瑞达期货焦煤焦炭产业日报-20251217

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On December 17, the JM2605 contract closed at 1062.0, up 0.33%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1320, equivalent to 1100 on the futures market. Fundamentally, the number of customs - cleared vehicles from Mongolia remained high at the end of the year, and the inventory at Ganqimaodu Port had reached 329 tons. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term outlook of weak and volatile movement [2]. - On December 17, the J2601 contract closed at 1530.5, up 1.93%. The spot price had a second - round price cut. Macroscopically, measures would be taken to stabilize the real estate market from both supply and demand sides next year. Fundamentally, the pig iron output decreased by 3.10 tons to 229.20 tons this period, and the coke inventory was moderately weak. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term outlook of weak and volatile movement [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1062.00 yuan/ton, down 5.50 yuan; J main contract closing price was 1530.50 yuan/ton, up 16.00 yuan [2]. - JM futures contract holdings were 708494.00 lots, down 27677.00 lots; J futures contract holdings were 41588.00 lots, down 1248.00 lots [2]. - Net holdings of the top 20 JM contracts were - 49451.00 lots, down 13994.00 lots; net holdings of the top 20 J contracts were 749.00 lots, down 163.00 lots [2]. - JM 5 - 1 month contract spread was 91.50 yuan/ton, down 2.50 yuan; J 5 - 1 month contract spread was 133.00 yuan/ton, down 22.50 yuan [2]. - JM warehouse receipts were 200.00 pieces, unchanged; J warehouse receipts were 2070.00 pieces, unchanged [2]. 3.2 Spot Market - The price of Ganqimaodu Mongolian No. 5 raw coal was 970.00 yuan/ton, up 30.00 yuan; the price of Tangshan Grade I metallurgical coke was 1775.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 160.00 US dollars/wet ton, down 1.50 US dollars; the price of Rizhao Port quasi - Grade I metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of imported prime coking coal from Australia at Jingtang Port was 1490.00 yuan/ton, unchanged; the price of Grade I metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged [2]. - The price of prime coking coal produced in Shanxi at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of quasi - Grade I metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged; J main contract basis was 244.50 yuan/ton, down 16.00 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged; JM main contract basis was 548.00 yuan/ton, up 5.50 yuan [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.30 million tons, down 0.60 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 327.30 million tons, down 5.10 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, down 0.01%; 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 were 12.82 days, down 0.06 days; the weekly available days of coke of 247 sample steel mills were 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 of independent coking plants was 44.00 yuan/ton, up 14.00 yuan; the monthly output of coke was 4170.00 million tons, down 19.60 million tons [2]. 3.5 Downstream Situation - The weekly blast furnace operating 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]. - The monthly output of crude steel was 6987.00 million tons, down 212.70 million tons [2]. 3.6 Industry News - The National Development and Reform Commission stated in an article in Qiushi Journal that it would accelerate the improvement of the system and mechanism for expanding domestic demand and promote the removal of unreasonable restrictions on consumption such as automobiles and housing [2]. - In 2025, many defaulted real - estate enterprises basically completed the task of ensuring the delivery of housing projects, and made progress in debt restructuring. However, they were reluctant to develop a large amount of land acquired at high premiums before 2021 [2]. - French President Macron called on the EU to reshape its relationship with China and emphasized that addressing global economic imbalances would be the core of France's agenda as the G7 chair next year [2].