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，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 2026 年 1 月 22 日 煤焦日报 专业研究·创造价值 多空僵持，煤焦震荡运行 核心观点 焦炭：1 月 22 日，焦炭主力合约报收于 1688 元/吨，日内录得 0.84%的涨 幅。截至收盘，主力合约持仓量为 3.81 万手，较前一交易日仓差为-242 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，周环比持平；青岛港准一级湿熄焦出库价为 1450 元/吨，周环比 下跌 2.03%。近期，焦企、钢厂博弈增加，焦化厂提涨意愿强烈，但下游 接受度不高，产业链僵持博弈。现阶段，焦炭维 ...

近期，焦煤和焦炭期货价格波动幅度较大，有投资者坦言："双焦交易难度加大，往年的交易逻辑在今 年多次失效。" 据悉，目前国内焦煤产量仍然不高，最新一周样本矿山原煤产量为190万吨，处于近年同期最低水平;精 煤产量为75.4万吨，明显低于去年同期。国内煤矿在完成年度生产任务后面临指标约束，同时生产仍然 受超产核查、安全环保检查等因素影响，难以放量。在国产煤供应维持低位的同时，进口煤数量却明显 增加，压制了焦煤价格。 "预计焦煤供应相对稳定，在下游需求进入淡季后，焦煤产量难以大幅增长。进口端，12月蒙焦煤进口 存在一定的不确定性，但海运煤整体到港量预计仍处于高位，可能会对国内煤价形成压制。"冯艳成 说。 中辉期货黑色负责人陈为昌介绍，需求方面，铁水日产量持续下降，目前为232万吨，与去年同期相 近。12月钢厂检修计划较多，后期铁水产量预计将进一步下降，对原料的需求将持续下降。同时，下游 钢厂及独立焦化厂库存较为充裕，近期采购意愿不强，现货交投氛围一般。前期市场普遍预期焦煤供应 将维持偏紧状态，但进口放量一定程度上打破了这个预期。同时，"反内卷"政策边际影响减弱，资金做 多热情有所消退。 展望后市，陈为昌认为，目前焦 ...

期货日报记者注意到，自11月以来，焦煤在黑色板块中的表现由前期的偏强转为偏弱，11月跌幅达17%，进入12月仍延续跌势。焦炭期货价格11月累计下 跌11%。 华宝期货煤焦研究员冯艳成认为，今年11月以来，焦煤和焦炭期货价格震荡下行，总体表现明显弱于黑色板块的其他品种。从运行逻辑来看，一是11月北 方地区进入采暖季，相关部门强调稳定能源生产供应，加强煤炭生产组织和运输保障，对市场情绪造成偏空影响，促使煤价回调。二是8—10月焦煤进口 量连续3个月超1000万吨，11月蒙煤通关及海运煤到港量仍处于高位，而钢厂高炉铁水产量持续下滑，对原料的需求也随之下降。三是11月中下旬下游采 购节奏开始放缓，市场供强需弱使煤价走弱预期增强。 近期，焦煤和焦炭期货价格波动幅度较大，有投资者坦言："双焦交易难度加大，往年的交易逻辑在今年多次失效。" 上周五夜盘收盘，焦煤和焦炭期货主力合约均大幅下跌。 中辉期货黑色负责人陈为昌介绍，需求方面，铁水日产量持续下降，目前为232万吨，与去年同期相近。12月钢厂检修计划较多，后期铁水产量预计将进 一步下降，对原料的需求将持续下降。同时，下游钢厂及独立焦化厂库存较为充裕，近期采购意愿不强，现货 ...

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 18 日 煤焦日报 专业研究·创造价值 市场氛围偏空，煤焦震荡回调 核心观点 焦炭：现货市场方面，周内原材料焦煤现货氛围降温，焦炭第四轮提涨艰 难落地，日照港准一级湿熄焦平仓价 1670 元/吨。供需方面，截至 11 月 14 日当周，样本独立焦化厂和钢厂焦化厂焦炭日均产量合计 109.17 万 吨，周环比降 0.51 万吨；下游 247 家钢厂日均铁水产量 236.88 万吨，周 环比增 2.66 万吨。整体来看，焦炭短期基本面好转，但需求担忧依然存 在，且市场对前期的主要向上驱动"成本端支撑"分歧增加，多空博弈渐 增，焦炭期货震荡回调。 焦煤：11 月 18 日，焦煤主力合约报收 1159 点，日内下跌 3.86%。截至收 盘，主力合约持仓量为 57.05 万手，较前一交易日仓差为+11733 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1330.0 元/吨，周环比持平。 现阶段焦煤基本面支撑有限，此前市场对于焦煤年底供应收缩预期的分歧 有所加大，期货市场多空博弈加剧，焦煤主力合约震荡回调，后 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coke**: On June 19, the main coke contract closed at 1374 yuan/ton, with an intraday decline of 0.11%. The position of the main contract was 50,300 lots, a decrease of 1,539 lots from the previous trading day. The latest quoted price of quasi - first - grade coke at Rizhao Port was 1,270 yuan/ton, unchanged from the previous week, with a futures warehouse receipt cost of about 1,401 yuan/ton. As positive factors accumulate, the previously pessimistic market sentiment has changed, and some short positions have taken profits and left the market. The market is expected to be in a stalemate in June, and coke futures may continue to fluctuate widely [5][33]. - **Coking Coal**: On June 19, the main coking coal contract closed at 790.5 points, down 0.13% intraday. The position of the main contract was 536,100 lots, a decrease of 13,631 lots from the previous trading day. The latest price of Mongolian coking coal at Ganqimaodu Port was 865 yuan/ton, down 2.8% week - on - week, with a futures warehouse receipt cost of about 834 yuan/ton. During the safety month, domestic coking coal production has shrunk, and the price inversion of imported coal has also restricted imports. However, the long - term oversupply pattern has not been completely reversed, and there is still insufficient driving force for a significant increase in coal prices. Coking coal is expected to fluctuate widely at a low level in the near future [6][34]. 3. Summary by Directory 3.1 Industry News - **Crude Steel Production**: In May 2025, China's crude steel production was 86.545 million tons, a year - on - year decrease of 6.9%. From January to May, the cumulative crude steel production was 431.631 million tons, a year - on - year decrease of 1.7%. From January to May 2025, Hebei ranked first with a production of 92.8269 million tons, followed by Jiangsu with 52.49 million tons and Shandong with 30.3332 million tons [8]. - **Coking Coal Price in Jinzhong**: On June 19, the coking coal price in Jinzhong market remained stable, with the ex - factory price of medium - sulfur main coking coal being 940 yuan/ton [9]. 3.2 Spot Market - **Coke**: The quasi - first - grade coke at Rizhao Port was priced at 1,270 yuan/ton, unchanged from the previous week, down 5.22% from the end of last month, 24.85% from the end of last year, and 36.18% from the same period. The quasi - first - grade coke at Qingdao Port was priced at 1,170 yuan/ton, down 0.85% from the previous week, 4.10% from the end of last month, 27.78% from the end of last year, and 40.61% from the same period [10]. - **Coking Coal**: The Mongolian coking coal at Ganqimaodu Port was priced at 865 yuan/ton, down 2.81% from the previous week, 5.98% from the end of last month, 26.69% from the end of last year, and 45.94% from the same period. The Australian - produced coking coal at Jingtang Port was priced at 1,210 yuan/ton, up 0.83% from the previous week, down 4.72% from the end of last month, 18.79% from the end of last year, and 43.46% from the same period. The Shanxi - produced coking coal at Jingtang Port was priced at 1,250 yuan/ton, unchanged from the previous week, down 3.10% from the end of last month, 18.30% from the end of last year, and 39.02% from the same period [10]. 3.3 Futures Market - **Coke**: The main coke contract closed at 1,374 yuan/ton, down 0.11%, with a trading volume of 22,325 lots, a decrease of 4,342 lots, and a position of 50,347 lots, a decrease of 1,539 lots [14]. - **Coking Coal**: The main coking coal contract closed at 790.5 points, down 0.13%, with a trading volume of 780,917 lots, a decrease of 53,292 lots, and a position of 536,104 lots, a decrease of 13,631 lots [14]. 3.4 Related Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, 247 steel mill coking plants, port coke, and total coke inventory from 2019 - 2025 [15][16][18]. - **Coking Coal Inventory**: Charts show the inventory of mine - mouth coking coal, port coking coal, 247 sample steel mills, and all - sample independent coking plants from 2019 - 2025 [21][24][26]. - **Other Charts**: Include Shanghai terminal wire rod procurement volume, domestic steel mill production, coal washing plant production, and coking plant operation [28][30][32]. 3.5 Market Outlook - **Coke**: The market is expected to be in a stalemate in June, and coke futures may continue to fluctuate widely [5][33]. - **Coking Coal**: Coking coal is expected to fluctuate widely at a low level in the near future, and attention should be paid to supply and geopolitical developments [6][34].

投资咨询业务资格：证监许可【2011】1778 号 黑色金属 | 日报 2025 年 6 月 9 日 煤焦日报 专业研究·创造价值 多空僵持，煤焦低位震荡 核心观点 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，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。 焦炭：本周，焦炭供需格局无明显变化，延续供需两弱局面，但安监、环 保和进口等焦煤供应端不确定性有所增加，市场多空博弈加剧，部分空头 止盈离场，带动焦炭主力合约低位反弹。具体从产业数据来看，近期焦化 厂开工率继续小幅下滑，本周全国 230 家独立焦化厂产能利用率 74.93%，降 0.15%。需求方面，全国 247 家钢厂铁水日均产量 241.8 万 吨，周环比降 0.11 万吨。整体来看，焦炭自身基本面变化不大，本轮是 ...