瑞达期货焦煤焦炭产业日报-20251216

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 16, the JM2605 contract of coking coal closed at 1067.5, up 1.33%. After continuous decline, coking coal saw a technical rebound. In the short - term, it is expected to run weakly with fluctuations. [2] - On December 16, the J2601 contract of coke closed at 1514.5, up 1.34%. The spot price had a second - round reduction. In the short - term, it is expected to run weakly with fluctuations. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1067.50 yuan/ton, up 6.50 yuan; J main contract closing price was 1514.50 yuan/ton, up 11.00 yuan. [2] - JM futures contract holding volume was 736419.00 lots, down 2212.00 lots; J futures contract holding volume was 42837.00 lots, down 1615.00 lots. [2] - Net holding volume of the top 20 coking coal contracts was - 35457.00 lots, up 3194.00 lots; net holding volume of the top 20 coke contracts was 912.00 lots, up 817.00 lots. [2] - JM 5 - 1 month contract spread was 94.00 yuan/ton, down 1.50 yuan; J 5 - 1 month contract spread was 155.50 yuan/ton, down 12.00 yuan. [2] - Coking coal warehouse receipts were 200.00 sheets, down 100.00 sheets; coke warehouse receipts were 2070.00 sheets, unchanged. [2] - JM main contract basis was 542.50 yuan/ton, down 6.50 yuan; J main contract basis was 260.50 yuan/ton, down 11.00 yuan. [2] 3.2 Spot Market - Ganqimaodu Mongolian No. 5 raw coal price was 940.00 yuan/ton, up 10.00 yuan; Tangshan Grade - 1 metallurgical coke price was 1775.00 yuan/ton, unchanged. [2] - Russian prime coking coal forward spot price was 161.50 US dollars/wet ton, unchanged; Rizhao Port quasi - Grade - 1 metallurgical coke price was 1570.00 yuan/ton, unchanged. [2] - Jingtang Port Australian imported prime coking coal price was 1490.00 yuan/ton, up 80.00 yuan; Tianjin Port Grade - 1 metallurgical coke price was 1670.00 yuan/ton, unchanged. [2] - Jingtang Port Shanxi - produced prime coking coal price was 1630.00 yuan/ton, unchanged; Tianjin Port quasi - Grade - 1 metallurgical coke price was 1570.00 yuan/ton, unchanged. [2] - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1610.00 yuan/ton, unchanged. [2] - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1350.00 yuan/ton, unchanged. [2] 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.90 million tons, up 0.80 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 332.40 million tons, up 11.00 million tons. [2] - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.02%; the monthly raw coal output was 42679.00 million tons, up 2004.00 million tons. [2] - The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30 million tons; the daily average output of raw coal from 523 coking coal mines was 189.80 million tons, down 0.60 million tons. [2] - The weekly inventory of imported coking coal at 16 ports was 481.60 million tons, up 11.00 million tons; the weekly inventory of coke at 18 ports was 248.60 million tons, up 2.80 million tons. [2] - The weekly total inventory of coking coal of all - sample independent coking enterprises was 1037.30 million tons, up 28.10 million tons; the weekly inventory of coke of all - sample independent coking enterprises was 87.32 million tons, up 10.88 million tons. [2] - The weekly inventory of coking coal of 247 steel mills nationwide was 794.65 million tons, down 3.62 million tons; the weekly inventory of coke of 247 sample steel mills was 635.28 million tons, up 10.03 million tons. [2] - The weekly available days of coking coal of all - sample independent coking enterprises was 12.82 days, down 0.06 days; the weekly available days of coke of 247 sample steel mills was 11.66 days, up 0.37 days. [2] 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04 million tons; the monthly export volume of coke and semi - coke was 0.00 million tons, down 73.00 million tons. [2] - The monthly output of coking coal was 4231.51 million tons, up 255.59 million tons; the weekly capacity utilization rate of independent coking enterprises was 73.16%, down 0.68%. [2] - The weekly profit per ton of coke in independent coking plants was 44.00 yuan/ton, up 14.00 yuan/ton. [2] - The monthly output of coke was 4170.00 million tons, down 19.60 million tons. [2] - The weekly blast furnace operation rate of 247 steel mills nationwide was 78.61%, down 1.53%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 85.90%, down 1.16%. [2] 3.5 Downstream Situation - The monthly output of crude steel was 6987.00 million tons, down 212.70 million tons. The steel market is facing a situation of weak supply and demand. It is expected that the price in January will first decline and then stabilize with a slight downward shift in the center of gravity. [2] - From January to November, infrastructure investment decreased by 1.1% year - on - year; manufacturing investment increased by 1.9%; real estate development investment decreased by 15.9%, and the sales area of newly built commercial housing decreased by 7.8%. [2] 3.6 Industry News - On December 12, the Ministry of Commerce and the General Administration of Customs jointly announced to include some steel products in the scope of export license management. In the short - term, it will bring challenges such as slower export rhythm and increased compliance costs, but in the long - term, it will optimize the export structure and support the green and low - carbon transformation of the steel industry. [2]