煤炭行业：炼焦煤价继续下跌，但焦化厂炼焦煤去库存明显

Investment Rating - The coal industry is rated as "Positive" [4] Core Viewpoints - Coking coal prices continue to decline, with the comprehensive Chinese coking coal price index reported at 1432.42 CNY/ton as of February 10, 2025, a decrease of 42.14 CNY/ton or 2.86% from the previous month [10][12] - Coking coal inventories at three major ports decreased by 32.62 million tons month-on-month, a decline of 7.23% [15][18] - The average usable days of coking coal for independent coking enterprises dropped significantly to 10.20 days, a decrease of 3.20 days or 23.02% from the previous month [2][18] Summary by Sections Coking Coal Prices - The coking coal price index in China has decreased, with specific prices reported for various regions, including a 2.94% drop in Taiyuan and a 3.33% drop in Guizhou [12][10] Inventory Levels - Total coking coal inventory at three ports is 418.67 million tons, down 32.62 million tons from the previous month [15] - Steel mills' coking coal inventory decreased to 778.69 million tons, a decline of 5.90% [15][18] - Independent coking plants' inventory fell to 738.53 million tons, a decrease of 23.16% [18] Production Metrics - The capacity utilization rate for independent coking enterprises is 73.00%, down 0.41 percentage points from the previous month [2][18] - Monthly production of coke increased to 41.48 million tons, a rise of 1.96% month-on-month, while pig iron and crude steel production saw declines [23][24][26]