宝城期货煤焦早报（2026年1月22日）-20260122

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For the 2605 contract of coking coal, the short - term, medium - term, and reference views are all "oscillation", with an intraday view of "oscillation and weakening", due to sufficient imports and low - level operation of coking coal [1]. - For the 2605 contract of coke, the short - term, medium - term, and reference views are all "oscillation", with an intraday view of "oscillation and weakening", because of the stalemate between long and short positions and the oscillation and consolidation of coke [1]. Group 3: Summary by Variety Coking Coal - The latest quotation of Mongolian coal at the Ganqi Maodu Port in the spot market is 1,240.0 yuan/ton, with a week - on - week increase of 2.06%. Overall, Mongolian coal imports remain high, resulting in a situation of increasing supply and stable demand for coking coal, and the fundamentals have no obvious improvement. The pre - winter storage and replenishment and the expectation of coal mine shutdown during the Spring Festival have fermented. Without policy intervention, the coal price may be suppressed by the fundamentals and maintain low - level operation before the Spring Festival [5]. Coke - The latest quotation of the ex - warehouse price index of quasi - first - class wet - quenched coke at Rizhao Port is 1,470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - class wet - quenched coke at Qingdao Port is 1,450 yuan/ton, with a week - on - week decrease of 2.03%. Recently, the game between coke enterprises and steel mills has increased. Coke plants have a strong willingness to raise prices, but downstream acceptance is low. At present, coke maintains a situation of weak supply and demand, with weak fundamentals. The increase in Mongolian coal imports weakens the cost support for coke, and the iron - water production reduction worry caused by the steel mill accident makes the coke market atmosphere dull, and the futures maintain low - level and weak operation [6].