Futures: Coke 2105 rebounded on Wednesday, reducing more than 7,000 positions. Recently, the new production capacity of coke enterprises is released, the market continues the price reduction cycle, the pressure on the spot and futures market is greater, and it is easy to rebound. Short term rebound or high pressure on the market, pay attention to market sentiment and price expectations on the rhythm of the market.

Spot: the steel plant implemented the third round of raising and reducing coke price by 100 RMB/ ton. Coke prices in Rizhao and Qingdao port fell and transactions were weak: the price of quasi first grade coke was 2,650 RMB/ ton, and the price of first grade coke was 2,750 RMB/ ton, including tax. The new production capacity of coke enterprises is gradually released, the operating rate is increased, and the inventory is slightly accumulated; the inventory of some coal mines is increased, and the price is reduced; due to excessive energy consumption in Inner Mongolia, some coal washing plants in the park stop and limit production. The coke inventory of steel plant increased, and the port inventory increased.

Strategy analysis: at present, the countries' monetary and fiscal easing strongly support the economy, the vaccine positive macro demand expectation plays a leading role, and the epidemic situation abroad has eased. In China, we should strengthen macro-control and relax policies to stabilize economic growth. After Spring festival, the new production capacity of coke enterprises is released, the price drop expectation is increased, the market continues the price reduction cycle, the discount increases after the continuous big drop of the market situation, and the over drop rebounds, so as to prevent the market washing, and pay attention to the impact of steel price fluctuation on the coke price and the impact of price adjustment expectation on the market.

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