本报讯 12月25日，大商所发布通知称，自2025年12月30日（星期二）结算时起，焦炭品种期货合约涨 跌停板幅度调整为10%，交易保证金水平维持不变；焦煤品种期货合约涨跌停板幅度调整为10%，交易 保证金水平维持不变；其他品种期货合约涨跌停板幅度和交易保证金水平维持不变。2026年1月5日（星 期一）恢复交易后，在各品种持仓量最大的合约未出现涨跌停板单边无连续报价的第一个交易日结算时 起，焦炭、焦煤品种期货合约涨跌停板幅度恢复至节前标准。（齐宣） ...

每经AI快讯，12月25日，大商所公告，自2025年12月30日(星期二)结算时起，焦炭品种期货合约涨跌停 板幅度调整为10%，交易保证金水平维持不变；焦煤品种期货合约涨跌停板幅度调整为10%，交易保证 金水平维持不变；其他品种期货合约涨跌停板幅度和交易保证金水平维持不变。 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1126.50 | +64.50↑ J主力合约收盘价（日，元/吨） | 1603.50 | +73.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 703005.00 | -5489.00↓ J期货合约持仓量（日，手） | 38997.00 | -2591.00↓ | | | 焦煤前20名合约净持仓（日，手） | -39347.00 | +10104.00↑ 焦炭前20名合约净持仓（日，手） | 48.00 | -701.00↓ | | | JM5-1月合约价差（日，元/吨） | 110.50 | +19.00↑ J5-1月合约价差（日，元/吨） | 139.50 | +6.50↑ | | | 焦煤仓单（日，张） | 0.00 | -200.00↓ 焦炭仓单（日，张） | 2070.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 919.00 | -51.00↓ 唐山一级冶 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 焦煤焦炭产业日报 2025/12/17 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1062.00 | -5.50↓ J主力合约收盘价（日，元/吨） | 1530.50 | +16.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 708494.00 | -27677.00↓ J期货合约持仓量（日，手） | 41588.00 | -1248.00↓ | | | 焦煤前20名合约净持仓（日，手） | -4 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 焦煤焦炭产业日报 2025/12/16 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1067.50 | +6.50↑ J主力合约收盘价（日，元/吨） | 1514.50 | +11.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 736419.00 | -2212.00↓ J期货合约持仓量（日，手） | 42837.00 | -1615.00↓ | | | 焦煤前20名合约净持仓（日，手） | -35 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有， ，任何机构和个人不得 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 焦煤焦炭产业日报 2025/12/15 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1061.00 | +44.50↑ J主力合约收盘价（日，元/吨） | 1503.50 | +28.50↑ | | 期货市场 | JM期货合约持仓量（日，手） | 738631.00 | -20458.00↓ ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1035.00 | -35.00↓ J主力合约收盘价（日，元/吨） | 1491.50 | -35.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 790767.00 | -15390.00↓ J期货合约持仓量（日，手） | 47200.00 | +170.00↑ | | | 焦煤前20名合约净持仓（日，手） | -74511.00 | -71691.00↓ 焦炭前20名合约净持仓（日，手） | -51.00 | -51.00↓ | | | JM5-1月合约价差（日，元/吨） | 101.00 | -6.00↓ J5-1月合约价差（日，元/吨） | 165.50 | -8.50↓ | | | 焦煤仓单（日，张） | 0.00 | -300.00↓ 焦炭仓单（日，张） | 2070.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 952.00 | -8.00↓ 唐山一级冶金焦 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 焦煤焦炭产业日报 2025/12/4 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1091.50 | +21.00↑ J主力合约收盘价（日，元/吨） | 1651.50 | +27.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 833449.00 | -14909.00↓ J期货合约持仓量（日，手） | 45213.00 | -1315.00↓ | | | 焦煤前20名合约净持仓（日，手） | -79594.00 | +17706.00↑ 焦炭前20名合约净持仓（日，手） | -387.00 | -670.00↓ | | | JM5-1月合约价差（日，元/吨） | 92.50 | -1.50↓ J5-1月合约价差（日，元/吨） | 131.00 | +4.00↑ | | | 焦 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - On December 2nd, the JM2601 contract of coking coal closed at 1096.5, up 1.86%. After continuous price drops, coking coal and coke saw a technical rebound, driven by basis convergence and improved macro - expectations. Fundamentally, the mine capacity utilization rate declined this period, the refined coal inventory of mines and coal washing plants increased for 4 consecutive weeks, the total inventory was neutral, and the mid - downstream inventory showed a seasonal upward trend. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term oscillating trend [2]. - On December 2nd, the J2601 contract of coke closed at 1629.5, up 2.45%. The first round of coke price cut was implemented. Fundamentally, the demand side had a hot metal output of 234.68 (-1.60) tons this period, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke of 30 independent coking plants was 46 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, with a short - term oscillating trend [2]. 3. Summary by Directory 3.1 Futures Market - JM主力合约收盘价为1096.50元/吨，环比上涨3.50元；J主力合约收盘价为1629.50元/吨，环比上涨10.00元 [2]. - JM期货合约持仓量为842409.00手，环比减少9636.00手；J期货合约持仓量为47283.00手，环比减少1696.00手 [2]. - 焦煤前20名合约净持仓为 - 110919.00手，环比减少8149.00手；焦炭前20名合约净持仓为346.00手，环比增加444.00手 [2]. - JM5 - 1月合约价差为83.00元/吨，环比减少7.00元；J5 - 1月合约价差为135.00元/吨，环比减少15.50元 [2]. - 焦煤仓单为600.00张，无环比变化；焦炭仓单为2070.00张，无环比变化 [2]. 3.2 Spot Market - 干其毛都蒙5原煤价格为1000.00元/吨，环比上涨26.00元；唐山一级冶金焦价格为1830.00元/吨，环比下降55.00元 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为162.00美元/湿吨，无环比变化；日照港准一级冶金焦价格为1620.00元/吨，环比下降50.00元 [2]. - 京唐港澳大利亚进口主焦煤价格为1510.00元/吨，无环比变化；天津港一级冶金焦价格为1720.00元/吨，环比下降50.00元 [2]. - 京唐港山西产主焦煤价格为1670.00元/吨，无环比变化；天津港准一级冶金焦价格为1620.00元/吨，环比下降50.00元 [2]. - 山西晋中灵石中硫主焦价格为1610.00元/吨，无环比变化；J主力合约基差为200.50元/吨，环比下降65.00元 [2]. - 内蒙古乌海产焦煤出厂价为1350.00元/吨，无环比变化；JM主力合约基差为513.50元/吨，环比下降3.50元 [2]. 3.3 Upstream Situation - 314家独立洗煤厂精煤产量为26.60万吨，环比减少1.00万吨；314家独立洗煤厂精煤库存为305.30万吨，环比增加2.50万吨 [2]. - 314家独立洗煤厂产能利用率为0.36%，环比下降0.01%；原煤产量为40675.00万吨，环比减少475.50万吨 [2]. - 煤及褐煤进口量为4174.00万吨，环比减少426.00万吨；523家炼焦煤矿山原煤日均产量为191.30万吨，环比减少2.10万吨 [2]. - 16个港口进口焦煤库存为465.00万吨，环比增加8.10万吨；焦炭18个港口库存为247.20万吨，环比减少6.20万吨 [2]. - 独立焦企全样本炼焦煤总库存为1010.30万吨，环比减少27.89万吨；全国247家钢厂炼焦煤库存为801.30万吨，环比减少 [2]. - 独立焦企全样本炼焦煤可用天数为13.01天，环比增加0.04天；247家样本钢厂焦炭可用天数为11.29天，环比增加0.24天 [2]. 3.4 Industry Situation - 炼焦煤进口量为1059.32万吨，环比减少33.04万吨；焦炭及半焦炭出口量为73.00万吨，环比增加19.00万吨 [2]. - 炼焦煤产量为4231.51万吨，环比增加255.59万吨；独立焦企产能利用率为72.95%，环比增加1.24% [2]. - 独立焦化厂吨焦盈利情况为46.00元/吨，环比增加27.00元 [2]. - 焦炭产量为4189.60万吨，环比减少66.00万吨 [2]. - 全国247家钢厂高炉开工率为81.07%，环比下降1.10%；247家钢厂高炉炼铁产能利用率为87.96%，环比下降0.60% [2]. 3.5 Downstream Situation - 粗钢产量为7199.70万吨，环比减少149.31万吨 [2]. - On December 1st, leading steel mills in Hebei and Shandong lowered the purchase price of coke, with a 50 - yuan/ton reduction for wet - quenched coke and a 55 - yuan/ton reduction for dry - quenched coke [2]. - The US ISM manufacturing PMI index in November decreased by 0.5 points to 48.2, remaining below the 50 boom - bust line for nine consecutive months, marking the largest contraction in four months [2]. - Jiang Wei, Deputy Secretary of the Party Committee, Vice - President and Secretary - General of the China Iron and Steel Association, stated that the total steel demand has entered a downward phase, and the cost pressure is extremely high. The steel industry in China and Hebei should focus on high - end, green, intelligent and integrated development [2]. - The "14th Five - Year Plan" proposal in Liaoning was released, which mentioned strengthening the clean and efficient use of fossil energy, actively promoting the transformation and upgrading of coal - fired power plants and the replacement of scattered coal, and promoting the peak of coal and oil consumption [2].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints - On November 25, the JM2601 contract closed at 1086.0, down 1.00%. On the spot side, the price of Tangshan Mongolian No. 5 coking coal was reported at 1550, equivalent to 1330 on the futures market. The macro - aspect shows that the NDRC issued a notice on ensuring thermal coal supply in 2026, weakening the market expectation. Fundamentally, the mine capacity utilization rate has rebounded for two consecutive weeks, and the clean coal inventory of coal washing plants has increased for three consecutive weeks. The overall inventory has a seasonal upward trend. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is expected to be weak and volatile [2]. - On November 25, the J2601 contract closed at 1643.0, up 0.98%. On the spot side, the fourth round of price increase for coke has been implemented. The macro - aspect indicates that Fed Governor Waller said the US employment market is still weak, which may lead to a 25 - basis - point rate cut in the December 9 - 10 meeting. Fundamentally, the current iron - water output is 236.28 (-0.60) million tons, and the total coke inventory is higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants is 19 yuan/ton. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is expected to be weak and volatile [2]. 3. Summary by Relevant Catalogs Futures Market - JM主力合约收盘价 was 1086.00 yuan/ton, down 10.50 yuan; J主力合约收盘价 was 1643.00 yuan/ton, up 10.50 yuan [2]. - JM期货合约持仓量 was 882468.00 hands, up 23065.00 hands; J期货合约持仓量 was 48757.00 hands, down 420.00 hands [2]. - The net position of the top 20 JM contracts was - 121783.00 hands, down 17327.00 hands; the net position of the top 20 J contracts was - 865.00 hands, up 255.00 hands [2]. - The JM5 - 1 month contract spread was 98.00 yuan/ton, up 15.00 yuan; the J5 - 1 month contract spread was 145.50 yuan/ton, down 4.00 yuan [2]. - The number of JM warehouse receipts was 0.00; the number of J warehouse receipts was 2070.00 [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1010.00 yuan/ton, up 10.00 yuan; the price of Tangshan Grade I metallurgical coke was 1885.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 162.50 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade I metallurgical coke was 1670.00 yuan/ton, unchanged [2]. - The price of imported prime coking coal from Australia at Jingtang Port was 1560.00 yuan/ton, down 10.00 yuan; the price of Grade I metallurgical coke at Tianjin Port was 1770.00 yuan/ton, unchanged [2]. - The price of prime coking coal produced in Shanxi at Jingtang Port was 1780.00 yuan/ton, unchanged; the price of quasi - Grade I metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1380.00 yuan/ton, unchanged [2]. - The JM主力合约基差 was 524.00 yuan/ton, up 10.50 yuan; the J主力合约基差 was 242.00 yuan/ton, down 10.50 yuan [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.60 million tons, up 0.20 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 302.80 million tons, up 2.00 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, unchanged; the monthly raw coal output was 40675.00 million tons, down 475.50 million tons [2]. - The monthly import volume of coal and lignite was 4174.00 million tons, down 426.00 million tons; the daily average output of raw coal from 523 coking coal mines was 193.40 million tons, up 1.50 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 456.90 million tons, down 31.30 million tons; the weekly inventory of coking coal in the full - sample of independent coking enterprises was 1038.19 million tons, down 30.78 million tons [2]. - The weekly inventory of coking coal in 247 steel mills nationwide was 797.08 million tons, up 6.91 million tons; the weekly inventory of coke in 247 sample steel mills was 622.34 million tons, down 0.06 million tons [2]. - The weekly available days of coking coal in the full - sample of independent coking enterprises was 12.97 days, up 0.10 days; the weekly available days of coke in 247 sample steel mills was 11.05 days, down 0.01 days [2]. Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04 million tons; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00 million tons [2]. - The monthly output of coking coal was 3975.92 million tons, up 279.06 million tons; the weekly capacity utilization rate of independent coking enterprises was 71.71%, up 0.07% [2]. - The weekly profit per ton of coke in independent coking plants was 19.00 yuan/ton, up 53.00 yuan/ton [2]. - The monthly output of coke was 4189.60 million tons, down 66.00 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 82.17%, down 0.62%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 88.56%, down 0.26% [2]. - The monthly output of crude steel was 7199.70 million tons, down 149.31 million tons [2]. Industry News - On the evening of November 24, Chinese President Xi Jinping had a phone call with US President Trump. Xi pointed out that since the Busan meeting, Sino - US relations have generally been stable and improving [2]. - Fed Governor Waller said the existing data shows that the US employment market is still weak, which may lead to a 25 - basis - point rate cut in the December 9 - 10 meeting [2]. - UBS said in a report that it expects copper prices to rise next year due to supply shortages caused by continuous disruptions in mine production and strong long - term demand from electrification and clean - energy investment, with a target price of 13000 US dollars in December 2026 [2]. - The "15th Five - Year Plan" proposal in Hebei Province aims to optimize and upgrade traditional industries, promote the transformation and upgrading of key industries, and improve the competitiveness of Hebei's steel in the global industrial division [2].