空头获利离场，煤焦低位反弹

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The supply of coking coal and coke continues to shrink, with some previously shut - down or reduced - production coal mines not fully restored, and the import situation is not optimistic. Demand is weakening as coke enterprise开工 and steel mill hot - metal production decline. The rebound in prices is driven by short - covering and the approaching traditional peak season for thermal coal demand. The report advises caution on the height of the rebound, suggesting a wait - and - see approach for coking coal and short - term operations for coke [63] Group 3: Summary by Directory 1. Double - Coking Market Review - No specific review content provided other than the title 2. Coking Coal Fundamental Overview - Production: As of this Friday, the operating rate of sample coal - washing plants was 61.55%, a week - on - week decrease of 0.81%. Some coal mines reduced production due to underground issues or poor sales [18] - Import: By the end of April 2025, China's total import of coking coal was 36.327 million tons, a year - on - year decrease of 3.31%. Mongolia's imports declined, while those from Russia, Canada, and the US increased [22] - Port Inventory: The total coking coal inventory at six ports was 3.1302 million tons, a week - on - week increase of 99,300 tons [25] - Coke Enterprise Inventory: The coking coal inventory of 230 independent coke enterprises was 690,856 tons, a week - on - week decrease of 25,810 tons. Coke enterprises had insufficient restocking motivation due to increasing losses [30] - Steel Mill Inventory: The coking coal inventory of sample steel mills was 770,910 tons, a week - on - week decrease of 15,880 tons. Steel mills reduced their raw - material inventory due to blast - furnace production cuts [33] 3. Coke Fundamental Overview - Supply: From January to April, the national coke production was 164.43 million tons, a year - on - year increase of 3.2%. In April, the production was 41.6 million tons, a year - on - year increase of 7.1% and a month - on - month increase of 0.8% [37] - Coke Enterprise Operation: The capacity utilization rate of sample coke enterprises was 74.93%, a week - on - week decrease of 0.15%. Although the operation decreased, the absolute level was still high [41] - Coke Enterprise Inventory: As of this Friday, the total coke inventory of independent coke enterprises was 88,410 tons, a week - on - week increase of 10,080 tons. Due to low downstream purchasing enthusiasm, inventory continued to accumulate [46] - Port Inventory: The total port coke inventory was 214,150 tons, a week - on - week decrease of 3,030 tons. Traders' willingness to ship to ports decreased due to falling spot prices [49] - Steel Mill Inventory: The coke inventory of 247 steel mills was 645,800 tons, a week - on - week decrease of 9,130 tons. Steel mills reduced their raw - material inventory due to blast - furnace production cuts [54] - Demand: From January to April, the national pig - iron production was 288.85 million tons, a year - on - year increase of 0.8%. In April, the production was 72.58 million tons, a year - on - year increase of 0.7% and a month - on - month decrease of 3.6% [59] 4. Double - Coking Future Outlook - Coking Coal: The supply continues to shrink, and the import situation is not good. Demand is weakening as coke enterprise operation and steel mill hot - metal production decline. The price rebound is driven by short - covering and the approaching peak season for thermal coal. The report advises caution on the rebound height and a wait - and - see approach [63] - Coke: Coke enterprises' losses are increasing, and the operation rate is slightly decreasing. Demand is weakening, but the decline in hot - metal production has narrowed. The coke price is driven up by the coking coal price, and short - term operations are recommended [63]