Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For Coking Coal: The supply of coking coal remains loose, with prices continuing to decline. The downstream procurement pace has slowed down due to the second round of coke price cuts, and new orders for mines have decreased. The overall market sentiment is pessimistic, and it is expected that the short - term coking coal price will be weak. There are factors like rising pig iron production and limited supply growth as positives, while slow procurement by coking and steel enterprises and weak steel prices are negatives [2][5]. - For Coke: As the price of raw coal continues to fall, the cost pressure on coking enterprises has eased, and the production level remains high. However, the poor trading in the finished product market and the decline in steel prices have led to reduced demand from steel mills, and there is still an intention to lower prices. It is expected that coke will remain weakly stable in the short term. Positive factors include rising pig iron production and increasing blast furnace operating rate, while squeezed profit margins of steel mills and over - drawn restocking demand are negatives [7][10]. 3. Summary by Related Catalogs Price - Coking Coal: On May 27 (17:30), the prices of various types of coking coal from different countries and brands at ports in Hebei and Shandong showed different trends, with some prices rising and some remaining unchanged, and some varieties being out of stock [11]. - Coke: On May 27 (17:30), the prices of port metallurgical coke showed a general downward trend, with some prices decreasing by 20 yuan, while a few showed different changes [12]. 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 [22]. - Independent Coking Enterprises Inventory: Independent coking 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 [25]. - 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 [28]. Production - related Indicators - Coking Oven Capacity Utilization: The capacity utilization rate of 230 independent coking enterprises was 75.3%, an increase of 1.9% from last week [39]. - Average Profit per Ton of Coke: The average profit per ton of coke for 30 independent coking plants was - 9 yuan, an increase of 7 yuan from last week [43].
焦煤焦炭早报（2025-5-28）-20250528
Da Yue Qi Huo·2025-05-28 02:32