Core Viewpoint - The futures market for coke has seen a continuous increase, with the main contract reaching 1522.0 CNY/ton, marking a rise of 2.98% [1] Group 1: Market Conditions - The spot market for coke has also experienced price increases, with the price of premium metallurgical coke at Rizhao Port rising to 1260 CNY/ton, an increase of 30 CNY/ton from the previous period [2] - National statistics from 230 independent coke enterprises indicate a capacity utilization rate of 72.72%, down by 0.48%, and an average daily coke production of 51.29 thousand tons, a decrease of 0.34 thousand tons [2] - Coke inventory stands at 59.58 thousand tons, down by 2.02 thousand tons, while total coking coal inventory has increased to 752.44 thousand tons, up by 36 thousand tons [2] Group 2: Industry Insights - According to Ruida Futures, the fourth round of price reductions for coke has been implemented, with the raw material supply gradually improving and iron output remaining high [3] - The average loss per ton of coke for 30 independent coking plants is reported at 63 CNY/ton [3] - Zhongcai Futures notes that despite long-term supply-demand imbalances expected to worsen, the short-term fundamentals for coking coal remain strong, with a weekly decrease in coking coal inventory of 7.22% and a decrease in coke inventory of 9.67% [3]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 日期 2025 年 5 月 26 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：5月23日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1406.5 | 1406 | 1418 | 1376 | 1383 | -1.81% | 25,439 | 55,648 | | 940 0.00 | ...