Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-04 08:53Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - On December 4, the JM2605 contract of coking coal closed at 1184.0, up 1.94%. The spot price of Tangshan Meng 5 coking coal was 1390, equivalent to 1170 on the futures market. Coking coal is in a bottom - oscillating state with short - term multi - and short - side fluctuations. Technically, the daily K - line is below the 20 - and 60 - day moving averages, and the short - term trend is oscillating [2]. - On December 4, the J2601 contract of coke closed at 1651.5, up 1.69%. The first - round price cut of coke in the spot market has been implemented. The demand for coke has decreased with the iron - making output down by 1.60 million tons this period, and the total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants is 46 yuan/ton. Technically, the daily K - line is below the 20 - and 60 - day moving averages, and the short - term trend is oscillating [2]. 3) Summary by Related Catalogs Futures Market - JM主力合约收盘价（日，元/吨） was 1091.50, up 21.00; J主力合约收盘价（日，元/吨） was 1651.50, up 27.00. JM期货合约持仓量（日，手） was 833449.00, down 14909.00; J期货合约持仓量（日，手） was 45213.00, down 1315.00. The net position of the top 20 contracts of coking coal was - 79594.00, up 17706.00; that of coke was - 387.00, down 670.00 [2]. - JM5 - 1月合约价差（日，元/吨） was 92.50, down 1.50; J5 - 1月合约价差（日，元/吨） was 131.00, up 4.00. The coking coal warehouse receipt was 0.00, down 600.00; the coke warehouse receipt was 2070.00, unchanged [2]. Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1015.00, up 15.00; the price of Tangshan Grade 1 metallurgical coke was 1830.00, unchanged. The price of Russian main coking coal forward spot (CFR, USD/wet ton) was 162.00, unchanged; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1620.00, unchanged [2]. - The price of Australian imported main coking coal at Jingtang Port was 1510.00, unchanged; the price of Tianjin Port Grade 1 metallurgical coke was 1720.00, unchanged. The price of Shanxi - produced main coking coal at Jingtang Port was 1630.00, down 40.00; the price of Tianjin Port quasi - Grade 1 metallurgical coke was 1620.00, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 1610.00, unchanged. The J主力合约基差 （日，元/吨） was 178.50, down 27.00; the JM主力合约基差（日，元/吨） was 518.50, down 21.00 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.10 million tons, up 0.50; the weekly inventory of clean coal from 314 independent coal washing plants was 321.40 million tons, up 16.10. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly output of raw coal was 40675.00 million tons, down 475.50 [2]. - The monthly import volume of coal and lignite was 4174.00 million tons, down 426.00; the daily average output of raw coal from 523 coking coal mines was 190.40 million tons, down 0.90. The weekly inventory of imported coking coal at 16 ports was 465.00 million tons, up 8.10; the weekly inventory of coke at 18 ports was 247.20 million tons, down 6.20 [2]. - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1010.30 million tons, down 27.89; the weekly inventory of coke of all - sample independent coking enterprises was 71.76 million tons, up 6.47. The weekly inventory of coking coal of 247 steel mills nationwide was 801.30 million tons, up 4.22; the weekly inventory of coke of 247 sample steel mills was 625.52 million tons, up 3.18 [2]. - The weekly available days of coking coal of all - sample independent coking enterprises was 13.01 days, up 0.04; the weekly available days of coke of 247 sample steel mills was 11.29 days, up 0.24 [2]. Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00. The monthly output of coking coal was 4231.51 million tons, up 255.59; the weekly capacity utilization rate of independent coking enterprises was 72.95%, up 1.24 [2]. - The weekly profit per ton of coke in independent coking plants was 46.00 yuan/ton, up 27.00. The monthly output of coke was 4189.60 million tons, down 66.00 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 81.07%, down 1.10; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.96%, down 0.60. The monthly output of crude steel was 7199.70 million tons, down 149.31 [2]. Industry News - Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic cycle. The OECD predicts that the inflation rate of G20 economies will gradually fall from 3.4% in 2025 to 2.5% in 2027, and the public debt ratio of OECD economies is expected to reach 113% in 2027 [2]. - The EU will completely ban the import of Russian natural gas from the autumn of 2027. From January to November, the trade - in of consumer goods drove the sales of related goods to exceed 2.5 trillion yuan, benefiting over 360 million people. Among them, over 11.2 million cars and over 128.44 million household appliances were traded in [2].