环比下降0.60% [2]. 3.5 Downstream Situation - 粗钢产量为7199.70万吨，环比减少149.31万吨 [2]. - On December 1st, leading steel mills in Hebei and Shandong lowered the purchase price of coke, with a 50 - yuan/ton reduction for wet - quenched coke and a 55 - yuan/ton reduction for dry - quenched coke [2]. - The US ISM manufacturing PMI index in November decreased by 0.5 points to 48.2, remaining below the 50 boom - bust line for nine consecutive months, marking the largest contraction in four months [2]. - Jiang Wei, Deputy Secretary of the Party Committee, Vice - President and Secretary - General of the China Iron and Steel Association, stated that the total steel demand has entered a downward phase, and the cost pressure is extremely high. The steel industry in China and Hebei should focus on high - end, green, intelligent and integrated development [2]. - The "14th Five - Year Plan" proposal in Liaoning was released, which mentioned strengthening the clean and efficient use of fossil energy, actively promoting the transformation and upgrading of coal - fired power plants and the replacement of scattered coal, and promoting the peak of coal and oil consumption [2].