煤焦日报：多空博弈，煤焦震荡运行-20251224

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On December 24, the coke main contract closed at 1,746 yuan/ton, with an intraday increase of 0.20%. The position volume was 28,700 lots, a decrease of 552 lots from the previous trading day. The Rizhao Port quasi-primary wet quenched coke flat price index was 1,520 yuan/ton, down 3.18% week-on-week; the Qingdao Port quasi-primary wet quenched coke ex-warehouse price was 1,480 yuan/ton, unchanged week-on-week. Coke maintains a weak supply and demand pattern, but downstream winter storage replenishment and anti-involution expectations drive the coke futures to stop falling. With the expectation of steel mills' resumption of production after January, attention should be paid to the subsequent downstream replenishment and production rhythm [5][28]. - On December 24, the coking coal main contract closed at 1,132 points, with an intraday increase of 0.62%. The position volume was 500,500 lots, a decrease of 8,652 lots from the previous trading day. The latest quotation of Mongolian coal at the Ganqimaodu Port was 1,140 yuan/ton, unchanged week-on-week. Currently, the pressure on the coking coal supply side is released periodically. With the resurgence of downstream winter storage replenishment and anti-involution expectations, the market sentiment has turned from weak to strong, and the coking coal main contract has rebounded from a low level. Attention can be paid to the downstream replenishment rhythm in the near future [5][28]. Summary by Directory Industry News - The People's Bank of China and seven other departments jointly issued the "Opinions on Financial Support for Accelerating the Construction of the New Western Land-Sea Corridor", proposing 21 key measures to support the high-quality development of the corridor [8]. - On December 24, the coking coal price in the Linfen Anze market remained stable. The ex-factory price of low-sulfur primary coking coal with A9, S0.5, V20, and G85 was 1,600 yuan/ton, cash含税 [9]. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year-on-Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port Quasi-Primary Flat) | 1,520 yuan/ton | -3.18% | -8.98% | -10.06% | -12.64% | | Coke (Qingdao Port Quasi-Primary Ex-Warehouse) | 1,480 yuan/ton | 0.00% | 2.07% | -8.64% | -8.64% | | Coking Coal (Ganqimaodu Port Mongolian Coal) | 1,140 yuan/ton | 0.00% | -10.94% | -3.39% | -6.56% | | Coking Coal (Jingtang Port Australian Origin) | 1,510 yuan/ton | 1.34% | -3.82% | 1.34% | 2.03% | | Coking Coal (Jingtang Port Shanxi Origin) | 1,700 yuan/ton | 0.00% | -0.58% | 11.11% | 11.11% | [10] Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Position Volume | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | 1 | 1,746 yuan/ton | 0.20% | 1,759.5 yuan/ton | 1,723 yuan/ton | 16,601 | 28 | 28,726 | -552 | | Coking Coal | 1 | 1,132 points | 0.62% | 1,143.5 points | 1,107 points | 1,169,245 | -73,297 | 500,547 | -8,652 | [13] Related Charts - The report provides charts on coke inventory, coking coal inventory, and other related production and consumption data, including the inventory of 230 independent coking plants, port coke inventory, 247 steel mills' coking plant inventory, etc., as well as the production situation of domestic steel mills, Shanghai terminal wire and screw procurement volume, etc. [14][15][16]