三港口和焦化厂炼焦煤库存量下降，全样本独立焦企的产能利用率上升

Core Viewpoint - The report indicates a continued increase in coking coal prices in China and Australia, driven by supply and demand dynamics in the market [1][4]. Price Trends - As of August 18, 2025, the comprehensive coking coal price index in China reached 1357.36 CNY/ton, an increase of 157.43 CNY/ton or 13.12% month-on-month [1][2]. - The price for Australian premium coking coal at the Jing Tang Port was reported at 1530.00 CNY/ton as of August 22, 2025, up by 110.00 CNY/ton or 7.75% from the previous month [1][2]. - The Platts price index for hard coking coal at the Peakview Mine was 203.00 USD/ton, reflecting a rise of 14.40 USD/ton or 7.64% month-on-month [1][2]. - Coking coal futures prices increased to 1162 CNY/ton as of August 22, 2025, up by 113.5 CNY/ton or 11% from the previous month [2]. Inventory Levels - The total coking coal inventory at three ports (Qinhuangdao, Huanghua, and Caofeidian) decreased to 254.99 million tons as of August 22, 2025, down by 30.85 million tons or 10.79% month-on-month [2][5]. - The inventory of coking coal at 247 steel mills increased to 812.31 million tons, up by 12.80 million tons or 1.60% month-on-month [2]. Independent Coking Plants - The inventory of coking coal at 230 independent coking plants decreased to 823.94 million tons, down by 17.27 million tons or 2.05% month-on-month, but up by 178.56 million tons or 27.67% year-on-year [3]. - The average available days of coking coal at these plants fell to 11.80 days, a decrease of 0.40 days or 3.28% month-on-month [3]. - The capacity utilization rate of independent coking enterprises rose to 74.42%, an increase of 0.97 percentage points month-on-month [3]. Production Data - In July, the monthly production of coke reached 41.855 million tons, an increase of 15.2 thousand tons or 0.36% month-on-month [3]. - The monthly production of pig iron was 70.7974 million tons, down by 110.77 thousand tons or 1.54% month-on-month [3]. - The monthly production of crude steel decreased by 4.24% month-on-month [3]. Conclusion - The report concludes that coking coal prices in China and Australia continue to rise, with futures prices showing a significant rebound from 719 CNY on June 3 to 1162 CNY on August 22, marking a cumulative increase of 61.6% [4].