20251121-华宝期货-煤焦_需求依然承压_盘面弱势震荡_1页_193kb

Coal and coke markets show continued weakness due to demand pressures and supply dynamics. Demand is strained from the steel sector, with declining profits, reduced iron water production, and seasonal demand lull. Supply side sees a rebound, with key regions like Shanxi and Shaanxi mines partially resuming full output, contributing to higher production. Imports remain significant but are falling, as indicated by lower Mongolian coal shipments. Overall prices are under stress, with spot prices below futures, and fundamentals suggesting limited near-term upside amid policy impacts. Market view is range-bound for key contracts, but risks include monitoring steel demand and mine recovery.