Core Viewpoint - The recent fluctuations in coking coal futures and the second round of price increases by major coking enterprises indicate a complex market environment, with potential for further price adjustments despite current downward trends in spot prices [6] Supply - As of October 23, the average daily production of coking coal from independent coking plants was 646,000 tons, a decrease of 7,000 tons week-on-week, while the average daily production from 247 steel mills was 461,000 tons, an increase of 2,000 tons week-on-week, leading to a total production of 1.107 million tons per day, down 5,000 tons week-on-week [3] Demand - The average daily pig iron production was 2.399 million tons as of October 23, a decrease of 10,500 tons week-on-week, with a blast furnace operating rate of 84.71%, up 0.44% week-on-week, and a capacity utilization rate of 89.94%, down 0.39% week-on-week. The profitability of steel mills was reported at 47.62%, a decrease of 7.79% week-on-week [4] Inventory - Total coking coal inventory reached 9.526 million tons as of October 23, an increase of 32,000 tons week-on-week. Independent coking enterprises held 586,000 tons, up 13,000 tons week-on-week, while steel mills had 6.332 million tons, down 63,000 tons week-on-week, and port inventories were at 2.608 million tons, up 81,000 tons week-on-week [5] Profitability - The average profit per ton of coking coal across 30 independent coking plants was reported at a loss of 41 yuan per ton, with specific regional performances showing losses of 44 yuan per ton in Shanxi, profits of 20 yuan per ton in Shandong, losses of 101 yuan per ton in Inner Mongolia, and profits of 5 yuan per ton in Hebei [2] Market Strategy - Despite recent adjustments, the overall outlook for the fourth quarter remains bullish, with recommendations for speculative buying of coking coal futures at lower prices and potential arbitrage strategies between coking coal and coking coal futures [6]
焦炭：主流焦企提涨第二轮正式落地 仍有提涨预期
Jin Tou Wang·2025-10-29 02:07