20260317申万期货品种策略日报-双焦（JⅠ&J）-20260317

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - Although the supply - side pressure of coking coal is evident due to the increase in production and Mongolian coal customs clearance, and the iron - water output has decreased due to environmental protection restrictions, with the end of environmental protection restrictions and the progress of resuming work and production, the iron - water output is expected to significantly rebound. The increase in the listing and trading volume of coking coal last week also proves the current rigid demand resilience, so there is no need to be overly pessimistic about the future market trend. Key factors to focus on in the future include the trend of iron - water output, mine operation, and geopolitical situation [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market Data - Closing Prices: For coking coal futures, the previous day's closing prices for January, May, and September contracts were 1482.0, 1181.0, and 1280.5 respectively; for coke futures, they were 1908.5, 1746.0, and 1813.5 respectively. The previous two - day closing prices and price changes are also provided [2] - Price Changes: The price increases for coking coal futures contracts in January, May, and September were 0.17%, 0.25%, and 0.31% respectively; for coke futures, they were 0.08%, 0.49%, and 0.08% respectively [2] - Trading Volume and Open Interest: The trading volumes of coking coal futures contracts in January, May, and September were 5173, 889002, and 109235 respectively; for coke futures, they were 71, 16554, and 1623 respectively. The open interests and their changes are also presented [2] - Price Spreads: The current price spreads and their changes between different contracts of coking coal and coke are given, such as the spread between January - May contracts, May - September contracts, and September - January contracts [2] 3.2 Spot Market Data - Spot Prices: Spot prices of different types of coking coal and coke are provided, including Mongolian No. 5 main coking coal, low - sulfur main coking coal, Tangshan first - grade coke, etc., and their price changes are all 0 [2] 3.3 Industry News - On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice to deploy the pilot work of comprehensive hydrogen energy application, aiming to reduce hydrogen energy costs through multi - scenario large - scale applications and promote the high - quality development of the hydrogen energy industry. The same day, the Ministry of Industry and Information Technology also deployed multiple key tasks, including consolidating the stable and positive state of the industrial economy, starting major projects in the "15th Five - Year Plan", using policy tools such as ultra - long - term special treasury bonds and technical transformation special re - loans, and promoting the optimization and upgrading of the industrial system [2]