瑞达期货焦煤焦炭产业日报-20251210

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - On December 10, the JM2605 contract of coking coal closed at 1070.0, down 1.29%. The short - term market sentiment has weakened. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, showing a weak short - term trend [2]. - On December 10, the J2601 contract of coke closed at 1527.0, up 0.36%. Coking enterprises will implement production restrictions of no less than 30% to ease supply pressure. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, with a weak short - term trend [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1070.00 yuan/ton, down 12.50 yuan; J main contract closing price: 1527.00 yuan/ton, up 13.00 yuan [2]. - JM futures contract open interest: 806157.00 lots, down 3525.00 lots; J futures contract open interest: 47030.00 lots, down 1187.00 lots [2]. - Net position of the top 20 coking coal contracts: - 2820.00 lots, up 86624.00 lots; net position of the top 20 coke contracts: 0.00 lots, up 165.00 lots [2]. - JM5 - 1 contract spread: 107.00 yuan/ton, up 8.50 yuan; J5 - 1 contract spread: 174.00 yuan/ton, up 11.00 yuan [2]. - Coking coal warehouse receipts: 300.00 sheets, unchanged; coke warehouse receipts: 2070.00 sheets, unchanged [2]. 3.2 Spot Market - Ganqimao Du Meng 5 raw coal: 960.00 yuan/ton, down 10.00 yuan; Tangshan first - grade metallurgical coke: 1830.00 yuan/ton, unchanged [2]. - Russian main coking coal forward spot (CFR): 161.50 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported main coking coal: 1430.00 yuan/ton, unchanged; Tianjin Port first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced main coking coal: 1630.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur main coking coal: 1610.00 yuan/ton, unchanged; J main contract basis: 303.00 yuan/ton, down 13.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1350.00 yuan/ton, unchanged; JM main contract basis: 540.00 yuan/ton, up 12.50 yuan [2]. 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 27.90 million tons, up 0.80 million tons; fine coal inventory of 314 independent coal washing plants: 332.40 million tons, up 11.00 million tons [2]. - Capacity utilization rate of 314 independent coal washing plants: 0.38%, up 0.02%; raw coal output: 40675.00 million tons, down 475.50 million tons [2]. - Coal and lignite imports: 4405.30 million tons, up 231.30 million tons; daily average raw coal output of 523 coking coal mines: 190.40 million tons, down 0.90 million tons [2]. - Imported coking coal inventory at 16 ports: 470.60 million tons, up 5.60 million tons; coke inventory at 18 ports: 245.80 million tons, down 1.40 million tons [2]. - Total coking coal inventory of all - sample independent coking enterprises: 1009.20 million tons, down 1.10 million tons; all - sample coke inventory of independent coking enterprises: 76.44 million tons, up 4.68 million tons [2]. - Coking coal inventory of 247 steel mills nationwide: 798.27 million tons, down 3.03 million tons; coke inventory of 247 sample steel mills nationwide: 625.25 million tons, down 0.27 million tons [2]. - Available days of coking coal for all - sample independent coking enterprises: 12.88 days, down 0.13 days; available days of coke for 247 sample steel mills: 11.29 days, unchanged [2]. 3.4 Industry Situation - Coking coal imports: 1059.32 million tons, down 33.04 million tons; coke and semi - coke exports: 73.00 million tons, up 19.00 million tons [2]. - Coking coal output: 4231.51 million tons, up 255.59 million tons; capacity utilization rate of independent coking enterprises: 73.84%, up 0.89% [2]. - Profit per ton of coke for independent coking plants: 30.00 yuan/ton, down 16.00 yuan; coke output: 4189.60 million tons, down 66.00 million tons [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide: 80.14%, down 0.93%; blast furnace iron - making capacity utilization rate of 247 steel mills: 87.06%, down 0.90% [2]. - Crude steel output: 7199.70 million tons, down 149.31 million tons [2]. 3.6 Industry News - In 2025, the number of German corporate bankruptcies increased by 8.3% year - on - year to 23,900, the highest since 2014. The number of bankruptcies in manufacturing and trade increased by over 10%, and the service industry had the most bankruptcies, reaching 14,000, a year - on - year increase of 8.4% [2]. - The "14th Five - Year Plan" suggestions of 8 provinces focus on the home appliance industry, aiming to promote the green and intelligent upgrading of large - scale durable consumer goods such as home appliances [2]. - The current iron ore price is divorced from supply - demand relations. The high price is due to capital games and speculation in the trading process. Accumulated port inventory and weak demand will suppress price increases [2]. 3.7 Key Points to Watch - No relevant information provided.