20260121申万期货品种策略日报：双焦（JM&J）-20260121

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The main contracts of coking coal and coke showed weak performance in the night session yesterday, and the total open interest of coking coal increased slightly compared to the previous period. The data from Steelhome showed that last week, the output of the five major steel products remained basically flat compared to the previous period, the total inventory decreased slightly, with the main decline coming from plates. The overall apparent demand increased, with the main increment coming from rebar. The pig iron output decreased slightly, and the profitability rate of sample steel mills increased. The expected resumption of pig iron production in January and the seasonal increase in demand for downstream pre - holiday rigid replenishment can provide strong support for coal prices. Therefore, it is judged that the short - term decline of the futures market is limited. Future attention should be focused on the supply trend of coking coal, changes in pig iron output, and the rhythm of downstream replenishment [1] 3. Summary According to Relevant Catalogs Market Quotes of Coking Coal and Coke Futures - Closing Prices: The previous day's closing prices for coking coal in January, May, and September were 1,365.5, 1,124.0, and 1,203.5 respectively, with decreases of 49.0, 50.5, and 50.5 compared to the previous two days, and decline rates of -3.46%, -4.30%, and -4.03%. For coke, the previous day's closing prices in January, May, and September were 1,860.0, 1,673.5, and 1,748.5 respectively, with decreases of 21.5, 47.5, and 50.0 compared to the previous two days, and decline rates of -1.14%, -2.76%, and -2.78% [1] - Trading Volume and Open Interest: The trading volumes of coking coal in January, May, and September were 2,200, 1,088,191, and 53,740 respectively, and the open interests were 2,444, 532,732, and 78,390 respectively, with increases of 808, 29,998, and 0 in open interest. For coke, the trading volumes in January, May, and September were 55, 22,017, and 778 respectively, and the open interests were 67, 38,429, and 1,493 respectively, with increases of 32, 792, and 182 in open interest [1] - Price Spreads: The current price spreads of coking coal for January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with increases of 306, 2.5, and - 308.5. For coke, the current price spreads for January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with increases of 429.5, 2, and - 431.5 [1] Spot Market Quotes - The current ex - factory prices of Mongolian No. 5 primary coking coal at the port, low - sulfur primary coking coal in Linfen, low - sulfur primary coking coal in Taiyuan, Tangshan Grade I coke, Jinzhong Quasi - Grade I coke, and Rizhao Port Quasi - Grade I coke were 1,234, 1,620, 1,530, 1,800, 1,280, and 1,450 respectively. The changes in spot prices were 0, 0, 0, 0, 0, and - 20 [1] Policy Information - The Ministry of Natural Resources and the Ministry of Housing and Urban - Rural Development issued several measures to further support urban renewal actions. Utilizing existing land and real - estate resources to develop industries and sectors supported by the state can enjoy a transition - period policy of not changing the land - use subject and planning conditions for a certain period, with the transition period generally not exceeding 5 years [1]