偏多因素扰动，煤焦继续反弹：煤焦日报-20260108

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - On January 8th, the coke主力合约 was reported at 1,765 yuan/ton, with an intraday increase of 2.56%. The spot price of Rizhao Port's quasi - first - grade wet - quenched coke decreased by 3.29% week - on - week, while that of Qingdao Port increased by 1.38% week - on - week. The coke futures rebounded this week, supported by disturbances on the coking coal supply side and positive expectations such as economic policies, "anti - involution" policies, and downstream winter storage replenishment [5][32]. - On January 8th, the coking coal主力合约 closed at 1,190 points, with an intraday increase of 4.75%. The latest quotation of Mongolian coal at Ganqimaodu Port decreased by 0.9% week - on - week. After New Year's Day, coking coal is expected to enter a pattern of increasing supply and demand, and short - term fundamentals are difficult to improve significantly. However, positive expectations such as economic policies, "anti - involution" policies, downstream winter storage replenishment, and Spring Festival coal mine production cuts are driving the coking coal futures to rebound from a low level [5][32]. 3. Summary by Directory 3.1 Industry News - In 2025, the average annual working hours of major construction machinery products were 926 hours, a year - on - year decrease of 6.15%. The working hours of excavators were 815 hours [7]. - On January 8th, the price of coking coal in the Linfen Anze market remained stable, with the ex - factory price of low - sulfur main coking clean coal (A9, S0.5, V20, G85) being 1,500 yuan/ton [8]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (Flat - price) | 1,470 yuan/ton | - 3.29% | - 3.29% | - 13.02% | - 10.37% | | Qingdao Port Quasi - First - Grade Coke (Ex - warehouse) | 1,470 yuan/ton | 1.38% | 1.38% | - 9.26% | - 7.55% | | Ganqimaodu Port Mongolian Coking Coal | 1,110 yuan/ton | - 0.89% | - 1.77% | - 5.93% | - 5.93% | | Jingtang Port Australian - Produced Coking Coal | 1,540 yuan/ton | 1.32% | 1.99% | 3.36% | 3.36% | | Jingtang Port Shanxi - Produced Coking Coal | 1,650 yuan/ton | - 2.94% | - 2.94% | 7.84% | 7.84% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,765 yuan/ton | 2.56% | 1,817.5 yuan/ton | 1,735.5 yuan/ton | 47,831 | 2,348 | 37,935 | - 481 | | Coking Coal | | 1,190 points | 4.75% | 1,237.5 points | 1,168.5 points | 2,265,707 | 1,004,789 | 502,862 | - 7,740 | [12] 3.4 Related Charts - The report provides charts of coke inventory (including 230 independent coking plants, 247 steel mill coking plants, port total inventory, and total inventory), coking coal inventory (including mine - mouth, port, 247 sample steel mills, and all - sample independent coking plants), as well as other charts such as domestic steel mill production, Shanghai terminal screw steel procurement volume, coal washing plant production, and coking plant operation [13][15][17][20][23][25][27][31]