晨报 煤焦 煤焦：铁水日产保持高位 盘面震荡运行 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 后期关注/风险因素：关注钢厂高炉开工变化、煤矿复产情况。 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 成文时间： 2025 年 10 月 10 日 逻辑：节后首日，煤焦期价震荡反弹，尾盘收红。假期期间在下游补 库的带动下，焦炭完成首 ...

数据快讯-甘其毛都口岸蒙煤周度库存数据 甘其毛都监管区蒙煤周度库存(万吨) 500. 00 450. 00 400. 00 350. 00 300. 00 250. 00 200. 00 150.00 | 日期 | 库存 | 环比 | | --- | --- | --- | | 2025/7/5 | 375 | -16 | | 2025/7/10 | 355 | -20 | | 2025/7/19 | 286 | -69 | | 2025/7/26 | 290 | 4 | | 2025/8/2 | 283 | -7 | | 2025/8/8 | 274 | -9 | | 2025/8/16 | 267 | -7 | | 2025/8/24 | 269 | 2 | | 2025/8/30 | 245 | -24 | | 2025/9/6 | 255 | 10 | | 2025/9/13 | 262 | 7 | | 2025/9/20 | 278 | 16 | | 2025/9/27 | 294 | 16 | | 2025/10/7 | 200 | -95 | 数据来源:掌上煤焦 格林大华期货研究院整理 根据掌上 ...

浙商证券（601878）发布研报称，三季度蒙煤进口量触底回升，供应链贸易利润亦随着价格反弹实现触 底反弹。在国内"反内卷"大环境下，铁水产量维持高位，若煤炭行业继续推进"查超产"，有望维持焦煤 供需格局紧平衡，对焦煤价格形成支撑，蒙煤贸易企业利润空间有望修复。推荐嘉友国际（603871） (603871.SH)，建议关注易大宗(01733)。 蒙煤进口量触底回升，9月甘其毛都口岸进口煤炭量有望高增、短盘运价上涨 三季度蒙焦煤进口量同比转正；8月甘其毛都口岸进口煤炭量同比转正，9月甘其毛都口岸通车量环比显 著增加。2025年Q1、Q2中国进口蒙古焦煤月均数量为362、463万吨，同比分别-20%、-13%。随着市场 情绪回暖，Q3(7-8月)中国进口蒙古焦煤月均数量为550万吨，同比+13%。在甘其毛都口岸，25年1-8月 累计进口煤炭约2383吨，同比-13%，其中8月煤炭进口量同比增长1%，实现转正。9月甘其毛都口岸通 车量日均约1293辆/日，环比+20%，同比+85%，预计进口煤炭量同比高增。 短盘运价9月底加速上涨，三季度平均值环比微涨。根据蒙古煤炭网，9月29日短盘运价为80元/吨，较 25Q2末上 ...

数据快讯-甘其毛都口岸蒙煤周度库存数据 日期 环比 在仔 288口岸日度通关车辆合计与月均 甘其毛都监管区蒙煤周度库存(万吨) 500. 00 2025/7/5 2025/7/10 450. 00 2025/7/19 786 1400 400. 00 2025/7/26 290 350. 00 2025/8/2 283 2025/8/8 300. 00 2025/8/16 26 250. 00 2025/8/24 269 200. 00 2025/8/30 2025/9/6 150. 00 = = 2025/9/13 2.6% 8 总裁员 8 2025/9/20 278 2025/9/27 294 根据掌上煤焦最新蒙煤库存数据,截止到9月27日,甘其毛都口岸蒙煤库存数据为294万吨,继续累库16万吨,且连续四周累库。8月月 均通车1085车/天,进入9月后通关车辆增加明显,月均通关持续上升,达到1290车/天。 径林大华期货有限公司 格林大华期货研究院 证监许可 2011】1288号 研究员：侯建 纪晓云 从业资格 F3066027 交易咨询: Z0011402 联系电话： (010)56711796 度责声 ...

Group 1 - The investment rating of the report is not mentioned in the provided content. Group 2 - The core view of the report is that as of September 14, the Mongolian coal inventory at the Ganqimao Port was 2780000 tons, with a slight weekly increase of 160000 tons. The average daily vehicle - throughput in August was 1085, and after entering September, the number of customs - cleared vehicles increased significantly, with the average monthly customs - cleared vehicles reaching 1273 per day [1]. Group 3 Summary of the table in the report - The report shows the weekly inventory data of Mongolian coal in the Ganqimao supervision area from July 5, 2025, to September 20, 2025. For example, the inventory on July 5, 2025, was 3750000 tons, and on September 20, 2025, it was 2780000 tons [1].

Group 1: Report Summary - As of September 14, 2025, the coking coal inventory at the Ganqimao Port was 262,000 tons, with a slight weekly increase of 7,000 tons [1] - In August 2025, the average daily customs clearance was 1 vehicle. After entering September, the number of customs - cleared vehicles increased significantly, with the average monthly customs clearance reaching 1,246 vehicles per day [1] Group 2: Data Details - The weekly inventory data of Mongolian coking coal in the Ganqimao supervision area from June 7, 2025, to September 13, 2025, shows a general downward trend with some fluctuations [1]

Group 1: Report Core Data - As of September 1st, the Mongolian coal inventory at Ganqimao Port was 2.45 million tons, with a weekly inventory increase of 240,000 tons [3] - Since the coking coal price bottomed out and rebounded in July, the Mongolian coal inventory at Ganqimao Port has been in a continuous destocking phase [3] - In August, the number of clearance vehicles dropped to less than 1,000 in the last week, causing the monthly average clearance in August to decline from 1,130 vehicles per day to 1,085 vehicles per day, a 13% increase compared to the average of 960 vehicles per day in July [3] Group 2: Historical Data - From May 10th to August 31st, 2025, the daily clearance vehicle data of 288 Ports and the weekly inventory data of Mongolian coal in the Ganqimao supervision area were recorded, showing a downward trend in inventory over time [2]

Report Summary 1. Core Data - As of August 24, the coking coal inventory at the Ganqimaodu Port was 2600000 tons, with a weekly incremental inventory of 20000 tons [3] - The average daily number of customs - cleared vehicles in August was around 1130, an 18% increase compared to the average of 960 vehicles in July [3] 2. Core Viewpoint - Since the coking coal price rebounded from the bottom in July, the coking coal inventory at the Ganqimaodu Port has been in a continuous destocking phase [3]

Core Insights - Mongolia's total foreign trade volume reached $14.2 billion in the first seven months of 2025, representing a year-on-year decline of 9.0% [1] Trade Performance - Export trade amounted to $7.8 billion, down 16.1% year-on-year [1] - Import trade reached $6.5 billion, showing a growth of 10.7% year-on-year [1] - The trade surplus was $1.3 billion, which is a decrease of 55.2% compared to the previous year [1] Commodity Exports - Coal exports fell by $2.4 billion year-on-year [1] - Cashmere exports decreased by $200 million year-on-year [1] - Crude oil exports declined by $40 million year-on-year [1] - Iron ore exports dropped by $20 million year-on-year [1] - Copper concentrate exports increased by $1.1 billion year-on-year [1] - Zinc ore exports rose by $30 million year-on-year [1] Trade Partners - The top five export destinations for Mongolia were China (91.9%), Switzerland (5.0%), the United States (1.2%), Russia (0.4%), and Italy (0.2%) [1] - The top five sources of imports were China (38.7%), Russia (23.6%), Japan (12.3%), South Korea (4.4%), and the United States (4.0%) [1]

Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: July 14, 2025 [1] Price Information - **Domestic Coking Coal Prices**: The latest price of Liulin Main Coking Coal is 1150.00, with a weekly increase of 22.00 and a monthly increase of 50.00, but a year-on-year decrease of 34.29%. The price of Anze Main Coking Coal is 1200.00, with a weekly increase of 20.00, a monthly increase of 30.00, and a year-on-year decrease of 37.50%. The price of Shaheyi Meng 5 is 1080.00, with a weekly increase of 10.00, a monthly decrease of 20.00, and a year-on-year decrease of 40.00%. The price of Raw Coal Port Delivery Price is 757.00, with a daily increase of 3.00, a weekly increase of 15.00, a monthly increase of 49.00, and a year-on-year decrease of 42.43% [2]. - **International Coking Coal Prices**: The latest price of Peak Downs is 191.00, with a weekly decrease of 4.00, a monthly decrease of 2.50, and a year-on-year decrease of 51.50%. The price of Goonyella is 194.00, with a weekly decrease of 3.00, a monthly decrease of 3.50, and a year-on-year decrease of 48.50% [2]. - **Futures Prices**: The price of Futures Contract 05 is 960.50, with a daily increase of 13.00, a weekly increase of 43.50, a monthly increase of 150.00, and a year-on-year decrease of 44.25%. The price of Futures Contract 09 is 909.50, with a daily increase of 26.00, a weekly increase of 73.00, a monthly increase of 136.00, and a year-on-year decrease of 41.08%. The price of Futures Contract 01 is 941.50, with a daily increase of 19.50, a weekly increase of 56.00, a monthly increase of 155.00, and a year-on-year decrease of 44.34% [2]. Inventory Information - **Total Inventory**: The total inventory is 3795.39, with a weekly decrease of 9.19, a monthly decrease of 250.01, but a year-on-year increase of 12.15% [2]. - **Sub - Inventory**: Coal mine inventory is 377.18, with a weekly decrease of 32.43, a monthly decrease of 108.86, and a year-on-year increase of 31.34%. Port inventory is 304.27, with a weekly increase of 18.68, a monthly decrease of 8.75, and a year-on-year increase of 14.60%. Steel mill coking coal inventory is 789.60, with a weekly increase of 8.39, a monthly increase of 18.69, and a year-on-year increase of 6.15%. Coking plant coking coal inventory is 848.18, with a weekly increase of 39.20, a monthly increase of 29.26, and a year-on-year decrease of 8.63% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 72.87, with a weekly decrease of 0.30, a monthly decrease of 1.09, and a year-on-year decrease of 1.98% [2]. - **Coking Coke Inventory**: The coking coke inventory is 87.02, with a weekly decrease of 0.50, a monthly decrease of 0.10, and a year-on-year decrease of 0.74% [2]. - **Basis and Spread**: The 05 basis is - 149.89, with a daily decrease of 13.00, a weekly decrease of 43.50, a monthly decrease of 74.49, and a year-on-year increase of 142.09. The 09 basis is - 98.89, with a daily decrease of 26.00, a weekly decrease of 73.00, a monthly decrease of 60.49, and a year-on-year decrease of 0.12. The 01 basis is - 130.89, with a daily decrease of 19.50, a weekly decrease of 56.00, a monthly decrease of 79.49, and a year-on-year decrease of 0.50. The 5 - 9 spread is 51.00, with a daily decrease of 13.00, a weekly decrease of 29.50, a monthly increase of 14.00, and a year-on-year decrease of 0.72. The 9 - 1 spread is - 32.00, with a daily increase of 6.50, a weekly increase of 17.00, a monthly decrease of 19.00, and a year-on-year decrease of 0.78. The 1 - 5 spread is - 19.00, with a daily increase of 6.50, a weekly increase of 12.50, a monthly increase of 5.00, and a year-on-year decrease of 0.40 [2].