煤炭行业：炼焦煤价格下跌，独立焦企产能利用率下跌

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Coking coal prices have declined, with the comprehensive Chinese coking coal price index at 1487.02 CNY/ton as of January 6, 2025, down 97.25 CNY/ton or 6.14% month-on-month [1][9] - The total coking coal inventory at three ports increased to 4.6502 million tons, up 261,100 tons or 5.95% month-on-month as of January 10 [1][14] - The capacity utilization rate of independent coking enterprises decreased to 73.15%, down 0.87 percentage points month-on-month [2][17] - Monthly production of coke, pig iron, and crude steel has decreased, with coke production at 40.682 million tons, down 1.26% month-on-month [2][22] Summary by Sections Coking Coal Prices - The coking coal price index in China decreased to 1487.02 CNY/ton, reflecting a month-on-month decline of 6.14% [1][9] - Prices for main coking coal from Australia at the port of Jingtang fell to 1470 CNY/ton, a decrease of 6.37% month-on-month [1][11] Inventory Levels - Coking coal inventory at three ports rose to 4.6502 million tons, an increase of 5.95% month-on-month [1][14] - The inventory of coking coal at 247 steel mills reached 8.1431 million tons, up 7.71% month-on-month [1][14] Production Metrics - The average available days of coking coal for independent coking enterprises increased to 12.40 days, up 5.98% month-on-month [2][17] - Monthly production figures for November showed a decline in coke, pig iron, and crude steel, with crude steel production at 78.4 million tons, down 4.25% month-on-month [2][26]