焦炭提涨落地，双焦期价震荡运行

Group 1: Report Overview - Report title: "Caida Futures | Coking Coal and Coke Weekly Report 2025-07-21" [1] - Core view: Last week, the first round of coke price increase was implemented, and the prices of coking coal and coke futures fluctuated. The supply and demand of coking coal both increased slightly, and the supply and demand of coke also increased slightly. After the emotional boost, the market will return to fundamentals, and attention should be paid to the risks brought by the callback of spot prices. The coking coal ratio is currently at a high level in the same period of history, and attention should be paid to the range change of 1.5 - 1.8 [2][5][8] Group 2: Futures and Spot Market Quotes - Coking coal 2509 contract closed at 926 on Friday last week, with a weekly increase of 1.42%, and the spot market prices in mainstream areas showed a strong trend. Coke 2509 contract closed at 1518 on Friday last week, with a weekly decrease of 0.1%, and the spot market prices in mainstream areas increased by 50 - 55 yuan/ton [4] Group 3: Fundamental Analysis - Coking Coal Supply - The utilization rate of approved production capacity of 523 coking coal mines nationwide was 86.1%, a month - on - month increase of 0.6%. The operating rate of 110 coal washing plants nationwide was 62.85%, a month - on - month increase of 0.52%; the daily average output was 53.38 tons, a month - on - month increase of 0.79 tons. The raw coal and clean coal inventories of coal washing plants continued to decrease [4] Demand - The blast furnace operating rate of steel mills remained high, and the demand for raw coal was supported. After the first round of coke price increase, the loss of coke enterprises' profit per ton of coke narrowed, and the coke enterprises' production remained at a high level. The coke enterprises' inventory of coking coal continued to increase but remained at a low level, and the procurement enthusiasm for high - quality coal was high. The overall replenishment of coking and steel enterprises was mainly based on demand [5] Comprehensive - Last week, the supply and demand of coking coal both increased slightly. The coking coal 2509 contract fluctuated, and the support at the 10 - day moving average was strong [5] Group 4: Fundamental Analysis - Coke Supply - The capacity utilization rate of all - sample independent coking enterprises was 73.01%, a month - on - month increase of 0.14%. The daily average output was 64.21 tons, a month - on - month increase of 0.13 tons. The profit per ton of coke of 30 sample coking enterprises was - 43 yuan/ton, a month - on - month increase of 20 yuan/ton. Some coking enterprises still limited production, and the inventory of coking enterprises continued to decline. The coke spot price in ports fluctuated strongly, and the inventory decreased slightly [7] Demand - The blast furnace operating rate of 247 steel mills was 83.46%, a month - on - month increase of 0.31%; the daily average pig iron output was 242.44 tons, a month - on - month increase of 2.63 tons. The profit rate of steel mills was 60.17%, a month - on - month increase of 0.43. The demand for coke remained rigid, and the replenishment demand of steel mills was good. Intermediate traders actively entered the market to purchase [7] Comprehensive - Last week, the supply and demand of coke both increased slightly. After the emotional boost, the market will return to fundamentals, and attention should be paid to the risks brought by the callback of spot prices. The coking coal ratio was 1.66 on average last week, and it is currently at a high level in the same period of history. Attention should be paid to the range change of 1.5 - 1.8 [8] Group 5: Inventory Data Coking Coal - Port inventory was 321.50 tons, a week - on - week decrease of 0.14 tons; all - sample independent coking plant inventory was 929.11 tons, a week - on - week increase of 36.76 tons; 247 sample steel mill inventory was 791.10 tons, a week - on - week increase of 8.17 tons; the total inventory was 2041.71 tons, a week - on - week increase of 44.79 tons [9] Coke - Port inventory was 199.11 tons, a week - on - week decrease of 0.97 tons; all - sample independent coking plant inventory was 87.55 tons, a week - on - week decrease of 5.53 tons; 247 sample steel mill inventory was 638.99 tons, a week - on - week increase of 1.19 tons; the total inventory was 925.65 tons, a week - on - week decrease of 5.31 tons [9]