煤焦：焦煤期权即将上市，短期期价表现仍偏弱

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The fundamental situation of the coking coal and coke industry remains weak, lacking support for price rebounds, and prices are under overall pressure [3]. 3. Summary by Related Catalogs Market Performance - Yesterday, the futures prices of coking coal and coke fluctuated downward, leading the decline in the ferrous metal sector, and the weak trend continued at night [2]. - Last week, steel mills completed the fourth round of price cuts for coke prices. Since the end of November, coke prices have cumulatively dropped by 200 - 220 yuan/ton. Some coking enterprises in certain regions have plans to raise prices [2]. Option News - The Dalian Commodity Exchange has announced the listing of coking coal options. Coking coal options will be listed for trading starting from January 16, 2026 (Friday). There will be a call auction from 8:55 - 9:00, and trading will start at 9:00. Night trading for coking coal options will commence on the evening of January 16 (Friday) [2]. Fundamental Analysis - In the last week of the year, there was concentrated year - end production reduction and maintenance in major coal - producing areas. The daily production of raw coal was 177.2 million tons, and the daily production of clean coal was 69 million tons, which decreased by 10.2 million tons and 4.9 million tons respectively compared with the previous week. However, coal mines may resume production one after another in January [3]. - Market transactions remain sluggish, and mine - end inventories have further accumulated [3]. - On December 29 and January 1, the three major Mongolian coal customs ports were closed and resumed on January 2. At the beginning of this month, the average daily customs clearance volume at the Ganqimaodu Port was 15.62 million tons, an increase of 3.76 million tons year - on - year, remaining at a relatively high level [3]. - In the past two weeks, the profitability rate of steel mills has slightly expanded, and the daily average pig iron output of blast furnaces has stopped falling and rebounded. In the week of January 2, it was 227.43 million tons, an increase of 0.85 million tons compared with the previous week and an increase of 2.23 million tons year - on - year. It is expected to show a steady and slight upward trend in the short term [3].