煤焦日报：基本面疲弱，煤焦再次下挫-20260127

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - On January 27, the coke主力contract closed at 1,668 yuan/ton, with an intraday decline of 2.77%. The position of the主力 contract was 38,429 lots, a net increase of 1,859 lots from the previous trading day. The spot market prices of Rizhao Port's quasi - first - grade wet - quenched coke were flat week - on - week, and Qingdao Port's prices rose 0.69% week - on - week. The coke fundamentals have not improved significantly, with stable supply and demand, and limited support from coking coal. The主力contract will maintain a low - level range for now [5][31] - On January 27, the coking coal主力contract closed at 1,116.5 points, with an intraday decline of 3.00%. The position of the主力 contract was 513,166 lots, a net increase of 20,760 lots from the previous trading day. The spot price of Mongolian coal at Ganqimaodu Port was flat week - on - week. Without direct policy support, weak fundamentals suppress the coking coal futures to run at a low level, but considering winter storage, the downside is limited and it may maintain a narrow - range oscillation [5][31] 3. Summary by Directory 3.1 Industry News - Jiangxi will implement 5,296 large - and medium - sized projects in 2026, with an expected investment of about 1.1 trillion yuan. It will also focus on new infrastructure projects such as 6G and computing power, and promote major projects like the Poyang Lake Water Conservancy Project [7] - On January 27, the coking coal price in Linfen Anze market remained stable, with the ex - factory price of low - sulfur main coking coal at 1,640 yuan/ton [8] 3.2 Spot Market | Variety | Current Price | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - first - grade Coke (Flat Price) | 1,470 yuan/ton | 0.00% | - 3.29% | - 13.02% | - 7.55% | | Qingdao Port Quasi - first - grade Coke (Out - of - warehouse Price) | 1,460 yuan/ton | 0.69% | 0.69% | - 9.88% | - 4.58% | | Ganqimaodu Port Mongolian Coking Coal | 1,240 yuan/ton | 0.00% | 9.73% | 5.08% | 7.83% | | Jingtang Port Australian Coking Coal | 1,590 yuan/ton | 2.58% | 5.30% | 6.71% | 6.71% | | Jingtang Port Shanxi Coking Coal | 1,780 yuan/ton | 0.00% | 4.71% | 16.34% | 19.46% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate | High | Low | Volume | Volume Difference | Position | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,668 yuan/ton | - 2.77% | 1,730 yuan/ton | 1,655 yuan/ton | 19,620 lots | 3,633 lots | 38,429 lots | 1,859 lots | | Coking Coal | | 1,116.5 points | - 3.00% | 1,162.5 points | 1,110 points | 832,838 lots | - 53,572 lots | 513,166 lots | 20,760 lots | [13] 3.4 Related Charts - The report provides multiple charts showing the inventory of coke and coking coal in different entities (such as independent coking plants, ports, and steel mills), as well as domestic steel mill production, Shanghai terminal wire and screw procurement volume, coal washing plant production, and coking plant operation status from 2021 - 2026 [14][15][16] 3.5 Market Outlook - The outlook for coke and coking coal futures is consistent with the core viewpoints, with coke maintaining a low - level range and coking coal expected to have limited downside and a narrow - range oscillation [31]