Core Viewpoint - The recent strong upward trend in coking coal futures is driven by rising prices and a tightening supply situation, despite mixed signals in the market [6] Supply - As of October 23, the average daily coking coal production from independent coking plants was 646,000 tons, a decrease of 7,000 tons week-on-week. 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 - As of October 23, the average daily pig iron production was 2.399 million tons, down 10,500 tons week-on-week. The blast furnace operating rate was 84.71%, up 0.44% week-on-week, while the capacity utilization rate for blast furnace ironmaking was 89.94%, down 0.39% week-on-week. The profit margin for steel mills was 47.62%, down 7.79% week-on-week [4] Inventory - As of October 23, the total coking coal inventory was 9.526 million tons, an increase of 32,000 tons week-on-week. Independent coking plants 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. Port inventories stood 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 -41 yuan. In specific regions, Shanxi's average profit was -44 yuan, Shandong's was 20 yuan, Inner Mongolia's was -101 yuan, and Hebei's was 5 yuan [2] Market Dynamics - The recent market dynamics show a strong upward trend in coking coal prices, with the third round of price increases being accepted by major steel mills. The cost support from rising coking coal prices is leading to a potential increase in coking coal prices, despite the lag in coking adjustments. The overall inventory situation indicates a tightening supply, with concerns over production reductions due to environmental and safety regulations [6]
焦炭：主流焦企启动提涨第三轮 焦煤提供成本支撑
Jin Tou Wang·2025-10-30 02:09