瑞达期货焦煤焦炭产业日报-20260311

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints - The spot market trading atmosphere has cooled, and the loose fundamentals are exerting pressure. However, there is short - term support from geopolitical factors and Two Sessions policies. It is expected that the futures prices of coking coal and coke will fluctuate widely [2]. - For coking coal, on the supply side, the customs clearance of Mongolian coal remains at a high level, and the operation of coal washing plants continues to increase. On the demand side, the operation of downstream coking enterprises has declined slightly, the coking coal inventory continues to decline, and the coke inventory continues to accumulate, with the profit per ton of coke turning positive [2]. - For coke, on the supply side, the operating load of coking enterprises has been reduced, and the in - plant inventory has continued to accumulate, with the profit per ton of coke turning positive. On the demand side, affected by production restrictions, the operation of steel mills and the molten iron output have declined [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Prices: The closing price of the JM main contract is 1144.50 yuan/ton, up 23.00 yuan; the closing price of the J main contract is 1718.00 yuan/ton, up 37.50 yuan [2]. - Positions: The JM futures contract holding volume is 593327.00 lots, down 15322.00 lots; the J futures contract holding volume is 41180.00 lots, down 438.00 lots. The net position of the top 20 JM contracts is - 82084.00 lots, down 13916.00 lots; the net position of the top 20 J contracts is - 3587.00 lots, up 1156.00 lots [2]. - Spreads: The JM 9 - 5 month contract spread is 103.00 yuan/ton, up 6.00 yuan; the J 9 - 5 month contract spread is 75.50 yuan/ton, down 0.50 yuan [2]. - Warehouse Receipts: The coking coal warehouse receipts are 600.00 pieces, up 300.00 pieces; the coke warehouse receipts are 1310.00 pieces, unchanged [2]. 3.2 Spot Market - Coking Coal: The price of Ganqimao Du Meng 5 raw coal is 1043.00 yuan/ton, down 17.00 yuan; the price of Russian main coking coal forward spot (CFR) is 167.50 US dollars/wet ton, up 2.50 US dollars; the price of Australian imported main coking coal at Jingtang Port is 1640.00 yuan/ton, up 60.00 yuan; the price of Shanxi - produced main coking coal at Jingtang Port is 1610.00 yuan/ton, unchanged; the price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi is 1387.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia is 1280.00 yuan/ton, unchanged [2]. - Coke: The price of Tangshan first - grade metallurgical coke is 1665.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Rizhao Port is 1470.00 yuan/ton, unchanged; the price of first - grade metallurgical coke at Tianjin Port is 1570.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port is 1470.00 yuan/ton, unchanged [2]. - Basis: The JM main contract basis is 160.50 yuan/ton, down 23.00 yuan; the J main contract basis is - 53.00 yuan/ton, down 37.50 yuan [2]. 3.3 Upstream Situation - Production and Inventory: The daily output of clean coal from 314 independent coal washing plants is 19.90 million tons, up 3.00 million tons; the weekly inventory of clean coal from 314 independent coal washing plants is 288.50 million tons, down 10.40 million tons. The monthly raw coal output is 43703.50 million tons, up 1024.20 million tons; the monthly import volume of coal and lignite is 3094.27 million tons, down 2765.73 million tons; the daily average output of raw coal from 523 coking coal mines is 182.90 million tons, up 31.30 million tons [2]. - Inventory in Ports and Enterprises: The weekly inventory of imported coking coal in 16 ports is 485.74 million tons, down 8.70 million tons; the weekly total inventory of coking coal in all - sample independent coking enterprises is 796.15 million tons, down 33.31 million tons; the weekly inventory of coke in 18 ports is 270.71 million tons, up 9.01 million tons; the weekly inventory of coke in all - sample independent coking enterprises is 63.20 million tons, up 1.01 million tons; the weekly inventory of coking coal in 247 steel mills across the country is 775.64 million tons, down 16.82 million tons; the weekly inventory of coke in 247 sample steel mills is 671.26 million tons, down 3.85 million tons [2]. 3.4 Industry Situation - Availability Days and Import/Export: The weekly available days of coking coal in all - sample independent coking enterprises is 12.41 days, down 0.24 days; the weekly available days of coke in 247 sample steel mills is 12.53 days, up 0.12 days. The monthly import volume of coking coal is 1376.98 million tons, up 303.87 million tons; the monthly export volume of coke and semi - coke is 100.00 million tons, up 28.00 million tons [2]. - Supply and Production Capacity Utilization: The monthly total supply of coking coal is 5478.50 million tons, up 238.97 million tons; the weekly production capacity utilization rate of independent coking enterprises is 72.29%, down 0.54%; the weekly profit per ton of coke in independent coking plants is 17.00 yuan/ton, up 24.00 yuan; the monthly coke output is 4274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - Steel Mill Indicators: The weekly blast furnace operating rate of 247 steel mills across the country is 77.71%, down 2.51%; the weekly blast furnace iron - making production capacity utilization rate of 247 steel mills is 85.32%, down 2.13%; the monthly crude steel output is 6817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Mysteel statistics show that the production capacity utilization rate of 314 independent coal washing plant samples this week is 31.0%, a 4.4% increase from the previous week; the daily output of clean coal is 23.1 million tons, a 3.2 - million - ton increase from the previous week; the clean coal inventory is 313.6 million tons, a 25.1 - million - ton increase from the previous week [2]. - Israeli Foreign Minister Eli Cohen said on the 10th local time that Israel does not seek an "endless war" with Iran and will coordinate with the United States at an appropriate time to decide when to end the military operation against Iran. He did not give a specific timetable for the current military operation and emphasized that Israel will continue the military operation until it and its partners think it is "suitable to stop" [2]. - U.S. President Trump said on the 10th local time that it is possible to negotiate with Iran under certain conditions. Three informed sources revealed that the Trump administration has asked Israel to stop further air strikes on Iranian energy facilities, especially oil infrastructure. This is said to be the first obvious restraint on Israel's military operation by the United States since the joint U.S. - Israeli military operation against Iran began [2].