格林期货早盘提示：焦煤、焦炭-20260115

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of coking coal and coke have improved recently. Although the customs clearance of Mongolian coal has returned to 1,500 trucks, the auction enthusiasm for coking coal has increased. The downstream has a certain replenishment demand due to low inventory, and the rise in spot prices may accelerate the downstream replenishment rhythm. However, the front - end of the market has maintained a certain premium, and the far - month contract performs slightly better than the near - month contract. The coking coal main contract is expected to fluctuate in the range of 1,170 - 1,240 in the short term [1] Summary by Relevant Catalogs Market Quotes - Yesterday, the main coking coal contract Jm2605 closed at 1,196.5, a 0.46% increase compared to the daytime session opening. The main coke contract J2605 closed at 1,738.5, a 0.37% decrease compared to the daytime session opening. In the night session, the main coking coal contract Jm2605 closed at 1,1193.5, a 0.25% decrease compared to the daytime session closing. The main coke contract J2605 closed at 1,750.0, a 0.66% increase compared to the daytime session closing [1] Important News - The Ministry of Finance held a meeting to promote a package of policies for fiscal - financial cooperation to boost domestic demand, requiring local fiscal departments to implement the policies effectively [1] - The US White House announced a 25% ad - valorem import tariff on some imported semiconductors, semiconductor manufacturing equipment, and derivatives starting from January 15 [1] - This week, the capacity utilization rate of 314 independent coal washing plants was 36.8%, a 1.4% increase from the previous week. The daily output of clean coal was 27.4 tons, a 1.2 - ton increase from the previous week, and the inventory of clean coal was 335.1 tons, a 15.5 - ton increase from the previous week [1] - On January 14, the price of coking coal in Linfen Yaodu District market rose by 20 yuan/ton, and the ex - factory price of high - sulfur strong - fat coal was 1,220 yuan/ton [1] Market Logic - The fundamentals of coking coal and coke have improved. Despite the return of Mongolian coal customs clearance to 1,500 trucks, the auction enthusiasm for coking coal has increased. The downstream has replenishment demand due to low inventory, and rising spot prices may speed up the replenishment rhythm. The front - end of the futures market maintains a premium, and the far - month contract performs better [1] Trading Strategy - In the short term, the main coking coal contract is expected to fluctuate between 1,170 - 1,240 [1]