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 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-7-9） 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： 1、基本面：产地煤矿复产逐步增加，煤炭供应将逐步恢复至高位。目前下游采购意愿未减，煤矿库存 多处中低位，市场情绪有所好转，近两日产地多煤种价格陆续上调，且线上竞拍流拍率偏低，少数前期 价格调整较慢煤种补跌，整体市场偏稳为主；中性 2、基差：现货市场价940，基差96.5；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：原料端价格调整后钢厂利润有所好转，对原料端采购相对积极，带动焦企出货向好，加 ...

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].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Coking Coal**: The supply of coking coal is stable, but the market is bearish due to factors such as the slowdown in downstream replenishment demand, inventory accumulation in some mines, and a decline in online auction results. Although the daily average hot metal production remains high, the demand for coking coal is expected to remain stable in the short - term. With the first - round decline in coke prices, coking enterprises are purchasing raw coal passively, and the price of coking coal is expected to be weakly stable in the short - term [2]. - **Coke**: The cost support for coke is weakening as coking coal prices fall. Some steel mills have slowed down their coke procurement, and some coking enterprises have accumulated inventory. Given the high - level operation of coking enterprises, weak downstream demand, and reduced cost support, the coke price is expected to be weakly stable in the short - term [6]. 3. Summary by Category Coking Coal - **Fundamentals**: Mines are producing steadily, but due to the decline in coke prices, coking enterprises are adopting a wait - and - see attitude, and the market trading atmosphere is cold. New orders from mines are few, and prices are under downward pressure [2]. - **Price**: On May 20, 2025, at 17:30, the prices of various types of coking coal from Russia and Australia in Hebei and Shandong are provided, including main coking coal, 1/3 coking coal, etc. [9]. - **Inventory**: The total sample inventory of coking coal is 1927.1 million tons, a decrease of 24.4 million tons from last week. Specifically, the port inventory is 324.8 million tons (a decrease of 12.6 million tons from last week), independent coking enterprises' inventory is 819.8 million tons (a decrease of 10.1 million tons from last week), and steel mills' inventory is 782.5 million tons (a decrease of 1.7 million tons from last week) [2][20][23][26]. - **Market Indicators**: The basis is 261.5, with the spot price higher than the futures price; the 20 - day line is downward, and the price is below the 20 - day line; the main contract has a net short position, and the short position is increasing [2]. - **Factors Affecting Price**: Bullish factors include an increase in hot metal production and limited supply growth; bearish factors include a slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: The cost support for coke is weakening as coking coal prices fall. Some steel mills have reached a reasonable inventory level and slowed down their procurement. Although there is no obvious inventory pressure for coking enterprises at present, some have accumulated inventory [6]. - **Price**: On May 20, 2025, at 17:30, the prices of port metallurgical coke, including quasi - first - grade and first - grade metallurgical coke from Shanxi and Inner Mongolia, are provided, with most prices showing a downward trend [10]. - **Inventory**: The total sample inventory of coke is 978.8 million tons, an increase of 0.3 million tons from last week. Specifically, the port inventory is 243.6 million tons (a decrease of 2.5 million tons from last week), independent coking enterprises' inventory is 68.8 million tons (an increase of 0.8 million tons from last week), and steel mills' inventory is 666.4 million tons (an increase of 2 million tons from last week) [6][20][23][26]. - **Market Indicators**: The basis is 22.5, with the spot price higher than the futures price; the 20 - day line is downward, and the price is below the 20 - day line; the main contract has a net short position, and the short position is decreasing [6]. - **Factors Affecting Price**: Bullish factors include an increase in hot metal production and a simultaneous increase in blast furnace operating rate; bearish factors include squeezed profit margins of steel mills and over - drawn replenishment demand [8]. Other Data - **Coking Enterprise Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 75.3%, an increase of 1.9% from last week [37]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is - 9 yuan, an increase of 7 yuan from last week [41].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-5-20） 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： 1、基本面：产地煤矿正常生产，部分有所停产。随着冶金焦价格首轮下调，炼焦煤市场看跌情绪加剧， 焦企生产按需采购，保持观望态度，煤矿库存小幅累积，目前心态转弱，价格有进一步下跌预期，但空 间不大；偏空 2、基差：现货市场价1100，基差255；现货升水期货；偏多 3、库存：钢厂库存782.5万吨，港口库存324.8万吨，独立焦企库存819.8万吨，总样本库存1927.1万吨， 较上周减少24.4万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，空增；偏空 6、预期：日均铁水产量高位略有回落，短期对焦煤原料的需求维持。但随着焦炭价格首轮下跌，焦企 利润进一步压缩 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-5-7） 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： 1、基本面：供应端相对保持平稳。因节前下游库存多补至合理水平，节日期间矿方以执行节前订单为 主，线下报价多维持节前水平，节中部分煤矿库存略有累积价格小幅回落，因市场参与者对后期焦煤走 势不明朗，采购相对谨慎；中性 2、基差：现货市场价1100，基差188.5；现货升水期货；偏多 3、库存：钢厂库存782.5万吨，港口库存324.8万吨，独立焦企库存819.8万吨，总样本库存1927.1万吨， 较上周减少24.4万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，空增；偏空 6、预期：钢厂铁水产量继续稳步回升，短期对原料的需求尚好，然近期成材价格小幅下跌，钢材成交 ...