20230601-兴证期货-双焦日度报告_5页_583kb

Market Review and Outlook:

• Coking coal and coking coal prices remain steady at 1800 and 1610 yuan/ton respectively for key locations like JingTan and ShaHeYi, with no change from the previous day.
• Prices showed a weak and fluctuating trend yesterday, attributed to reduced demand and ample supply.
• Fundamentally, the market faces persistent weakness due to low demand from downstream industries like steel, where inventory levels are high, and a cumulative 700-800 yuan/ton price drop for coking coal, compounded by economic headwinds.

Key Factors and Risks:

• Imports from Mongolia saw moderate activity, but deal momentum is weak.
• Industry data highlights high coal inventory at ports, declining exports, and global investment trends.
• Risks include macroeconomic disruptions, safety issues in mining, and underperformance in end-demand sectors like construction and infrastructure.