瑞达期货焦煤焦炭产业日报-20260202

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The coking coal market is currently in a weak balance with reduced supply and weak demand as the winter storage nears its end. It is expected to fluctuate weakly. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain. [2] - The coke market has contracted supply and lower - than - expected hot metal demand. With the approaching end of pre - holiday winter storage, the support is weak, and it is also expected to fluctuate weakly. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1141.50 yuan/ton, down 14.00 yuan; J main contract closing price: 1680.50 yuan/ton, down 41.00 yuan. [2] - JM futures contract open interest: 571949.00 lots, down 18552.00 lots; J futures contract open interest: 38425.00 lots, down 277.00 lots. [2] - Net open interest of the top 20 coking coal contracts: - 77050.00 lots, down 1671.00 lots; net open interest of the top 20 coke contracts: - 954.00 lots, up 435.00 lots. [2] - JM 9 - 5 month contract spread: 84.50 yuan/ton, up 7.50 yuan; J 9 - 5 month contract spread: 66.00 yuan/ton, up 0.50 yuan. [2] - Coking coal warehouse receipts: 0.00; coke warehouse receipts: 1480.00. [2] 3.2 Spot Market - Ganqimao Meng 5 raw coal: 1024.00 yuan/ton, up 4.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, up 55.00 yuan. [2] - Russian prime coking coal forward spot: 164.00 US dollars/wet ton, no change; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, up 50.00 yuan. [2] - Jingtang Port imported prime coking coal from Australia: 1610.00 yuan/ton, up 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, up 50.00 yuan. [2] - Jingtang Port prime coking coal from Shanxi: 1780.00 yuan/ton, no change; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, up 50.00 yuan. [2] - Medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi: 1400.00 yuan/ton, up 22.00 yuan; J main contract basis: 39.50 yuan/ton, up 96.00 yuan. [2] - Coking coal ex - factory price from Wuhai, Inner Mongolia: 1330.00 yuan/ton, no change; JM main contract basis: 203.50 yuan/ton, up 54.00 yuan. [2] 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 26.80 million tons, down 0.80 million tons; fine coal inventory of 314 independent coal washing plants: 311.60 million tons, down 11.60 million tons. [2] - Capacity utilization rate of 314 independent coal washing plants: 0.37%, down 0.01 percentage points; raw coal output: 43703.50 million tons, up 1024.20 million tons. [2] - Coal and lignite imports: 5860.00 million tons, up 1455.00 million tons; daily average raw coal output of 523 coking coal mines: 197.80 million tons, down 1.60 million tons. [2] - Imported coking coal inventory at 16 ports: 547.99 million tons, down 15.00 million tons; coking coal inventory of all - sample independent coking enterprises: 1234.79 million tons, up 57.08 million tons. [2] - Coking coal inventory of 247 steel mills nationwide: 814.36 million tons, up 11.12 million tons; coke inventory of 247 sample steel mills nationwide: 678.19 million tons, up 16.55 million tons. [2] - Available days of coking coal for all - sample independent coking enterprises: 13.03 days, up 0.15 days; available days of coke for 247 sample steel mills: 12.54 days, up 0.19 days. [2] 3.4 Industry Situation - Coking coal imports: 1376.98 million tons, up 303.83 million tons; coke and semi - coke exports: 100.00 million tons, up 28.00 million tons. [2] - Total coking coal supply: 5478.50 million tons, up 238.93 million tons; capacity utilization rate of independent coking enterprises: 72.41%, down 0.14 percentage points. [2] - Profit per ton of coke in independent coking plants: - 55.00 yuan/ton, up 11.00 yuan/ton; coke output: 4274.30 million tons, up 104.00 million tons. [2] 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide: 79.00%, up 0.32 percentage points; blast furnace iron - making capacity utilization rate of 247 steel mills: 85.47%, down 0.04 percentage points. [2] - Crude steel output: 6817.74 million tons, down 169.36 million tons. [2] 3.6 Industry News - China's official manufacturing PMI in January was 49.3%, a month - on - month decrease of 0.8 percentage points. Some manufacturing industries entered the traditional off - season, and market demand was insufficient. [2] - US President Trump officially nominated former Fed governor Kevin Warsh as the next Fed chairman to replace Powell whose term ends in May. [2]