投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 1 月 6 日 煤焦日报 专业研究·创造价值 观望情绪仍存，煤焦震荡调整 核心观点 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 请务必阅读文末免责条款部分 黑色金属 | 日报 一 产业资讯 焦炭：1 月 06 日，焦炭主力合约报收于 1655 元/吨，日内录得 0.72%的跌 幅。截至收盘，主力合约持仓量为 3.67 万手，较前一交易日仓差为+1564 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1470 元/吨，周环比下跌 3.29%；青岛港准一级湿熄焦出库价为 1440 元/吨， 周环比下跌 0.69%。当前，下游复产和冬储或给焦炭价格带来一定支撑， 预计主力合约下跌存一定阻力，但能否向上反弹仍需关注需求改善情况以 及政策端有无 ...

晨报 煤焦 煤焦：煤矿年底减量 盘面延续震荡 投资咨询业务资格： 观点：近期市场情绪稍有回暖，价格迎阶段性反弹，但基本面表现仍 偏弱势，缺少对价格反弹的支撑。 后期关注/风险因素：关注钢厂高炉开工变化、煤矿复产情况。 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 12 月 25 日 逻辑：昨日煤焦期货价格震荡运行，夜盘高开低走，价格波动较为剧 烈。现货方面，山西地区优质主焦煤价暂稳运行；焦炭端，钢厂完成对焦 价的第三轮提降，价格跌后下游或有补库原料动作。 证监许可【2011】1452 号 本周煤矿存在月底减量动作，焦企开始适 ...

晨报 煤焦 观点：短期国内煤矿产量小幅修复，蒙煤通关量回升显著；需求小幅 波动，注意淡季压力向原材料端的传导。焦煤主力合约价格迫近震荡区间 下限，考验下方支撑。 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 11 月 20 日 逻辑：昨日煤焦期价延续震荡下行走势，贴水现货运行，弱交割逻辑 拖累近月价格。现货市场总体弱稳，主产地主焦煤价格回调 40-50 元/吨。 证监许可【2011】1452 号 从基本面来看，本周山西吕梁多座煤矿继续恢复到满产状态，原煤产 量回升明显，陕西延安子长当地交通恢复，涉及煤矿恢复生产，抬升整体 产量数据回升。本周精煤日均产量 75.8 万吨，环比前一周微增 0.1 万吨， 同比下降 3.8 万吨。进口端，上周（11.10-11.15）甘其毛都口岸蒙煤日 均通关量 17.45 万吨，较前一周下降 ...

姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 黑色金属 | 日报 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 11 月 10 日 煤焦日报 专业研究·创造价值 多空僵持，煤焦高位震荡 核心观点 焦炭：截至 11 月 7 日当周，全样本独立焦化厂和钢厂焦化厂焦炭日均产 量合计 109.68 万吨，周环比下降 1.12 万吨；需求端 247 家钢厂铁水日均 产量 234.22 万吨，周环比下降 2.14 万吨，钢厂盈利率继续下滑 5.19 个 百分点，至 39.83%，超 6 成钢厂处于亏损状态，显示焦炭需求压力仍 存。库存方面，本周产业链各环节焦炭库存均有所去化，截至 11 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The coal and coke market is experiencing high - level oscillations supported by supply narratives. The recent acceleration in the decline of downstream steel mill开工 has reignited market concerns about negative feedback, potentially suppressing the further upward movement of raw material prices. Additionally, the relatively quiet policy front and the divergence in macro - risk appetites at home and abroad have restricted the further upward breakthrough of the valuation of domestic risk assets to some extent [3][4] 3. Summary by Relevant Catalogs 3.1 Coal and Coke Weekly Outlook - **Supply**: In some northern main production areas, production recovery has fallen short of expectations due to factors such as environmental protection, leading to a slight week - on - week decline in the overall domestic capacity utilization rate. The increase in Mongolian coal vehicle traffic has driven a week - on - week rise in port inventory [3] - **Demand**: Coking enterprises have achieved a certain amount of inventory replenishment, with a significant week - on - week increase in the raw material inventory of independent coking enterprises. The continuous decline in the blast furnace operation rate of steel mills has intensified concerns about negative feedback [4] - **Macro**: Recently, the policy front has been relatively quiet, and there has been a divergence in macro - risk appetites at home and abroad, which has restricted the further upward breakthrough of the valuation of domestic risk assets to some extent [4] 3.2 Coal and Coke Fundamental Data Changes | Fundamental Changes | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 848.39 (- 3.42); FW clean coal 432.95 (- 1.97); Independent coking plant daily average 63.59 (- 1.0); Steel mill and coking enterprise daily average 46.09 (- 0.12) | | | Demand | Iron ore output 234.22 (- 2.14) | Iron ore output 234.22 (- 2.14) | | Inventory | MS total inventory + 11.3; Mine raw coal - 12.4; Mine clean coal + 1.1; Independent coking - 9.0; Independent coking + 17.5; Steel mill - 2.4; Steel mill coking - 9.0; Port - 1.6; Port + 14.1; FW port + 22.9 | | | Profit | Commodity coal 569 (+ 34) | Average coking enterprise profit - 22 (+ 10) | | Warehouse Receipt | Mongolian 5 Tangshan warehouse receipt 1362 | Rizhao quasi - first - grade coke warehouse receipt 1718 | [6] 3.3 Coking Coal Fundamental Data - **Supply** - **Weekly**: Data on the start - up rate of 523 sample mines, FW raw coal production, and daily average clean coal production of 523 sample mines are presented [8] - **Monthly**: Data on the production of coking bituminous coal and coking clean coal are provided [11] - **Mongolian Coal Customs Clearance**: Data on the customs clearance volume of Mongolian coal at the Ganqimaodu, Mandula, and Ceke ports, as well as the total customs clearance volume of the three ports, are shown [13][16][17][19] - **Inventory** - **Pit - mouth**: This week, the raw coal inventory of sample mines increased by 4.15 tons week - on - week to 136.13 tons, while the clean coal inventory decreased by 0.77 tons week - on - week to 80.35 tons [24] - **Port**: This week, the coking coal port inventory was 304.27 tons, a week - on - week increase of 14.12 tons [26] - **Coking Plant**: Data on the inventory and available days of coking coal in independent coking enterprises are provided, including regional and capacity - segmented data [29][31][33] - **Steel Mill**: Data on the inventory and available days of coking coal in 247 steel enterprises and their sample coking plants are presented, including regional data [34] 3.4 Coke Fundamental Data - **Supply** - **Capacity Utilization** - **Coking Plant**: Data on the capacity utilization rate of independent coking enterprises, including full - sample and 230 - enterprise data, as well as data segmented by capacity and region, are provided [37] - **Steel Mill**: Data on the capacity utilization rate of 247 steel enterprises are shown [39] - **Output** - **Coking Plant**: Data on the daily average output of coke in independent coking enterprises, including full - sample and 230 - enterprise data, are provided [41] - **Steel Mill**: Data on the daily average output of coke in 247 steel enterprises are shown [43] - **Inventory** - **Coking Plant**: Data on the inventory of coke in independent coking enterprises, including full - sample and 230 - enterprise data, are provided [45] - **Steel Mill**: Data on the inventory and average available days of coke in 247 steel enterprise sample coking plants, including regional data, are presented [46][48][49] - **Full - sample Aggregate**: Data on the total coke inventory and supply - demand difference are provided [51][53] - **Demand - Pig Iron**: Data on the daily average output of pig iron in 247 steel enterprises are presented [53] - **Profit**: Data on the spot - month contract profit of coke per ton, the average profit per ton of independent coking enterprises, and the price of metallurgical coke are provided [57][58] 3.5 Coal and Coke Futures and Spot Prices - **Coking Coal Futures**: The futures market conditions of coking coal 2601 and coking coal 2605, including closing prices, price changes, trading volumes, and open interest, are presented [61] - **Coke Futures**: The futures market conditions of coke 2601 and coke 2605, including closing prices, price changes, trading volumes, and open interest, are presented [63] - **Coal and Coke Calendar Spread**: Data on the spread between JM2601 and JM2605, and between J2601 and J2605 are provided [66] - **Coal and Coke Spot**: Data on the spot prices of coking coal and coke, including vehicle - board prices of different types of coking coal and the prices of different grades of metallurgical coke, are presented [69] - **Coal and Coke Basis**: The JM basis has declined as the spot price reached a high level [71]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 10 月 28 日 煤焦日报 专业研究·创造价值 多空交织，煤焦区间震荡 核心观点 焦炭：10 月 28 日，焦炭主力合约报收于 1747.5 元/吨，日内录得 0.96% 的跌幅。截至收盘，主力合约持仓量为 3.97 万手，较前一交易日仓差为- 755 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1570 元/吨，周环比上涨 3.29%；青岛港准一级湿熄焦出库价为 1530 元/ 吨，周环比上涨 2.68%。现阶段，焦炭上下游博弈激烈，基本面支撑不 足，相对利好在于焦煤带来的成本支撑以及内外宏观回暖的情绪支撑。 焦煤：10 月 28 日，焦煤主力合约报收 1242 点，日内下跌 0.76%。截至收 盘，主力合约持仓量为 65.04 万手，较前一交易日仓差为-17467 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1340.0 元/吨，周环比上涨 2.29%。整体来看，焦煤短期基本面无明显变化，强预期支撑焦煤主力合 约区间震荡，后续关注中美贸易措施结果以及主产区供应变化。 （仅供参考，不构成 ...

核心观点 焦炭：成本强支撑，焦炭偏强震荡 宝城期货研究所 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，本 人承诺以勤勉的职业态度，独 立、客观地出具本报告。本报 告清晰准确地反映了本人的研 究观点。本人不曾因，不因， 也将不会因本报告中的具体推 荐意见或观点而直接或间接接 收到任何形式的报酬。 焦煤焦炭 | 周报 2025 年 10 月 20 日 焦煤焦炭周报 专业研究·创造价值 乐观氛围支撑，煤焦偏强运行 焦煤：强预期仍存，焦煤偏强运行 本周焦煤供增需减，基本面边际走弱，但现货市场下游采购需求释 放，对价格形成一定支撑。iFind 数据显示，截至 10 月 16 日，甘其毛 都口岸蒙 5#精煤库提价 1260 元/吨，周环比下跌 20 元；吕梁低硫主焦 煤报价 1480 元/吨，周环比持平。供需数据方面，钢联数据显示，截至 10 月 17 日当周，全国 523 家炼焦煤矿精煤日均产量 77.9 万吨，环比 增 2.7 ...

1. Report Industry Investment Rating - No relevant content available 2. Core Viewpoints of the Report - The spot performance of coal and coke is relatively weak, limiting the upward driving force of futures prices. Although the overall supply increment of upstream is limited, the suppression of coking coal demand and the decline of trading sentiment outweigh the impact of the supply side. This week, coking coal inventory has accumulated significantly at the port end, and coke inventory has not decreased significantly due to supply suppression. Therefore, the coal and coke futures prices have declined towards the spot price. However, there coexist the incremental risk of future supply and the support of high molten iron production downstream. In the short term, the prices of coal and coke may show a volatile and repeated trend [3][6] 3. Summary by Relevant Catalogs 3.1 Supply - Affected by previous accident news and upcoming major events, the release of incremental production in coal-producing areas is limited, and the weekly output of raw coal in the FW caliber is basically flat compared with the previous week. In terms of imported Mongolian coal, the customs clearance efficiency of the Ganqimaodu Port has declined, and the number of passing vehicles has dropped from the high level. However, the number of passing vehicles at the Ceke Port has increased significantly compared with the previous week. Therefore, the overall passing volume still remains at a year-on-year high [3] - The daily average output of independent coking plants is 64.52 (-0.93), and the daily average output of steel mills and coking enterprises is 46.09 (-0.64) [8] 3.2 Demand - Affected by major events in the north, the capacity utilization rate of coking plants has dropped sharply recently, and the spot profit of coke has further increased compared with the previous week. The downstream steel mills' production still remains at a relatively high level, providing strong support for the immediate consumption demand of coke and iron ore spot [4] - The molten iron output is 240.13 (-0.62) [8] 3.3 Macro - In August, the manufacturing PMI increased slightly compared with the previous month but still remained below the 50 boom-bust line. Recently, domestic listed entities have concentrated on releasing their semi-annual reports, and the profit performance continues to provide support for the trading sentiment of macro risk appetite. However, it is still necessary to be vigilant against the overpricing of strong macro expectations and the potential risk of a rapid decline in risk appetite [5] 3.4 Coal and Coke Fundamental Data Changes | Fundamental Changes | Coking Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 860.45 (+0.02), FW cleaned coal 444.54 (+1.80) | Independent coking plants' daily average 64.52 (-0.93), steel mills and coking enterprises' daily average 46.09 (-0.64) | | Demand | Molten iron output 240.13 (-0.62) | Molten iron output 240.13 (-0.62) | | Inventory | MS total inventory +17.3, mine raw coal +1.0, mine cleaned coal +8.0, independent coking -5.1, steel mill coking -0.5, port +13.9, FW port -6.0 | MS total inventory -1.1, independent coking +0.9, steel mill +0.5, port -2.5 | | Profit | Commodity coal 424 (-4) | Average profit of coking enterprises -55 (+32) | | Warehouse Receipt | Mongolian 5 Tangshan warehouse receipt 1145 | Rizhao quasi-first-grade coke warehouse receipt 1525 | 3.5 Coal and Coke Futures and Spot Prices - **Coking Coal Futures**: On August 29, 2025, the closing price of coking coal 2601 was 986.5, a decrease of 33.5 compared with the previous day; the closing price of coking coal 2509 was 1510, a decrease of 15 compared with the previous day [62] - **Coke Futures**: On August 29, 2025, the closing price of coke 2509 was 1481, an increase of 102.5 compared with the previous day; the closing price of coke 2601 was 2740, an increase of 1424 compared with the previous day [64] - **Coal and Coke Monthly Spread**: The monthly spread of JM2509 - JM2601 and J2509 - J2601 is shown in the report [67] - **Coal and Coke Spot**: The spot prices of different types of coking coal and coke are shown in the report [70] - **Coal and Coke Basis**: The spot price performance is relatively stable, the futures price has declined, and the basis of coal and coke has both narrowed [73]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Coal and coke prices are expected to be volatile and bullish, with the first round of coke price hikes initiated [3]. - Affected by position limits, the volatility of coal and coke prices may increase. The recent strong performance of coal and coke prices is related to market expectations and the contradiction of short - term supply - demand mismatch in the fundamentals. The transfer of cargo rights from top to bottom in the industrial chain is smooth, and the reshaping of coking coal valuation after the previous decline provides upward potential momentum. In the future, attention should be paid to the impact of policy news, spot - futures behavior, and fundamentals on prices [4]. Summary According to Relevant Catalogs Coal and Coke Weekly Viewpoints Supply - This week, some coal mines in the main production areas that were shut down or limited production due to factors such as working face replacement and maintenance resumed production, and the overall supply increased. The weekly output of raw coal from sample coal mines increased by 10.66 tons to 1236.27 tons, and the capacity utilization rate increased by 0.74% to 86.01%. The overall customs clearance of imported Mongolian coal increased rapidly, and the Ganqimaodu Port maintained a level of over 1000 vehicles [5]. Demand - Affected by the continuous decline of the futures market, the trading in the downstream and speculative sectors was relatively cautious, and the prices of high - priced resources in online auctions began to decline [5]. Inventory - Coal mines had many pre - sold orders before, and downstream continued to haul. Coal mine inventories were generally at a low level, and most had been cleared. Currently, the origin has shown a declining inventory trend for 7 consecutive weeks. The weekly inventory of raw coal from sample coal mines decreased by 17.37 tons to 226.85 tons, and the inventory of clean coal decreased by 22.72 tons to 192.97 tons [5]. Coal and Coke Fundamental Data Changes | Fundamental Changes | Coking Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 868.68 (+6.38); FW clean coal 444.06 (+3.09) | Independent coking plants' daily average 64.81 (+0.21); Steel mills and coking enterprises' daily average 46.97 (-0.19) | | Demand | Hot metal output 240.71 (-1.52) | Hot metal output 240.71 (-1.52) | | Inventory | MS total inventory - 106.15; Mine clean coal - 30.18; Independent coking +7.35; Steel mill coking +4.28; Port imported coking coal - 10.23; 288 Port +2 | MS total inventory - 2.82; Independent coking - 6.50; Steel mills - 13.29; Ports +16.97 | | Profit | Commodity coal 418 (+65) | Average profit of coking enterprises - 45 (+9) | | Warehouse Receipt | Zhongyang Gengyang 1328; Lvliang Shenjiamao 894; Mongolian 5 Tangshan warehouse receipt 973 | Rizhao quasi - first - grade coke warehouse receipt 1460 | [7] Coking Coal Fundamental Data Supply - The supply data includes the production of raw coal and clean coal from coal washing plants and coal mines, as well as the customs clearance volume of Mongolian coal at various ports [9][10][11][13][14]. Inventory - Pit - mouth inventory: This week, the weekly inventory of raw coal from sample coal mines decreased by 14.18 tons to 194.71 tons, and the inventory of clean coal decreased by 13.86 tons to 118.77 tons [17]. - Port inventory: This week, the coking coal port inventory was 282.11 tons, a weekly decrease of 10.23 tons [22]. - Coking plant inventory: The inventory and available days of coking coal in coking plants are presented, including overall and regional data [25][27]. - Steel mill inventory: The inventory and available days of coking coal in steel mills are provided, including overall and regional data [30]. Coke Fundamental Data Supply - Capacity utilization: The capacity utilization rates of independent coking enterprises and steel mills are shown, including overall and regional data [33][34][35][37]. - Output: The daily output of coke from independent coking plants and steel mills is presented [39][41]. Inventory - Coking plant inventory: The inventory of coke in coking plants is shown, including overall and historical data [43]. - Steel mill inventory: The inventory and available days of coke in steel mills are provided, including overall and regional data [44][46][47]. - Total inventory: The total inventory of coke from all samples is presented [49]. Demand - The demand for coke is mainly reflected in the daily output of hot metal from 247 steel enterprises [51]. Profit - The profit data of coke includes the disk profit per ton of coke, the average profit per ton of coke of independent coking enterprises, and the spot profit per ton of coke [54][55]. Coal and Coke Futures and Spot Prices Coking Coal Futures - The futures market data of coking coal 2509 and coking coal 2601, including closing prices, price changes, trading volumes, and open interests, are provided [59]. Coke Futures - The futures market data of coke 2509 and coke 2601, including closing prices, price changes, trading volumes, and open interests, are provided [62]. Coal and Coke Monthly Spread - The monthly spread data of coal and coke are presented [66]. Coal and Coke Spot - The spot prices of coking coal and coke in different regions are shown [69]. Coal and Coke Basis - On August 1st, the basis of Mongolian coking coal was - 68 (futures at a discount to the spot), and the basis of coke was 125 (futures at a premium to the spot) [73].

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views - **Coke**: As of the week ending June 27, the total daily coke output of independent coking plants and steel - mill coking plants was 1.1197 million tons, a weekly decrease of 0.15 thousand tons. After the fourth round of coke price cuts on June 23, the profit per ton of coke for sample independent coking enterprises was - 46 yuan/ton, a weekly decrease of 23 yuan/ton. On the demand side, the daily hot - metal output of 247 steel mills was 2.4229 million tons, a slight weekly increase of 0.11 thousand tons, and the steel - mill profitability rate was 59.31%, unchanged from the previous week. The coke fundamentals have not worsened further, and upstream coking coal and policy expectations bring certain benefits. It is expected that coke will maintain a volatile upward trend in the near future, and attention should be paid to the coking coal output in July [5][33]. - **Coking Coal**: As of the week ending June 27, the daily output of clean coal from 523 coking coal mines was 738 thousand tons, a decrease of 600 tons from the previous week and 35 thousand tons lower than the same period last year. In late June, some mines in the main production areas were shut down for rectification due to safety issues, but most are expected to resume production in the short term. From June 16 - 21, the cumulative customs clearance of Mongolian coal at the Ganqimaodu Port was 4207 vehicles, a weekly increase of 374 vehicles. The total daily coke output of independent coking plants and steel - mill coking plants decreased by 0.15 thousand tons week - on - week. With the previous negative factors being gradually realized, the phased contraction of coking coal supply and policy expectations in July may drive its rebound, but the supply issue still faces a factual test in July [6][34]. 3. Summary by Directory Industry News - From January to May, the steel industry's profit was 3.169 billion yuan. The total profit of industrial enterprises above designated size was 272.043 billion yuan, a year - on - year decrease of 1.1%. Among them, state - owned holding enterprises' profit decreased by 7.4%, joint - stock enterprises' profit decreased by 1.5%, foreign and Hong Kong, Macao and Taiwan - invested enterprises' profit increased by 0.3%, and private enterprises' profit increased by 3.4% [8]. - On June 27, the price of coking coal in the Linfen Anze market remained stable, with the ex - factory price of low - sulfur primary coking clean coal (A9, S0.5, V20, G85) being 1170 yuan/ton (cash and tax included) [9]. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port quasi - first - grade flat - price) | 1220 yuan/ton | - 3.94% | - 8.96% | - 27.81% | - 40.20% | | Coke (Qingdao Port quasi - first - grade ex - warehouse) | 1140 yuan/ton | - 2.56% | - 6.56% | - 29.63% | - 41.54% | | Coking Coal (Ganqimaodu Port Mongolian coal) | 865 yuan/ton | 0.00% | - 5.98% | - 26.69% | - 45.94% | | Coking Coal (Jingtang Port Australian - produced) | 1200 yuan/ton | - 0.83% | - 5.51% | - 19.46% | - 42.31% | | Coking Coal (Jingtang Port Shanxi - produced) | 1250 yuan/ton | 0.00% | - 3.10% | - 18.30% | - 39.02% | [10] Futures Market | Futures | Active Contract | Closing Price | Daily Change (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1421.5 | 2.52 | 1422.0 | 1389.0 | 28193 | 5398 | 53145 | 1846 | | Coking Coal | - | 847.5 | 4.89 | 848.0 | 820.5 | 1179647 | 308648 | 582668 | 18006 | [13] Related Charts The report provides charts on coke inventory (including 230 independent coking plants, 247 steel - mill coking plants, port, and total coke inventory), coking coal inventory (including mine - mouth, port, 247 sample steel - mill, and all - sample independent coking plant coking coal inventory), and other related charts such as Shanghai terminal wire - rod procurement volume, domestic steel - mill production, coal - washing plant production, and coking - plant operation [14][21][27]. Future Outlook - **Coke**: It is expected to maintain a volatile upward trend in the near future, and attention should be paid to the coking coal output in July to prevent the cost support from collapsing again [5][33]. - **Coking Coal**: The phased contraction of supply and policy expectations in July may drive its rebound, but the supply issue still faces a factual test in July, so close attention should be paid to the coking coal output in July [6][34].