瑞达期货焦煤焦炭产业日报-20260312

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The spot market is temporarily stable, with a loose supply pattern for coking coal and coke remaining unchanged. The demand is weak due to the impact of the Two Sessions, but geopolitical conflicts continue to disrupt the sentiment of the resource sector. It is expected that the futures prices will fluctuate widely. For coking coal, the supply side shows that the start - up of coking enterprises is stable, the coke inventory is continuously accumulating, and the profit per ton of coke turns positive; the demand side is affected by production restrictions, with low start - up of steel mills and low molten iron output. For coke, the supply - demand situation is loose, and in the short term, it is affected by geopolitical sentiment [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1153 yuan/ton, up 8.50 yuan; J main contract closing price: 1727 yuan/ton, up 9.00 yuan [2]. - JM futures contract open interest: 582,187 lots, down 11,140 lots; J futures contract open interest: 41,920 lots, up 740 lots [2]. - Net open interest of the top 20 coking coal contracts: - 65,689 lots, up 2,647 lots; net open interest of the top 20 coke contracts: - 3,473 lots, down 179 lots [2]. - JM 9 - 5 month contract spread: 101.50 yuan/ton, down 1.50 yuan; J 9 - 5 month contract spread: 74.50 yuan/ton, down 1.00 yuan [2]. - Coking coal warehouse receipts: 800 pieces, up 200 pieces; coke warehouse receipts: 1,340 pieces, up 30 pieces [2]. 3.2 Spot Market - Mongolian No. 5 raw coal at Ganqimaodu: 1,046 yuan/ton, up 3.00 yuan; Tangshan first - grade metallurgical coke: 1,665 yuan/ton, unchanged [2]. - Russian main coking coal forward spot: 167.50 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1,470 yuan/ton, unchanged [2]. - Australian imported main coking coal at Jingtang Port: 1,590 yuan/ton, down 50.00 yuan; Tianjin Port first - grade metallurgical coke: 1,570 yuan/ton, unchanged [2]. - Shanxi - produced main coking coal at Jingtang Port: 1,610 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1,470 yuan/ton, unchanged [2]. - Medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi: 1,406 yuan/ton, up 19.00 yuan; Inner Mongolia Wuhai - produced coking coal ex - factory price: 1,280 yuan/ton [2]. - JM main contract basis: 152.00 yuan/ton, down 8.50 yuan; J main contract basis: - 62.00 yuan, down 9.00 yuan [2]. 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 23.10 million tons, up 3.20 million tons; fine coal inventory of 314 independent coal washing plants: 313.60 million tons, up 25.10 million tons [2]. - Capacity utilization rate of 314 independent coal washing plants: 31.00%, up 4.00%; raw coal output: 43,703.50 million tons, up 1,024.20 million tons [2]. - Coal and lignite imports: 3,094.27 million tons, down 2,765.73 million tons; daily average raw coal output of 523 coking coal mines: 193.60 million tons, up 10.80 million tons [2]. - Imported coking coal inventory at 16 ports: 485.74 million tons, down 8.70 million tons; total coking coal inventory of all - sample independent coking enterprises: 796.15 million tons, down 33.31 million tons [2]. - Coking coal inventory of 247 steel mills nationwide: 775.64 million tons, down 16.82 million tons; coke inventory of 247 sample steel mills nationwide: 671.26 million tons, down 3.85 million tons [2]. 3.4 Industry Situation - Available days of coking coal for all - sample independent coking enterprises: 12.41 days, down 0.24 days; available days of coke for 247 sample steel mills: 12.53 days, up 0.12 days [2]. - Coking coal imports: 1,376.98 million tons, up 303.87 million tons; coke and semi - coke exports: 100.00 million tons, up 28.00 million tons [2]. - Total coking coal supply: 5,478.50 million tons, up 238.97 million tons; capacity utilization rate of independent coking enterprises: 72.29%, down 0.54% [2]. - Profit per ton of coke for independent coking plants: 17.00 yuan/ton, up 24.00 yuan; coke output: 4,274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - Blast furnace start - up rate of 247 steel mills nationwide: 77.71%, down 2.51%; blast furnace iron - making capacity utilization rate of 247 steel mills: 85.32%, down 2.13% [2]. - Crude steel output: 6,817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - According to Mysteel, the verified capacity utilization rate of 523 coking coal mine samples was 87.2%, a week - on - week increase of 4.8%. The daily average raw coal output was 193.6 million tons, a week - on - week increase of 10.8 million tons, the raw coal inventory was 544.1 million tons, a week - on - week decrease of 8.8 million tons, the daily average fine coal output was 77.7 million tons, a week - on - week increase of 2.9 million tons, and the fine coal inventory was 277.7 million tons, a week - on - week decrease of 8.6 million tons [2]. - According to The Times of Israel website on the 11th, the Israeli Defense Forces' Home Front Command said that due to the attacks by Iran and Hezbollah, the current civil defense restrictions in Israel will last at least until the 14th [2]. - Mysteel reported that Iranian President Pezeshkian posted on social media on the 11th that the "only way" to end the war initiated by the United States and Israel is to recognize Iran's legitimate rights, pay compensation, and the international community provide firm guarantees to prevent Iran from being "invaded again" [2].