瑞达期货焦煤焦炭产业日报-20260226

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For coking coal, the supply - demand situation remains loose as mines resume production quickly. Although there is some short - term support for futures prices around the Two Sessions, it is expected to run in a wide - range oscillation [2]. - For coke, the supply from coking enterprises remains stable, the steel market inventory accumulates, and the supply - demand is loose. Similar to coking coal, there is short - term support around the Two Sessions, and it is also expected to run in a wide - range oscillation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 1090.00 yuan/ton, down 36.00 yuan; J main contract closing price: 1644.00 yuan/ton, down 30.00 yuan [2]. - JM futures contract open interest: 721319.00 lots, up 74556.00 lots; J futures contract open interest: 42455.00 lots, up 625.00 lots [2]. - Net position of the top 20 JM contracts: - 105073.00 lots, down 22871.00 lots; Net position of the top 20 J contracts: 242.00 lots, down 236.00 lots [2]. - JM 9 - 5 month contract spread: 93.50 yuan/ton, up 9.50 yuan; J 9 - 5 month contract spread: 77.00 yuan/ton, up 7.50 yuan [2]. - Coking coal warehouse receipts: 0.00, down 300.00; Coke warehouse receipts: 1420.00, unchanged [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 1010.00 yuan/ton, up 4.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 163.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal (yard price): 1590.00 yuan/ton, down 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal (yard price): 1700.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1379.00 yuan/ton, up 4.00 yuan; J main contract basis: 76.00 yuan/ton, up 30.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1330.00 yuan/ton, unchanged; JM main contract basis: 215.00 yuan/ton, up 36.00 yuan [2]. 3.3 Upstream Situation - 314 independent coal washing plants' clean coal output: 16.90 million tons, down 7.40 million tons; 314 independent coal washing plants' clean coal inventory: 298.90 million tons, down 10.10 million tons [2]. - 314 independent coal washing plants' capacity utilization rate: 0.23%, down 0.10%; 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; 523 coking coal mines' daily raw coal output: 151.60 million tons, up 43.00 million tons [2]. - 16 ports' imported coking coal inventory: 496.27 million tons, unchanged; 18 ports' coke inventory: 263.86 million tons, down 6.13 million tons [2]. - Independent coking enterprises' total coking coal inventory: 893.49 million tons, down 224.60 million tons; National 247 steel mills' coking coal inventory: 820.35 million tons, down 17.90 million tons [2]. - Independent coking enterprises' coking coal available days: 13.06 days, down 0.28 days; 247 sample steel mills' coke available days: 12.46 days, down 0.24 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; Independent coking enterprises' capacity utilization rate: 72.20%, up 0.34% [2]. - Independent coking plants' profit per ton of coke: - 8.00 yuan/ton, up 2.00 yuan [2]. - Coke output: 4274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - National 247 steel mills' blast furnace operating rate: 80.13%, up 0.60%; 247 steel mills' blast furnace iron - making capacity utilization rate: 86.41%, up 0.72% [2]. - Crude steel output: 6817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Some steel enterprises in North China have received temporary independent emission reduction notices, requiring them to implement phased emission reduction control from March 4th to March 11th, with the blast furnace load reduced by at least 30% [2]. - This week, the approved capacity utilization rate of 523 coking coal mine samples is 68.2%, a 19.4% increase from the previous week. The daily raw coal output is 151.6 million tons, a 43.0 - million - ton increase; the raw coal inventory is 537.2 million tons, a 2.4 - million - ton decrease; the daily clean coal output is 64.9 million tons, a 19.0 - million - ton increase; and the clean coal inventory is 257.7 million tons, a 6.0 - million - ton increase [2]. - Shanghai has issued the "Shanghai Seven - Point Plan" for the real estate market. The new policy focuses on adjusting and reducing the purchase restriction policy. The social security threshold for non - Shanghai residents to buy houses within the outer ring has been reduced to 1 year, and the maximum provident fund loan can reach 3.24 million yuan [2].