Huatai Futures: Black building materials commodities rose yesterday, mainly driven by rising energy prices

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Source: Huatai Futures

Author: Black Materials Group

Related Commodities: Coking Coal, Coke, Soda Ash

Yesterday, black materials commodities generally rose, with multiple coking coal contracts hitting the daily limit, main contract of coke rising by 6.92%, main contract of soda ash up by 4.06%, main contract of glass up by 2.17%, and other black materials commodities also experienced varying degrees of increase.

Main reasons for the rise in black materials commodities:

1. Under the disturbance of Iran situation, international energy prices rose significantly, which translated into higher shipping costs and port arrival prices domestically, boosting market sentiment for related import commodities.

2. Driven by rising energy and chemical prices, profit margins for coking plants improved markedly. Market expectations of increased coking capacity utilization and significant price increases along the coal-related industrial chain led to expectations of higher domestic coal demand, further pushing up prices of dual-coke products.

3. The price increases of soda ash, glass, and other commodities were mainly driven by rising energy prices, which increased the costs of these products.

Overall, under the disturbance of Iran situation, international energy prices rose significantly, leading to higher prices for coking coal, coke, and related commodities. Rising energy prices also increased costs for glass and soda ash, while higher shipping costs elevated import prices. As black commodities gradually enter the peak consumption season, attention should be paid to consumption strength after price increases. Recently, prices in the black sector have been volatile, so caution is advised regarding current prices.

Risk points: Changes in Iran situation, energy prices, and demand resilience.

Investment Advisory Qualification: Securities Permit [2011] No. 1289

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Editor: Zhu Henan