焦炭：焦炭第四轮提涨部分落地 仍有提涨预期

Core Viewpoint - The coking coal market is experiencing fluctuations with a recent decline in futures prices, while some price increases from major coking enterprises are being implemented amidst high costs from coking coal [6] Supply - As of November 13, the average daily production of coking coal from independent coking plants is 630,000 tons, a decrease of 6,000 tons week-on-week. The average daily production from 247 steel mills is 462,000 tons, an increase of 1,000 tons week-on-week, leading to a total production of 1,092,000 tons, which is a decrease of 5,000 tons week-on-week [3] Demand - As of November 13, the average daily pig iron production is 2.3688 million tons, an increase of 26,600 tons week-on-week. The blast furnace operating rate is 82.81%, a decrease of 0.32% week-on-week, while the capacity utilization rate for ironmaking is 88.80%, an increase of 1.00% week-on-week. The profit margin for steel mills is 38.96%, a decrease of 0.87% week-on-week [4] Inventory - As of November 13, the total inventory of coking coal is 9.4 million tons, a decrease of 74,000 tons week-on-week. The inventory at independent coking enterprises is 582,000 tons, a decrease of 2,000 tons week-on-week. The inventory at 247 steel mills is 6.224 million tons, a decrease of 42,000 tons week-on-week, and the port inventory is 2.595 million tons, a decrease of 30,000 tons week-on-week [5] Price Trends - As of November 13, the main coking coal futures contract 2601 has decreased by 3.5 (-0.21%) to 1,686.0, while the far-month contract 2605 has decreased by 15.5 (-0.84%) to 1,820.0. The price difference between contracts 1-5 has strengthened to -134.0. The price for first-grade wet quenching metallurgical coke in Lüliang is reported at 1,390 yuan/ton, remaining stable day-on-day, while the trade price for first-grade metallurgical coke in Rizhao is reported at 1,530 yuan/ton, a decrease of 10 yuan/ton week-on-week [1][2]