焦煤焦炭早报（2025-5-6）-20250506

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - 焦煤: Main coal - producing areas have stable production. The second round of coke price increase is not yet implemented. Downstream coke enterprises purchase on - demand, and online auction transactions are weak. Total sample inventory decreased by 24.4 tons compared to last week. With high iron - water in steel mills, the rigid demand for coking coal is strong. However, due to general terminal finished product sales and falling billet prices, the market is cautious. Short - term prices are expected to be weakly stable [2]. - 焦炭: Coke enterprises' production is stable. With the decline in coking coal prices, coke enterprises' profits are gradually repaired, and supply has increased. Downstream steel mills have good demand, and coke enterprises' inventories are low. Total sample inventory increased by 0.3 tons compared to last week. With high blast - furnace operating rates in steel mills and good demand, and coke enterprises having small profits, the supply - demand pattern is balanced. Short - term prices are expected to remain stable [5]. 3. Summary by Related Catalogs Price - 焦煤: On April 30 (17:30), Russian coking coal prices ranged from 56 to 1320, and Australian coking coal prices ranged from 1130 to 1320 [8]. - 焦炭: On April 30 (17:30), port metallurgical coke prices ranged from 1340 to 1830, with some prices having no change [9]. Inventory - Port Inventory: Coking coal port inventory was 324.8 tons, a decrease of 12.6 tons from last week; coke port inventory was 243.6 tons, a decrease of 2.5 tons from last week [19]. - Independent Coke Enterprises Inventory: Independent coke enterprises' coking coal inventory was 819.8 tons, a decrease of 10.1 tons from last week; coke inventory was 68.8 tons, an increase of 0.8 tons from last week [22]. - Steel Mill Inventory: Steel mills' coking coal inventory was 782.5 tons, a decrease of 1.7 tons from last week; coke inventory was 666.4 tons, an increase of 2 tons from last week [25]. Other Indicators - Coke Oven Capacity Utilization: The capacity utilization of 230 independent coke enterprises was 75.3%, an increase of 1.9% from last week [36]. - Average Profit per Ton of Coke: The average profit per ton of coke of 30 independent coking plants was - 9 yuan, an increase of 7 yuan from last week [40].