Core Viewpoint - The futures prices of coke and coking coal have significantly increased due to positive market sentiment and macroeconomic policies, with coke rising by 16.1% and coking coal by 35.9% compared to the previous week [1]. Supply Summary - The average daily production of coke from independent coking enterprises is 519,200 tons, a slight increase of 5,100 tons week-on-week, with a capacity utilization rate of 73.61%, up by 0.71% from last week [1]. - The market is experiencing a fourth round of price increases for coke, driven by strong demand from steel mills and optimistic market expectations [1]. Demand Summary - A survey by Mysteel indicates that the operating rate of blast furnaces in 247 steel mills is 83.46%, unchanged from last week but up by 1.13 percentage points year-on-year [1]. - The average daily pig iron production is 2.4223 million tons, a slight decrease of 2,100 tons week-on-week but an increase of 26,200 tons year-on-year, indicating sustained high production levels [1]. - The profitability of steel mills has improved, with a profit rate of 63.64%, up by 3.47 percentage points week-on-week and 48.49 percentage points year-on-year [1]. Inventory Summary - The total coke inventory for the 247 surveyed steel mills is 6.3998 million tons, an increase of 9,900 tons week-on-week, while the coking coal inventory is 7.9951 million tons, up by 84,100 tons [1]. - Independent coking enterprises have seen a slight reduction in inventory, with total coking coal inventory at 9.8538 million tons, an increase of 562,700 tons week-on-week [1]. Market Outlook - The overall market sentiment is optimistic due to a "de-involution" trend in macroeconomic policies, with concerns about future coal supply disruptions contributing to price increases [1]. - The recent restrictions on coal mine production have tightened supply, while strong demand from steel mills supports the price increases for coke [1]. - Future attention should be given to macroeconomic policies, changes in pig iron production, coal mine resumption, and the potential increase in supply from the resumption of imports from Mongolia [1].
焦炭2509、焦煤2509:环比涨16.1%、35.9%,市场向好
Sou Hu Cai Jing·2025-07-27 13:43