双焦（JM&J）：20260206申万期货品种策略日报-20260206

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - Yesterday night, the main contracts of coking coal and coke fluctuated. The total position of coking coal remained basically flat compared with the previous day. According to Steel Union data, the output of the five major steel products this week remained basically flat compared with the previous week, the total inventory increased significantly, and the increase was mainly contributed by rebar. As the Spring Festival approaches, the off - season characteristics are significant. The overall apparent demand dropped significantly, the molten iron output and the profitability rate of steel mills remained basically flat, and the incremental demand for coking coal and coke was limited. However, the recent disturbances in the import of Indonesian coal and the downstream's rigid - demand restocking before the festival can provide strong support for the market. In the future, focus on the trend of molten iron output, changes in downstream inventory, and the clearance volume of foreign coal [3]. 3. Key Data Summary Futures Market - Price and Change: - For coking coal, the previous day's closing prices for January, May, and September contracts were 1414.0, 1172.0, and 1248.0 respectively, with price changes of - 31.0, - 37.0, and - 33.5, and decline rates of - 2.15%, - 3.06%, and - 2.61% respectively. - For coke, the previous day's closing prices for January, May, and September contracts were 1888.0, 1738.0, and 1804.0 respectively, with price changes of - 25.0, - 32.0, and - 27.5, and decline rates of - 1.31%, - 1.81%, and - 1.50% respectively [3]. - Trading Volume and Open Interest: - For coking coal, the trading volumes for January, May, and September contracts were 2682, 1191972, and 59968 respectively, and the open interests were 6606, 490404, and 89122 respectively, with open - interest changes of - 367, - 28277, and 615 respectively. - For coke, the trading volumes for January, May, and September contracts were 36, 17978, and 743 respectively, and the open interests were 488, 36469, and 1728 respectively, with open - interest changes of 20, - 3251, and - 116 respectively [3]. - Spread: - For coking coal, the spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with spread changes of 306, 2.5, and - 308.5 respectively. - For coke, the spreads of January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with spread changes of 429.5, 2, and - 431.5 respectively [3]. Spot Market - Prices and Changes: The current prices of Mongolian No. 5 coking coal (port self - pick - up price), low - sulfur coking coal (Linfen ex - works price), low - sulfur coking coal (Taiyuan rail - side price), Tangshan Grade I coke (ex - works price), Jinzhong quasi - Grade I coke (ex - works price), and Rizhao Port quasi - Grade I coke (warehouse - out price) were 1230, 1570, 1491, 1855, 1330, and 1480 respectively. The price changes were 0, - 70, 0, 0, 0, and 0 respectively [3].