煤炭行业：三港口炼焦煤库存继续减少，全样本独立焦企产能利用率提升

Investment Rating - The industry investment rating is "Positive" [3] Core Insights - The prices of Chinese coking coal and Australian premium coking coal continue to decline, while the Platts price index for Peak Downs hard coking coal has increased [1][2] - As of May 9, the total coking coal inventory at three ports has decreased significantly, with a total of 2.9181 million tons, down 501,000 tons month-on-month, a decrease of 14.66% [1][14] - The capacity utilization rate of independent coking enterprises has increased, reaching 75.44%, up 2.48 percentage points month-on-month [2][17] - The average available days of coking coal for independent coking enterprises have decreased to 10.30 days, down 0.90 days month-on-month, a decline of 8.04% [2][17] - Monthly production of coke, pig iron, and crude steel has shown year-on-year growth in March, with coke production reaching 41.294 million tons, an increase of 4.88% [2][24] Summary by Sections Coking Coal Prices - The comprehensive Chinese coking coal price index as of May 12 is 1272.44 yuan/ton, down 14.25 yuan/ton month-on-month, a decrease of 1.11% [1][8] - The price of coking coal in Taiyuan has decreased by 15 yuan/ton, while the price in Guizhou has increased by 50 yuan/ton [10] Inventory and Production - The total coking coal inventory at three ports has decreased by 501,000 tons month-on-month [14] - The inventory of coking coal at 230 independent coking plants has decreased by 39,550 tons, a decline of 4.85% [17] - The monthly production of coke, pig iron, and crude steel has increased year-on-year, with crude steel production reaching 92.8414 million tons, an increase of 5.18% [24][25]