焦煤、焦炭日报-20260312

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Recently, the prices of coking coal and coke on the futures market have fluctuated significantly, mainly following the changes in oil, gas, and chemical products. The trading is mainly driven by funds and sentiment, and the weight of their own fundamentals has decreased. The current supply of domestic coking coal is not tight. China's coking coal supply is mainly domestic and supplemented by imports. The main source countries for imports are Mongolia and Russia, with stable supplies, and Australia and Canada as supplementary sources. Geopolitical conflicts have limited direct impact on China's coking coal supply, and the impact is indirect. Before the conflict eases or ends, coking coal prices may fluctuate significantly following oil and gas prices [6]. 3. Summary by Directory 3.1 Market Information - Futures Prices: The futures prices of coking coal and coke showed varying degrees of increase. For example, the JM01 coking coal futures price increased by 4.5 from 1461.5 to 1466, and the J01 coke futures price increased by 8.5 from 1887.5 to 1896 [4]. - Spot Prices: The spot prices of coking coal and coke remained stable, with no price changes for most varieties on that day [4]. - Warehouse Receipts: The warehouse receipts of coking coal and coke also remained unchanged [4]. - Basis: The basis of coking coal and coke varied among different contracts and varieties [4]. - Transportation Prices: Most of the transportation prices of coking coal and coke remained stable, except that the transportation price from Xiaoyi to Guye District increased by 20 from 150 to 170 [4]. 3.2 Market Judgement - Trading Strategy - Single - side: Recently, the price fluctuations are large. Conservative investors are advised to wait and see. Considering the risk - return ratio, they can also try to go long at low prices. In the medium term, it is expected to continue wide - range fluctuations, and there is no trend - based opportunity yet. It is recommended to conduct band trading [6]. - Arbitrage: Wait and see [7]. - Options: Wait and see [8]. - Related Prices: The report lists the warehouse receipt prices of various types of coking coal and coke, such as the warehouse receipt price of Shanxi coking coal is 1180 yuan/ton, and the warehouse receipt price of Rizhao Port's quasi - first - grade (wet - quenched) coke is 1581 yuan/ton [9]. - Important Information - The price of动力煤in Shaanxi Yulin shows a trend of stable and fluctuating adjustment. The prices of some coal mines have decreased by 10 - 20 yuan, and the current market price of high - calorie pulverized coal in Shenmu area is 600 - 625 yuan/ton. - A large steel mill in Tangshan tendered for Meng 5 clean coal on the 12th, with a winning bid price of 1380 yuan/ton, an increase of 20 yuan/ton compared with the previous tender on March 2nd, and all 7000 tons of the tendered quantity were sold [10]. 3.3 Related Attachments - The report provides multiple charts, including the comprehensive absolute price index of coke, the price of Meng 5 clean coal, the basis of coking coal and coke, etc., showing the price trends from 2021 to 2026 [12][14][22]