焦煤焦炭早报（2025-8-15）-20250815

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - Coking Coal: Supply is still disrupted with slow mine复产. Market sentiment is volatile, downstream procurement has slowed, and some mine prices have adjusted down by 10 - 60 yuan/ton. However, with low mine inventory pressure and downstream rigid demand, there is no significant risk of a sharp price drop in the short - term. The price is expected to be strong in the short - term, despite the fact that downstream demand is just for rigid procurement and the main position is net short [3]. - Coke: The high and stable price of coking coal provides cost support. With good downstream demand, coke producers have smooth sales and low inventory. Considering the pre - parade environmental protection restrictions, coke prices are expected to be stable and slightly strong in the short - term [6]. 3. Summary by Related Catalogs Price - Coking Coal: Imported coking coal prices vary by brand and port. For example, the price of Iranian fat coal at Caofeidian Port increased by 135 yuan, and the price of Duoya coking coal at Caofeidian Port increased by 110 yuan [10]. - Coke: On August 14, 2025, most of the prices of Shanxi - produced metallurgical coke at ports decreased by 20 yuan, while some prices in Inner Mongolia and other parts increased by 50 - 75 yuan [9]. Inventory - Port Inventory: Coking coal port inventory was 282.1 tons, a decrease of 10.2 tons from last week; coke port inventory was 215.1 tons, an increase of 17 tons from last week [20]. - Independent Coking Enterprises Inventory: Coking coal inventory was 844.1 tons, an increase of 2.9 tons from last week; coke inventory was 46.5 tons, a decrease of 3.6 tons from last week [25]. - Steel Mill Inventory: Coking coal inventory was 803.8 tons, an increase of 4.3 tons from last week; coke inventory was 626.7 tons, a decrease of 13.3 tons from last week [29]. Other Data - Coking Plant Capacity Utilization Rate: The capacity utilization rate of 230 independent coking enterprises nationwide was 74.48% [42]. - Average Profit per Ton of Coke: The average profit per ton of coke for 30 independent coking plants nationwide was 25 yuan [46].