煤焦日报：多空交织，煤焦低位震荡-20251223

Group 1: Report's Industry Investment Rating - No information available Group 2: Core Views of the Report - On December 23, the coke main contract closed at 1,741 yuan/ton, with an intraday increase of 0.26%. The position of the main contract was 29,300 lots, with a difference of +775 lots from the previous trading day. The spot market prices of Rizhao Port's quasi - first - grade wet - quenched coke decreased by 3.18% week - on - week, while Qingdao Port's remained flat. The coke supply - demand pattern has not improved significantly, but the downstream winter storage and restocking expectations and anti - involution expectations have driven the coke futures to stop falling and rebound. Attention should be paid to the subsequent restocking rhythm of steel mills [5][31]. - On December 23, the coking coal main contract closed at 1,125.5 points, with an intraday increase of 1.90%. The position of the main contract was 509,200 lots, with a difference of +8,361 lots from the previous trading day. The spot price of Mongolian coal at Ganqimaodu Port remained flat week - on - week, with the futures warehouse receipt cost approximately 1,116 yuan/ton. The pressure on the coking coal supply side has been released stage by stage. With the resurgence of downstream winter storage and restocking expectations and anti - involution expectations, market sentiment has turned from weak to strong, and the coking coal main contract has rebounded from a low level. The downstream restocking rhythm can be focused on in the near future [5][31]. Group 3: Summary by Relevant Catalogs 1. Industry News - The Ministry of Transport expects to complete over 3.6 trillion yuan in transportation fixed - asset investment this year. New high - speed railways will exceed 2,000 kilometers, highways will be about 8,000 kilometers, high - grade waterways will be about 900 kilometers, and 5 new civil transport airports will be certified. Cross - regional passenger flow will exceed 66 billion person - times, and the volume of commercial freight will exceed 58 billion tons, with a year - on - year increase of about 3.5%. Port foreign - trade container throughput will increase by about 9.6%, international air freight will increase by 20%, and express delivery volume will increase by about 13.5% [7]. - On December 23, the price of coking coal in Linfen Anze market remained stable, with the ex - factory price of low - sulfur main coking clean coal (A9, S0.5, V20, G85) being 1,600 yuan/ton (cash and tax included) [8]. 2. Spot Market - Coke: Rizhao Port's quasi - first - grade wet - quenched coke flat - price index was 1,520 yuan/ton, a week - on - week decrease of 3.18%, a month - on - month decrease of 8.98%, a year - on - year decrease of 10.06%, and a decrease of 12.64% compared to the same period. Qingdao Port's quasi - first - grade wet - quenched coke ex - warehouse price was 1,480 yuan/ton, remaining flat week - on - week, with a month - on - month increase of 2.07%, a year - on - year decrease of 8.64%, and a decrease of 8.64% compared to the same period [9]. - Coking Coal: The price of Mongolian coal at Ganqimaodu Port was 1,140 yuan/ton, remaining flat week - on - week, with a month - on - month decrease of 10.94%, a year - on - year decrease of 3.39%, and a decrease of 7.32% compared to the same period. The price of Australian - produced coking coal at Jingtang Port was 1,500 yuan/ton, a week - on - week increase of 0.67%, a month - on - month decrease of 4.46%, a year - on - year increase of 0.67%, and an increase of 0.67% compared to the same period. The price of Shanxi - produced coking coal at Jingtang Port was 1,700 yuan/ton, remaining flat week - on - week, with a month - on - month decrease of 0.58%, a year - on - year increase of 11.11%, and an increase of 4.29% compared to the same period [9]. 3. Futures Market - Coke: The closing price of the main contract was 1,741 yuan/ton, with an increase of 0.26%. The highest price was 1,763.5 yuan/ton, the lowest price was 1,722.5 yuan/ton, the trading volume was 16,573 lots (a decrease of 934 lots), and the position was 29,278 lots (an increase of 775 lots) [12]. - Coking Coal: The closing price of the main contract was 1,125.5 points, with an increase of 1.90%. The highest price was 1,144.5 points, the lowest price was 1,105 points, the trading volume was 1,242,542 lots (a decrease of 80,649 lots), and the position was 509,199 lots (an increase of 8,361 lots) [12]. 4. Relevant Charts - Coke Inventory: There are charts showing the inventory of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory over the years [13][14][15][18]. - Coking Coal Inventory: There are charts showing the inventory of coking coal at mine mouths, ports, 247 sample steel mills, and all - sample independent coking plants over the years [19][22][24][27]. - Other Charts: There are charts showing Shanghai terminal wire rod and screw purchasing volume, domestic steel - mill production, coal - washing plant production, and coking - plant operation [25][28][29][30]. 5. Market Outlook - The analysis of coke and coking coal is the same as the core views, emphasizing the impact of downstream restocking expectations on the market and suggesting attention to the downstream restocking rhythm [31].