Investment Rating - The report does not explicitly provide an investment rating for the coking coal industry Core Insights - The coking coal industry in China has seen its market size grow from 613.11 billion yuan in 2019 to 1,029.79 billion yuan in 2023, with a compound annual growth rate (CAGR) of 13.84%. However, it is projected to decline to 892.30 billion yuan from 2024 to 2028, with a CAGR of -2.17% [45][46] - Coking coal is primarily used to produce coke, which is essential for iron and steel production, with approximately 1.3 tons of coking coal required to produce 1 ton of coke [5][6] - The coking coal industry is characterized by rich resources in China, but there is a scarcity of high-quality reserves. The import structure has shifted to rely more on Mongolian and Russian coal due to previous restrictions on Australian coal [11][14][30] Industry Definition - Coking coal is a type of bituminous coal that has certain caking properties and is used to produce coke, which is then utilized in steelmaking [5][6] Industry Classification - Coking coal can be classified into various types, including gas coal, fat coal, and lean coal, with gas coal being the most abundant in China [7][9] Industry Characteristics - The coking coal industry features include abundant resources in China but limited high-quality reserves, a reliance on rail transport, and a market structure characterized by "north coal south transport" and "west coal east transport" [11][15] Development History - The development of the coking coal industry in China can be divided into several stages, from the initial reform phase (1898-1992) to the current high-quality development phase (2012-present) [17][21] Supply Chain Analysis - The supply chain of the coking coal industry includes upstream activities such as exploration and mining, midstream processes like washing and blending, and downstream applications primarily in the steel and chemical industries [23][35] Market Trends - The coking coal supply in China is expected to decline due to stricter regulations and challenges in mining operations, with a projected decrease in production in 2024 [24][25][30] - The demand for metallurgical coal is under pressure due to a downturn in the real estate sector, which affects steel production [36][37] Import and Export Dynamics - In 2023, China imported 102 million tons of coking coal, a 61.3% increase from the previous year, with expectations for further growth in 2024 [30][31] - The export of coking coal from China is limited, with projections for 2024 remaining around 300,000 tons [37]
企业竞争图谱：2024年炼焦煤 头豹词条报告系列
Tou Bao Yan Jiu Yuan·2024-10-10 12:00