焦煤库存持续去化

Core Viewpoint - The coking coal prices have experienced a significant decline since August, with futures contracts dropping over 19%, influenced by market sentiment shifts and ongoing industrial challenges [1][4]. Inventory Summary - Coking coal inventory has been consistently decreasing, with the total inventory at 3,034.82 million tons as of September 5, reflecting a reduction of 36.78 million tons from the previous period and a year-on-year decline of 20.70% [2]. - The inventory levels at coal mines, ports, and washing plants are notably lower than the previous year, with port inventory down 31.83% and washing plant inventory down 34.52% [2]. Supply Summary - Domestic coal mine production is operating at low levels, with a capacity utilization rate of 75.78%, down 8.26 percentage points from the previous period [3]. - The average daily production of raw coal and refined coal has decreased significantly, reaching near five-year lows [3]. - Import volumes of coking coal have increased, with July imports at 3,873.2 million tons, a 13% month-on-month rise [3]. Demand Summary - The average daily production of coke from independent coking plants and steel mills has declined to 110.04 million tons, indicating a decrease over two consecutive weeks [4]. - Despite some improvement in coking enterprise profits, the overall demand for coking coal remains limited due to ongoing challenges in the downstream steel market [4]. - The market sentiment is cautious, with downstream steel enterprises primarily focused on essential inventory replenishment rather than aggressive purchasing [4].