多空僵持，煤焦区间震荡：煤焦日报-20260126

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For coke, as of the week ending January 23, the total daily coke output of sample independent coking plants and steel - mill coking plants was 110,210 tons, a slight weekly increase of 40 tons. The daily hot - metal output of 247 steel mills was 228,100 tons, a slight weekly increase of 90 tons. This week, the coke inventories of steel mills and ports both increased. The total inventory of 247 steel mills increased by 113,100 tons week - on - week to 6,616,400 tons, and the available days of coke increased by 0.38 days to 12.35 days. Overall, there is no obvious positive in the coke's fundamentals, and the support from coking coal on the cost side is also limited. The main contract will remain in the low - level range for the time being [5][31]. - For coking coal, the production is stable, imports remain at a high level, and demand is still sluggish, with no improvement in the fundamentals. As of the week ending January 23, the daily output of clean coal from 523 coking coal mines in the country was 770,000 tons, a slight weekly increase of 100 tons and 36,000 tons higher than the same period last year. From January 1 to 20, the total number of Mongolian coal trucks passing through the Ganqimaodu Port was 19,890, a month - on - month decrease of 24.9% and a year - on - year increase of 25.4%. As of the week ending January 23, the total daily coke output of sample independent coking plants and steel - mill coking plants was 110,210 tons, a slight weekly increase of 40 tons [5][32]. 3. Summary by Directory 3.1 Industry Information - As of December 31, 2025, there are 80 legally - operating and under - construction coal mines in Shandong Province, with a total production capacity of 114.37 million tons per year. Among them, there is 1 under - construction coal mine with a construction scale of 450,000 tons per year, and 79 operating coal mines with a registered production capacity of 113.92 million tons per year [7]. - On January 26, an online auction of coking coal was held in the Liulin market of Lvliang. The starting price of high - sulfur coking clean coal A11, S≤1.85 - 2.0, G85 was 1,100 yuan/ton, and the average transaction price was 1,243 yuan/ton, a decrease of 69 yuan/ton compared with the previous auction on January 19. The starting price of high - sulfur coking clean coal A10.5, S≤2.35 - 2.5, G85 was 1,050 yuan/ton, and the average transaction price was 1,225 yuan/ton, a decrease of 55 yuan/ton compared with the previous auction on January 12 [8]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Change Compared with the Same Period | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade, FOB) | 1,470 | 0.00% | - 3.29% | - 13.02% | - 7.55% | | Coke (Qingdao Port, quasi - first - grade, ex - warehouse) | 1,450 | - 2.03% | 0.00% | - 10.49% | - 5.84% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,240 | 2.06% | 9.73% | 5.08% | 7.83% | | Coking Coal (Jingtang Port, Australian - produced) | 1,560 | - 1.89% | 3.31% | 4.70% | 4.70% | | Coking Coal (Jingtang Port, Shanxi - produced) | 1,780 | 1.71% | 4.71% | 16.34% | 19.46% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Daily Change | High Price | Low Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | 1 | 1,719 | 0.44% | 1,737 | 1,701.5 | 15,987 | - 6,000 | 36,570 | - 1,308 | | Coking Coal | 1 | 1,159.5 | 1.35% | 1,167 | 1,138.5 | 886,410 | - 191,465 | 492,406 | - 8,590 | [13] 3.4 Related Charts - Coke Inventory: Charts show the inventory trends of 230 independent coking plants, ports, 247 steel - mill coking plants, and total coke inventory from 2021 to 2026 [13][14][15]. - Coking Coal Inventory: Charts show the inventory trends of mine - mouth coking coal, all - sample independent coking plants, ports, and 247 sample steel mills from 2021 to 2026 [18][20][21]. - Other Charts: Include domestic steel - mill production (blast furnace operating rate and steel - mill profitability), Shanghai terminal wire and screw procurement volume, coal - washing plant production (clean coal inventory and operating rate), and coking - plant operation (ton - coke profit and coke - oven capacity utilization) [26][28][31]. 3.5 Market Outlook - Coke: The fundamentals have no obvious positive factors, and the cost - side support from coking coal is limited. The main contract will remain in the low - level range [31]. - Coking Coal: Production is stable, imports are high, demand is sluggish, and the fundamentals have not improved [32].