2025年7月18日,国内期货主力合约多数上涨。SC原油涨超3%,焦煤、碳酸锂、棕榈油涨超2%。跌幅方面,液化石油气(LPG)跌超0.5%。
供应方面,前期停产的煤矿逐步复工复产,国内原煤以及焦煤的产量均有所回升,本周洗煤厂、港口炼焦煤库存小幅回落,独立焦企、钢厂焦化厂炼焦煤库存增加,总库存继续攀升,但是需要注意印尼为提高国家收入拟对煤炭出口征税,进口成本存增加预期。截至7月18日当周,炼焦煤总库存为2233.25万吨,环比增加1.79%,同比增加5.90%。据海关总署数据,6月中国进口煤及褐煤3303.7万吨,环比下降8.3%,1-6月累计进口煤及褐煤22170.2万吨,同比下降11.1%。需求方面,本周新增 4 座高炉复产,2 座高炉检修,铁水产量环比增加 2.63 万吨至 242.44 万吨,目前处于偏高水平,下游对原材料消费具有一定支撑,后期继续关注终端工程资金的到位进展。据百年建筑调研,截至7月15日,样本建筑工地资金到位率为58.89%,周环比下降0.09个百分点,其中房建项目资金到位率为51.68%,周环比下降0.08个百分点。
综合来看,政策以及环保扰动焦化,预计短期焦煤盘面震荡偏强运行。(光大期货)
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