焦煤焦炭早报（2025-8-28）-20250828

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - 焦煤: Recently, there have been frequent coal mine accidents, leading to many coal mine shutdowns in major production areas such as Shanxi, resulting in a tight supply. Coke enterprises have carried out the eighth round of price increases, but the spot trading of coking coal is average. After downstream enterprises' phased replenishment, their procurement of raw materials is cautious. Considering the tight supply and low coal mine inventory, coal enterprises have a strong willingness to support prices. It is expected that the coking coal price will remain stable in the short term [2]. - 焦炭: As the military parade approaches, coke enterprises in Henan and Shandong have implemented production restrictions, further tightening the supply. Although the current demand is still supported, the continuous accumulation of finished products and the weakening of steel prices have put pressure on steel mills' profits, intensifying the game between coke and steel enterprises. It is expected that the coke price will be stable with a slight upward trend in the short term [6]. 3. Summary by Related Catalogs Price - 焦煤: On August 27 (17:30), the prices of imported coking coal varied by variety and port. For example, the price of main coking coal K4 at Caofeidian Port was 1300, and the price of 1/3 coking coal GI at Caofeidian Port was 1035 with a rise of 115 [11]. Inventory - 港口库存: The port inventory of coking coal was 282.1 million tons, a decrease of 10.2 million tons from last week; the port inventory of coke was 215.1 million tons, an increase of 17 million tons from last week [21]. - 独立焦企库存: The coking coal inventory of independent coke enterprises was 844.1 million tons, an increase of 2.9 million tons from last week; the coke inventory was 46.5 million tons, a decrease of 3.6 million tons from last week [26]. - 钢厂库存: The coking coal inventory of steel mills was 803.8 million tons, an increase of 4.3 million tons from last week; the coke inventory was 626.7 million tons, a decrease of 13.3 million tons from last week [30]. Other Indicators - 焦炉产能利用率: The capacity utilization rate of 230 independent coke enterprises nationwide was 74.48% [43]. - 吨焦平均盈利: The average profit per ton of coke for 30 independent coking plants nationwide was 25 yuan [47].