Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Jiaomei (Coking Coal): The price of coking coal may run strongly in the short term. Although the production of some local coking enterprises is restricted due to the approaching parade, the rigid demand for coking coal is strong because of the high level of molten iron in steel mills and the increased enthusiasm of coking enterprises to increase production after seven rounds of price increases for coke. However, the resistance to further price increases is increasing due to the cautious attitude of downstream buyers and the weak steel prices [2]. - Jiaotan (Coke): Coke is expected to run steadily and strongly in the short term. The production of coking enterprises in many places is restricted by environmental protection requirements, leading to a tightening supply. Although the purchase rhythm of steel mills has become stable and some coking enterprises' inventory has begun to accumulate, the overall inventory is still at a low level [6]. 3. Summary by Related Catalogs Daily Views - Jiaomei: The fundamentals show that the supply is tight due to mine safety inspections, but the downstream procurement is cautious. The basis indicates that the spot price is lower than the futures price. The inventory has decreased compared with last week. The price is above the 20 - day moving average, but the main - force position is net short and the short position is increasing [2]. - Jiaotan: The fundamentals show that the supply is tightening due to production restrictions in many places. The basis indicates that the spot price is lower than the futures price. The inventory has decreased compared with last week. The price is above the 20 - day moving average, but the main - force position is net short and the short position is increasing [6]. Price - Jiaomei: The prices of imported coking coal from Russia and Australia are provided, with different prices for various brands and ports [10]. - Jiaotan: The prices of port metallurgical coke are provided, with different prices for different grades, origins, and ports, and some prices have increased [9]. Inventory - Port Inventory: The coking coal port inventory is 282.1 tons, a decrease of 10.2 tons from last week; the coke port inventory is 215.1 tons, an increase of 17 tons from last week [20]. - Independent Coking Enterprises Inventory: The coking coal inventory of independent coking enterprises is 844.1 tons, an increase of 2.9 tons from last week; the coke inventory is 46.5 tons, a decrease of 3.6 tons from last week [25]. - Steel Mill Inventory: The coking coal inventory of steel mills is 803.8 tons, an increase of 4.3 tons from last week; the coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [29]. Other Indicators - Coking Coal Spread: No specific content provided. - Coke Spread: No specific content provided. - Coking Coal Utilization Rate: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [42]. - Average Profit per Ton of Coke: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [46].
焦煤焦炭早报（2025-8-26）-20250826
Da Yue Qi Huo·2025-08-26 02:18