宝城期货煤焦早报-20260108

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The short - term view for both coking coal 2605 and coke 2605 is upward, the medium - term view is oscillating, and the intraday view is upward, with both being considered strong. For coking coal, the supply strong expectation has reappeared, leading to a significant rebound. For coke, the support from the cost side has led to a rebound from the low level [1]. Group 3: Summary by Relevant Catalogs Coking Coal (JM) - Price: The latest quotation of Mongolian coal at Ganqimaodu Port is 1110.0 yuan/ton, with a week - on - week decrease of 0.9% [5]. - Market Outlook: After the New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand. In the short - term, the fundamentals are difficult to show obvious improvement. However, positive drivers such as economic policy expectations, "anti - involution" policy expectations, downstream winter storage and replenishment expectations, and the expectation of coal mine production cuts during the Spring Festival are gradually emerging, driving the coking coal futures to strengthen [5]. Coke (J) - Price: The latest quotation of the warehouse - clearance price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week decrease of 3.29%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1420 yuan/ton, with a week - on - week decrease of 2.07% [6]. - Market Outlook: This week, coke futures rebounded upwards, mainly supported by the supply - side disturbances of coking coal. In addition, after entering the new year, the upward drivers of economic policy expectations, "anti - involution" policy expectations, and downstream winter storage and replenishment expectations are gradually emerging, driving the coke futures to strengthen [6].