格林大华期货早盘提示：焦煤、焦炭-20260126

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The black sector (coking coal and coke) is expected to show range - bound oscillations [1] 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the center of the double - coking (coking coal and coke) market declined and then rebounded. The main coking coal contract closed at 1,157.0 yuan/ton, with a weekly decline of 1.32%. The main coke contract closed at 1,722.0 yuan/ton, with a weekly increase of 0.12% [1] 3.2 Important Information - Jiangsu Province issued a notice to continue promoting large - scale equipment updates and optimizing the implementation of consumer goods trade - in programs in 2026. For consumer goods trade - in, there are unified national subsidy standards for automobile scrap and replacement, automobile replacement, trade - in of 6 types of household appliances, and purchase of 4 types of digital and smart products [1] - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.51%, a month - on - month increase of 0.03 percentage points. The steel mill profitability rate was 40.69%, a month - on - month increase of 0.86 percentage points. The daily average pig iron output was 2.281 million tons, a month - on - month increase of 90,000 tons [1] - Jiang Wei, the deputy secretary of the Party Committee, vice - president, and secretary - general of the China Iron and Steel Association, said that the green and low - carbon transformation of the steel industry has entered a critical stage. The association is planning to carry out an energy - carbon efficiency improvement project after the completion of the ultimate energy efficiency project to further promote energy conservation, carbon reduction, cost reduction, and efficiency improvement in the industry [1] 3.3 Market Logic - Last week, the double - coking market continued its downward trend. Affected by a steel mill accident, the market took advantage of the situation to drive the market to decline significantly. In terms of actual demand, this week's pig iron output was 2.58 million tons, a month - on - month increase of 90,000 tons. The pig iron output increased instead of decreasing, and short sellers significantly reduced their positions and the market rose on Friday. For coke, the first round of price increase was temporarily put on hold, and the game between coke producers and steel mills continued. It is expected that coke producers will still have the intention to raise prices in the short term [1] 3.4 Trading Strategy - The bottom support for the main coking coal contract is 1,100. It should be regarded as range - bound oscillating in the short term [1]