焦炭：主流焦企第三轮提涨落地 焦煤提供成本支撑

Core Viewpoint - The recent fluctuations in coking coal and coke futures indicate a complex market environment, with price adjustments and inventory changes impacting profitability and production levels across the industry [6]. Supply - As of October 30, the average daily production of coke from independent coking plants was 646,000 tons, remaining stable week-on-week, while the average daily production from 247 steel mills was 462,000 tons, showing a slight increase of 100 tons [3]. Demand - The average daily pig iron production was 2.3636 million tons, reflecting a decrease of 35,400 tons week-on-week. The blast furnace operating rate was 81.75%, down by 2.96%, and the capacity utilization rate for ironmaking was 88.61%, down by 1.33%. The profitability of steel mills was at 45.02%, a decline of 2.60% [4]. Inventory - Total coke inventory reached 9.588 million tons as of October 30, an increase of 62,000 tons week-on-week. Independent coking plants held 599,000 tons, up by 12,000 tons, while steel mills had 6.291 million tons, down by 41,000 tons. Port inventory was at 2.699 million tons, increasing by 91,000 tons [5]. Profitability - The average profit per ton of coke for 30 independent coking plants was -41 yuan, with regional variations: Shanxi at -44 yuan, Shandong at 20 yuan, Inner Mongolia at -101 yuan, and Hebei at 5 yuan [2]. Market Dynamics - The recent third round of price increases for coke was implemented on November 5, with expectations for further price adjustments due to rising coking coal prices providing cost support. However, environmental restrictions in regions like Tangshan and Shanxi have led to reduced pig iron production, exerting pressure on coke prices [6].