20251210-永安期货-焦煤日报_1页_353kb

The attached daily report from December 10, 2025, provides a snapshot of the coking coal market, compiled by the black team. It includes data on key coking coal products, such as Luolin main coke, original coal port delivered price, and imports, alongside inventory metrics and valuation indicators.

Key Price Movements

• Product-specific prices: Most coking coal products show declining prices over monthly and annual periods. For example, Luolin main coke ended at 1505.00 with a monthly change of -140.00 and annual change of -3.85% (noting the percentage applies to a different product, Anze main coke). Similar downtrends are observed in other products like the Mongolian coal port delivered price (-4.00% annual change).
• Price volatility: Changes range from daily stability to significant decreases, with annual variations indicating persistent downward pressure in the market.

Inventory Status

• Inventory levels: Total inventory reached approximately 3539 units, with mixed changes across short-term (daily and weekly) and long-term horizons. Increases in some areas (e.g., inventory inventory up +178.19 monthly) contrast with declines in others (e.g., coal mine inventory down -23.72%), suggesting supply-demand imbalances.

Valuation and Spread Metrics

• Basis and spreads: Data shows changes in basis discrepancies (e.g., 05 basis -23.31, improving slightly) and price spreads (e.g., 5-9 spread -72.00), which reflect market conditions and profitability, often with negative indicators.
• Capacity utilization and inventory: Metrics like jettison capacity utilization (73.84%), jettison coke inventory (85.97 units), and others provide insights into operational efficiency and market health, with some categories showing minor adjustments.

Overall, the report paints a picture of a generally declining market with cautious inventory management, influenced by factors such as supply increases and demand stability, based on the provided data trends.