CITIC Construction Investment Futures: The dual-focus futures market is generally fluctuating with a slight upward trend

Coking coal side, the price center has slightly risen, mainly supported by the upward shift of the energy price center, positive feedback from the black series, and supply-side disturbances. Fundamentally, coal mine output and wash plant operations remain high, and supply is still relatively ample, but coking and steel plant coking coal inventories have declined. Under the background of high-speed rail and water, raw material consumption is relatively fast, showing demand resilience.
Regarding coke, the market is driven by coking coal and supported by expectations of a third-round price increase, with spot sentiment being relatively strong.
Coking plant operations and output are stable, with a profit of about 58 yuan per ton of coke, and combined with by-product revenue, overall profitability is decent; inventories at coking plants, ports, and steel mills have all decreased, with coking plant inventories at low levels, supporting price stability.
Overall, the short-term outlook for dual coke and coal remains relatively strong with fluctuations, but further upward movement will depend on steel mill profits and the implementation of price increase expectations. (CITIC Construction Investment Futures)