宝城期货煤焦早报（2025年12月17日）-20251217

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term and medium - term views of both coking coal and coke are "oscillation", and the intraday views are "oscillation on the strong side", with an overall "oscillation thinking" [1] Group 3: Summary by Variety Coking Coal (JM) - Price: The latest quotation of Mongolian coking coal at Ganqimaodu Port is 1125.0 yuan/ton, with a week - on - week decrease of 3.0% [5] - Supply and Demand: Recent coking coal production has slightly decreased, while imported Mongolian coal has increased significantly. The supply - side support is limited, and downstream coke production has weakened, with no obvious improvement in the fundamentals [5] - Market Performance: As the market trades on supply - side pressure, the long - short game in the coking coal futures has increased recently, and the price has started to oscillate at a low level [5] Coke (J) - Price: The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1570 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1430 yuan/ton, with a week - on - week decrease of 0.69% [6] - Supply and Demand: Recently, both supply and demand of coke have decreased, and the reduction on the demand side is more obvious, with relatively weak fundamentals [6] - Market Performance: In December, domestic high - level meetings have not released direct benefits for coke. The market maintains the fundamental logic. Affected by double pressure from the cost and demand sides, the coke futures will oscillate at a low level in the short term [6]