Core Viewpoint - The coal market is experiencing a downward trend in both futures and spot prices, with expectations of increased supply and cautious trading behavior among merchants [5] Supply - As of November 13, the capacity utilization rate of 88 coal mines was 84.53%, a week-on-week increase of 0.54% - The weekly raw coal production reached 8.5381 million tons, up by 54,200 tons from the previous week - The raw coal inventory stood at 1.4219 million tons, increasing by 60,600 tons week-on-week [2] - By November 19, the capacity utilization rate of 523 sample coal mines was 86.9%, with a daily raw coal output of 1.934 million tons, an increase of 15,000 tons from the previous week [2] Demand - As of November 13, the average daily coke production from independent coking plants was 630,000 tons, a decrease of 6,000 tons week-on-week - The average daily pig iron production was 2.3688 million tons, an increase of 26,600 tons week-on-week, while the blast furnace operating rate was 82.81%, down by 0.32% [3] Inventory - Total coking coal inventory (including mines, washing plants, coking plants, steel mills, ports, and border areas) increased by 166,000 tons to 37.414 million tons as of November 13 - Inventory at 523 mines rose by 7,100 tons to 3.847 million tons, while washing plants saw an increase of 12,300 tons to 4.877 million tons [4] Market Dynamics - The futures market for coking coal is showing a weak downward trend, with spot prices in Shanxi declining and an increase in the rate of failed auctions, indicating cautious behavior from traders [5] - The resumption of production in some coal mines in Shanxi is expected to lead to a slight increase in coking coal supply, while imports of Mongolian coal have significantly increased since November [5] - The overall inventory situation shows a slight increase in coal mines, washing plants, and ports, while coking plants and steel mills are seeing a decrease [5]
焦煤：产地煤价涨跌互现 蒙煤价格回落 钢厂减产利空补库需求
Jin Tou Wang·2025-11-20 03:05