焦煤焦炭早报（2025-8-14）-20250814

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report 2.1. Views on Coking Coal - The downstream market has a resurgence of wait - and - see sentiment, and the intermediate links are leaving the market. The procurement rhythm of downstream coking enterprises has slowed down. Mainstream coal enterprises' online auctions have mixed results, but short - term coal prices are strongly supported due to previous orders. Some coking enterprises are cautious about signing orders due to high coal prices [2]. - Positive factors include rising iron - water output and limited supply growth; negative factors are the slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [4]. - It is expected that the short - term coking coal price may run strongly [2]. 2.2. Views on Coke - Although the coking coal price has a partial callback, the cost pressure of coking enterprises remains high, and the overall supply release is limited. Affected by environmental protection and other factors, some areas have received production - restriction notices, and the coking enterprises' production is continuously restricted. The steel mills' rigid demand for coke is stable, the coking enterprises' inventory is low, and the supply - demand structure of coke remains tight [6]. - Positive factors are the rising iron - water output and the synchronous increase in blast furnace operating rate; negative factors are the squeezed profit margin of steel mills and the partial overdraft of restocking demand [8]. - It is expected that coke may run steadily and strongly in the short term [6]. 3. Summary According to Related Catalogs 3.1. Price - On August 13 (17:30), Mysteel's port metallurgical coke price index shows various prices for different types of coke in different ports. For example, the price of quasi - first - grade metallurgical coke from Shanxi in Rizhao Port is 1670 yuan, and there are price changes in some ports [9]. - On August 13 (17:30), the import coking coal spot price shows different prices for different types of imported coking coal in different ports. For example, the price of main coking coal K4 in Caofeidian Port is 1325 yuan, and the price of 1/3 coking coal GI in Caofeidian Port has increased by 15 yuan [10]. 3.2. Inventory - Port inventory: Coking coal port inventory is 282.1 tons, a decrease of 10.2 tons from last week; coke port inventory is 215.1 tons, an increase of 17 tons from last week [20]. - Independent coking enterprise inventory: Independent coking enterprises' coking coal inventory is 844.1 tons, an increase of 2.9 tons from last week; coke inventory is 46.5 tons, a decrease of 3.6 tons from last week [25]. - Steel mill inventory: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [29]. 3.3. Other Data - The capacity utilization rate of 230 national independent coking enterprise samples is 74.48% [42]. - The average profit per ton of coke for 30 national independent coking plants is 25 yuan [46].