20260317申万期货品种策略日报:双焦(JM&J)-20260317

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The night session of the main contracts of coking coal and coke showed a volatile trend yesterday, and the total open interest of coking coal was basically flat compared with the previous period. The supply pressure of coking coal is emerging, but with the end of environmental protection restrictions and the promotion of resumption of work and production, the molten iron output is expected to rebound significantly. There is no need to be overly pessimistic about the future market trend. Key factors to watch include the trend of molten iron output, mine operation, and geopolitical situation [2] 3. Summary According to Relevant Catalogs Market Data of Coking Coal and Coke Futures - Previous Day Closing Prices: For coking coal, the prices for January, May, and September contracts were 1482.0, 1181.0, and 1280.5 respectively; for coke, they were 1908.5, 1746.0, and 1813.5 respectively [2] - Price Changes: The price increases for coking coal contracts in January, May, and September were 0.17%, 0.25%, and 0.31% respectively; for coke, they were 0.08%, 0.49%, and 0.08% respectively [2] - Trading Volume: The trading volumes for coking coal contracts in January, May, and September were 5173, 889002, and 109235 respectively; for coke, they were 71, 16554, and 1623 respectively [2] - Open Interest: The open interests for coking coal contracts in January, May, and September were 14484, 401244, and 115982 respectively; for coke, they were 1650, 34584, and 4912 respectively [2] - Open Interest Changes: The open interest changes for coking coal contracts in January, May, and September were -520, -4391, and -1504 respectively; for coke, they were 3, -1090, and 305 respectively [2] - Price Spreads: The price spreads and their changes between different contracts are provided in the report [2] Spot Market Data - Spot Prices: The spot prices of Mongolian No. 5 primary coking coal at the port, low - sulfur primary coking coal in Linfen and Taiyuan, Tangshan Grade I coke, Jinzhong quasi - Grade I coke, and Rizhao Port quasi - Grade I coke are 1210, 1450, 1373, 1800, 1280, and 1470 respectively, with no changes [2] 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 carry out pilot work on comprehensive hydrogen energy applications. The same day, the Ministry of Industry and Information Technology deployed multiple key tasks, including consolidating the stable and positive 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 high - quality development of the industrial chain [2]