12月18日，国内期市煤炭板块多数飘红。其中，焦炭期货主力合约开盘报1539.0元/吨，今日盘中高位 震荡运行；截至午间收盘，焦炭主力最高触及1587.5元，下方探低1532.0元，涨幅达4.07%。 国信期货指出，上周焦企受到环保因素开工下滑，但当前焦化行业利润尚可，焦炭供应弹性较大，焦企 开工调节灵活，焦炭供应有增长空间。需求方面，钢厂淡季延续减产，钢联数据显示上周日均铁水产量 回落至230万吨以下，焦企库存出现累积，焦炭现货再有提降预期，供需双弱格局下，近月盘面低位震 荡出现反弹，建议短线操作。 财达期货分析称，焦炭连续两轮降价导致利润收缩，但焦煤价格下滑使得焦企成本下降。尽管焦企开工 率因重污染预警回落，成材价格震荡下行，终端需求未见好转，整体市场对焦炭需求减少。盘面显示双 焦主力合约震荡偏强。 目前来看，焦炭行情呈现震荡上行走势，盘面表现偏强。对于焦炭后市行情将如何运行，相关机构观点 汇总如下： 大越期货表示，当前终端成材市场持续下行，钢厂日均铁水产量持续下滑，对焦炭采购需求有所减少。 且受运力影响，焦企焦炭库存有所累积，整体来看焦炭供需结构延续宽松格局，加之原料端焦煤市场情 绪走弱，焦炭成本支撑偏 ...

Core Viewpoint - The main focus is on the recent surge in coking coal futures, with the primary contract reaching a peak of 1442.0 yuan, reflecting a 2.93% increase, indicating a volatile market environment for coking coal [1] Group 1: Market Analysis - Coking coal futures experienced a significant increase, with the main contract reported at 1439.0 yuan, up by 2.93% [1] - Various institutions have differing views on the market, with Guosen Futures suggesting a volatile market, while Ruida Futures and Changjiang Futures indicate a more stable outlook with improving supply-demand dynamics [2][3][4] Group 2: Supply and Demand Dynamics - Guosen Futures notes that coking coal producers are still facing slight losses, leading to a decrease in production capacity, while demand from steel mills remains stable [2] - Ruida Futures highlights that the average loss per ton of coking coal for 30 independent coking plants is 46 yuan, indicating ongoing profitability challenges [3] - Changjiang Futures points out that the supply side is tightening due to rising raw material coal prices and concentrated maintenance schedules, while demand is improving as steel mills increase their purchasing intensity [4]