20260313申万期货品种策略日报-双焦（JM&J）-20260313

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The night session of the previous day saw the main contracts of coking coal and coke perform strongly, with the total positions of coking coal increasing compared to the previous period. This week's data from the Steel Union showed that the output of the five major steel products increased, mainly contributed by rebar. The overall inventory continued to increase, but the growth rate narrowed significantly compared to the previous period. The apparent demand increased significantly, mainly from rebar. Affected by environmental protection restrictions, the hot metal output continued to decline this week. It is expected that with the end of environmental protection restrictions and the advancement of resumption of work and production, the hot metal output will significantly rebound, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy commodities. In the future, focus should be placed on the trend of hot metal output, the start - up situation of mines, and the geopolitical trend [1] 3. Summary According to the Catalog Futures Price Information - Previous Day's Closing Price: For coking coal, the previous day's closing prices for January, May, and September contracts were 1466.0, 1153.0, and 1254.5 respectively; for coke, they were 1896.0, 1727.0, and 1801.5 respectively. The previous two - day closing prices for coking coal were 1461.5, 1144.5, and 1247.5 respectively; for coke, they were 1887.5, 1718.0, and 1793.5 respectively [1] - Price Changes and Ranges: The price changes for coking coal were 4.5, 8.5, and 7.0 respectively, with price decline ranges of 0.31%, 0.74%, and 0.56%; for coke, they were 8.5, 9.0, and 8.0 respectively, with price decline ranges of 0.45%, 0.52%, and 0.45% [1] - Trading Volume and Open Interest: The trading volumes of coking coal for January, May, and September contracts were 5060, 1002451, and 108346 respectively; for coke, they were 156, 166991, and 1679. The open interests of coking coal were 15140, 393876, and 111895 respectively; for coke, they were 1614, 35867, and 4214. The changes in open interests of coking coal were 239, - 13407, and 1126 respectively; for coke, they were 96, 379, and 248 [1] - Price Spreads: For coking coal, the 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; for coke, they were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 [1] Spot Price Information - Spot Prices: The spot prices of Mongolian 5 coking coal (port self - pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan wagon - board price), Tangshan first - grade coke (ex - factory price), Jinzhong quasi - first - grade coke (ex - factory price), and Rizhao Port quasi - first - grade coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively, with no changes [1] Automobile Industry Data - In February, China's automobile sales were 1.04 million, a year - on - year decrease of 25.9%. Among them, the retail sales of new energy vehicles were 464,000, a year - on - year decrease of 32% and a month - on - month decrease of 22.1% [1]