双焦（J&JM）：20260303申万期货品种策略日报-20260303

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - The night session of the previous day saw the main contracts of coking coal and coke showing a weak trend, with the total position of coking coal remaining basically flat compared to the previous period. Steel Union data indicates that last week, both the pig iron output and steel mill profits of the sampled steel mills increased slightly on a month - on - month basis, and both the coking coal auction volume and transaction rate increased significantly on a month - on - month basis, showing an improvement in coking coal demand. After the Spring Festival, with the advancement of resumption of work and production, there is an upward expectation for pig iron output, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. The escalation of the conflict between the US and Iran over the weekend and the geopolitical turmoil can also push up the valuation of energy - related commodities. Future focus should be on the trend of pig iron output, mine operation, import - end policy trends, and geopolitical trends [2]. 3. Summary by Relevant Catalog Futures Market Data - Closing Prices: For coking coal, the previous day's closing prices for September, January, and May contracts were 1392.5, 1094.0, and 1194.5 respectively, with price increases of 10.5, 0.5, and 5.5 and increases of 0.76%, 0.05%, and 0.46% respectively compared to the day before. For coke, the previous day's closing prices for January, May, and September contracts were 1818.0, 1652.0, and 1731.0 respectively, with price increases of 12.0, 16.5, and 16.5 and increases of 0.66%, 1.01%, and 0.96% respectively compared to the day before [2]. - Trading Volume: The trading volumes of coking coal for September, January, and May contracts were 3665, 896153, and 64478 respectively. The trading volumes of coke for January, May, and September contracts were 81, 18576, and 1294 respectively [2]. - Open Interest: The open interests of coking coal for September, January, and May contracts were 12663, 545543, and 106872 respectively, with changes of 807, - 4204, and 3086 respectively. The open interests of coke for January, May, and September contracts were 1208, 40374, and 2811 respectively, with changes of 38, 230, and 155 respectively [2]. - Price Spreads: For coking coal, the current price spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively. For coke, the current price spreads of January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [2]. Spot Market Data - Prices: The current prices of Mongolian No. 5 primary coking coal (port self - pick - up price), low - sulfur primary coking coal (Linfen ex - works price), low - sulfur primary coking coal (Taiyuan rail - side price), Tangshan Grade I coke (ex - works price), common medium - grade primary coke (ex - works price), and Rizhao Port Grade I coke (out - warehouse price) were 1197, 1570, 1341, 1852, 1330, and 1480 respectively. The price of low - sulfur primary coking coal (Taiyuan rail - side price) decreased by 50, and the price of Rizhao Port Grade I coke (out - warehouse price) increased by 10 [2]. Market News - The relationship between Iran and the US remains tense. Iran's Supreme National Security Council Secretary Ali Larijani said that Iran will not negotiate with the US. At the same time, an advisor to the commander of the Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz and warned that any ships attempting to pass through will become targets of attack. In response, US President Trump announced that the US military will continue large - scale operations in Iran and plans to give a speech on the Iran issue at midnight Beijing time [2].