交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-19） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 6、预期：下游成材价格震荡运行，钢厂利润不佳减产预期增加，下游企业对高价煤资源的接受意原较 差，且焦钢企业经过近期补库，增库及降库意愿较低，以按需采购为主，对焦煤的采购偏谨慎，预计短 期焦煤价格或暂稳运行。 1、基本面：近期煤矿开工小幅回升，但恢复空间有限，供应仍然偏紧。近日市场情绪有所降温，下游 拉运积极性稍有降低，对高价煤种接受程度下滑，矿点出货速度较前期放缓。近两日竞拍流拍情况增多， 主流大矿地销价格暂未调整，但是线上竞拍多数煤种成交出现小幅回调。因多数煤矿暂有前期订单拉运， 且考虑到下游补库，挺价意愿较强；偏多 2、基差：现货市场价1380，基差221；现货升水期货；偏多 3、库存：钢厂 ...

| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1591.62 | 0.00 | 0.00 | 109.23 | -15.71% 高炉开工率 | 87.81 | | -0.80 | -2.74 | -0.67% | | 河北准一干熄 | 1845.00 | 0.00 | 0.00 | 110.00 | 1.93% 铁水日均产量 | 236.88 | | 2.66 | -4.07 | 0.40% | | 山东准一干熄 | 1770.00 | 0.00 | 0.00 | 110.00 | -14.29% 盘面05 | 1822.5 | -12.00 | -73.00 | 41.00 | -9.49% | | 江苏准一干熄 | 1810.00 | 0.00 | 0.00 | 110.00 | -14.01% 盘面09 | 1907.5 | -12.00 | -68.00 | 43.00 | ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-10-22） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 6、预期：焦钢企业目前存在不同程度限产，亏损边缘的焦钢企业博弈加剧，市场情绪略有降温，但考 虑焦企近期出货较好，开工较稳下采购积极性仍存，短期刚需采购仍能给予焦煤底部支撑，预计短期焦 煤价格或暂稳运行。 1、基本面：部分煤矿因查超产有停、减产情况，同时产地安全检查影响，焦煤市场供应持续趋紧，对 焦煤价格有较强支撑。目前下游焦企对部分高价资源较为抵触，采购偏谨慎，部分煤种成交价格有所回 落，而在下游刚需采购下，部分优质煤种成交价格继续上涨，竞拍市场涨跌互现，整体煤矿报价多呈现 稳中上涨运行；中性 2、基差：现货市场价1300，基差123；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立 ...

| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1482.39 | 0.00 | 0.00 | 54.61 | -21.49% 高炉开工率 | 90.33 | | -0.22 | -0.02 | 3.22% | | 河北准一干熄 | 1735.00 | 0.00 | 0.00 | 55.00 | -4.14% 铁水日均产量 | 240.95 | | -0.59 | -0.07 | 2.81% | | 山东准一干熄 | 1660.00 | 0.00 | 0.00 | 55.00 | -19.61% 盘面05 | 1797 | 15.50 | -16.50 | 53.00 | -17.36% | | 江苏准一干熄 | 1700.00 | 0.00 | 0.00 | 55.00 | -19.24% 盘面09 | 1876 | 11.50 | -29.00 | 363.50 | -13.85 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coking Coal**: Steel billet prices are slightly adjusted, steel trading is average, and there is a possibility of expanded maintenance due to poor profits, leading to cautious procurement by enterprises. However, high pig iron production supports coking coal demand during the peak season, with most enterprises purchasing as needed. Short - term coking coal prices are expected to be weakly stable [2]. - **Coke**: Steel mills maintain high pig iron production, and coke enterprises can maintain stable operation with current profit levels. But steel prices are volatile, pig iron production has peaked and declined, weakening the bullish sentiment in the market. Additionally, the sales pressure of steel products restricts the upward momentum of coke prices. Short - term coke prices are expected to remain stable [7]. 3. Summary by Relevant Catalogs Coking Coal - **Fundamentals**: Some coal mines have slightly fluctuating production, but the overall supply pattern remains unchanged. Coking and steel enterprises purchase as needed, and intermediate speculative traders' purchasing enthusiasm has slowed down. New coal mine orders have decreased, and the online auction sentiment has weakened, with some coal prices falling and coal mine quotations slightly adjusted. However, the inventory pressure of coking coal in coal mines is small, remaining at a medium - low level, and the market is mainly in a wait - and - see state [3]. - **Basis**: The spot market price is 1260, and the basis is 114, indicating that the spot price is higher than the futures price [3]. - **Inventory**: Steel mill inventory is 805.8 million tons, port inventory is 255.5 million tons, independent coking enterprise inventory is 829.4 million tons, and the total sample inventory is 1890.7 million tons, a decrease of 28.1 million tons from last week [3]. - **Disk**: The 20 - day line is upward, and the price is below the 20 - day line [3]. - **Main Position**: The main position of coking coal is net long, and the long position has increased [3]. - **Factors**: Bullish factors include rising pig iron production and limited supply growth; bearish factors include slower procurement of raw coal by coking and steel enterprises and weak steel prices [5]. Coke - **Fundamentals**: With the price adjustment of some coking coal at the raw material end and the first - round price increase of coke, the profit of coking enterprises has slightly recovered. Currently, coking enterprises' profits are mostly on the verge of profit and loss, with stable operation and low inventory, but there is a lack of confidence in further price increases [8]. - **Basis**: The spot market price is 1610, and the basis is - 32.5, indicating that the spot price is lower than the futures price [8]. - **Inventory**: Steel mill inventory is 609.8 million tons, port inventory is 215.1 million tons, independent coking enterprise inventory is 39.3 million tons, and the total sample inventory is 864.2 million tons, a decrease of 17.9 million tons from last week [8]. - **Disk**: The 20 - day line is upward, and the price is below the 20 - day line [8]. - **Main Position**: The main position of coke is net short, and the short position has increased [8]. - **Factors**: Bullish factors include rising pig iron production and increasing blast furnace operating rates; bearish factors include squeezed steel mill profit margins and partially overdrawn replenishment demand [10]. Price - **Imported Coking Coal**: On October 13 (17:30), the prices of imported coking coal from Russia and Australia at different ports are provided, with some prices showing changes [11]. - **Port Metallurgical Coke**: On October 13 (17:30), the prices of port metallurgical coke at different ports, with different grades and from different origins, are provided, with some prices rising [12]. Inventory - **Port Inventory**: Coking coal port inventory is 282.1 million tons, a decrease of 10.2 million tons from last week; coke port inventory is 215.1 million tons, an increase of 17 million tons from last week [22]. - **Independent Coking Enterprise Inventory**: Independent coking enterprise coking coal inventory is 844.1 million tons, an increase of 2.9 million tons from last week; coke inventory is 46.5 million tons, a decrease of 3.6 million tons from last week [27]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 million tons, a decrease of 13.3 million tons from last week [32]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [45]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [49].

900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 ...

焦煤焦炭早报（2025-7-14） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 交易咨询业务资格：证监许可【2012】1091号 1、基本面：区域内多数煤矿生产平稳，产量水平稳定。随着终端需求逐渐上升，下游焦钢对原料煤采 购积极，多数煤矿库存低位，矿方心态乐观，报价多相对坚挺。且竞拍市场成交向好，线上竞价积极， 整体看炼焦煤市场整体交投氛围良好；偏多 2、基差：现货市场价930，基差17；现货升水期货；偏多 3、库存：钢厂库存774万吨，港口库存312万吨，独立焦企库存669.5万吨，总样本库存1775.5万吨，较 上周减少19.3万吨；偏多 4、盘面：20日线向上，价格在20日线上方；偏多 5、主力持仓：焦煤主力净空，空减；偏空 6、预期：下游钢焦企业长期低库存，近期补库需求持续释放，高炉铁水高位震荡，但需求仍在高位， 加 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coking Coal**: The supply of coking coal is expected to gradually return to a high level as coal mines resume production. The downstream procurement willingness remains strong, and the coal mine inventory is mostly at a medium - low level. The short - term price is expected to remain stable. Although the steel mill's profit has improved after the price adjustment of raw materials, the coking enterprises are limited by profit, and the transaction of some high - price resources is average [2]. - **Coke**: The profit of coking enterprises is meager, and the cost has increased due to the rising raw material prices. Some loss - making coking enterprises continue to limit production, leading to a tightening supply. With the rigid demand from downstream steel mills and the active purchasing of speculative traders, coking enterprises continue to reduce inventory. The short - term price is expected to remain stable [5]. 3. Summaries by Related Catalogs Coking Coal - **Fundamentals**: The supply is expected to increase as coal mines resume production. The downstream procurement is active, and the market sentiment has improved. Some coal prices have been adjusted, and the overall market is stable [2]. - **Base Difference**: The spot price is 940, and the base difference is 96.5, indicating that the spot price is higher than the futures price [2]. - **Inventory**: The total sample inventory is 1775.5 tons, a decrease of 19.3 tons from last week, including 774 tons in steel mills, 312 tons in ports, and 669.5 tons in independent coking enterprises [2]. - **Market Trend**: The 20 - day line is upward, and the price is above the 20 - day line [2]. - **Main Position**: The main position of coking coal is net short, and the short position is decreasing [2]. - **Factors**: Positive factors include the increase in molten iron production and limited supply growth; negative factors include the slowdown of raw coal procurement by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: Coking enterprises' profits are thin, production costs have increased, and some enterprises are reducing production. The supply is tightening, while the downstream rigid demand exists, and the inventory of coking enterprises is decreasing [5]. - **Base Difference**: The spot price is 1350, and the base difference is - 74.5, indicating that the spot price is lower than the futures price [5]. - **Inventory**: The total sample inventory is 933.2 tons, a decrease of 15.2 tons from last week, including 642.8 tons in steel mills, 203.1 tons in ports, and 87.3 tons in independent coking enterprises [5]. - **Market Trend**: The 20 - day line is upward, and the price is above the 20 - day line [6]. - **Main Position**: The main position of coke is net short, and the short position is decreasing [6]. - **Factors**: Positive factors include the increase in molten iron production and the rise in blast furnace operating rate; negative factors include the compression of steel mill profits and the partial overdraft of replenishment demand [8]. Inventory - **Port Inventory**: Coking coal port inventory is 312 tons, a decrease of 1 ton from last week; coke port inventory is 203.1 tons, a decrease of 11.1 tons from last week [19]. - **Independent Coking Enterprises Inventory**: Coking coal inventory in independent coking enterprises is 669.5 tons, a decrease of 21.4 tons from last week; coke inventory is 87.3 tons, a decrease of 1.1 tons from last week [22]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 774 tons, an increase of 3.1 tons from last week; coke inventory is 642.8 tons, a decrease of 3 tons from last week [25]. Other Indicators - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises is 74%, the same as last week [36]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants is - 46 yuan, a decrease of 27 yuan from last week [40].

焦炭日报 研究中心黑色团队 2025/7/2 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1153.65 | 0.00 | 0.00 | -129.81 | -40.84% 高炉开工率 | 90.83 | | 0.04 | 0.14 | 1.19% | | 河北准一湿熄 | 1375.00 | 0.00 | 0.00 | -150.00 | -37.21% 铁水日均产量 | 242.29 | | 0.11 | 0.38 | 1.19% | | 山东准一干熄 | 1330.00 | 0.00 | 0.00 | -130.00 | -40.36% 盘面0 5 | 1463.5 | -41.50 | 23.00 | 104.00 | -37.20% | | 江苏准一干熄 | 1370.00 | 0.00 | 0.00 | -130.00 | -39.65% 盘面0 9 | 1398 | ...

Report Information - Report Title: Coke Daily Report - Report Date: June 27, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary of Key Data Coke Prices - The latest prices of different types of coke show various degrees of decline compared to the previous week, month, and year. For example, the price of Shanxi quasi - first wet - quenched coke is 1153.65, with a weekly decrease of 54.61, a monthly decrease of 184.42, and a year - on - year decrease of 40.84% [2]. Production and Utilization Rates - The blast furnace开工率 (operating rate) is 90.79, with a weekly increase of 0.21, a monthly decrease of 0.53, and a year - on - year increase of 1.41%. The iron water daily average output is 242.29, with a weekly increase of 0.11, a monthly increase of 0.38, and a year - on - year increase of 1.19%. The coking capacity utilization rate is 73.42, with a weekly decrease of 0.54, a monthly decrease of 1.76, and a year - on - year increase of 0.12%. The coke daily average output is 53.50, with a weekly decrease of 0.27, a monthly increase of 1.34, and a year - on - year increase of 1.63% [2]. Inventory Data - The coking plant inventory is 73.73, with a weekly decrease of 7.20, a monthly decrease of 4.60, and a year - on - year increase of 100.08%. The port inventory is 200.09, with a weekly decrease of 3.02, a monthly decrease of 17.09, and a year - on - year decrease of 2.55%. The steel mill inventory is 627.75, with a weekly decrease of 6.45, a monthly decrease of 27.18, and a year - on - year increase of 12.62%. The steel mill inventory days are 11.22, with a weekly decrease of 0.20, a monthly decrease of 0.49, and a year - on - year increase of 7.27% [2]. Futures Market Data - The prices of different coke futures contracts (05, 09, 01) show different trends. For example, the price of the 05 contract is 1453.5, with a daily increase of 13.00, a weekly increase of 25.50, a monthly increase of 61.00, and a year - on - year decrease of 36.43%. The basis and spread data of different contracts also show significant changes [2].