焦煤焦炭早报（2025-8-29）-20250829

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - 焦煤: Recent enhanced coal mine safety inspections and accident supervision have restricted coking coal production growth. Amid the steel - coking game, downstream coking enterprises have slowed down raw material procurement, and the trading atmosphere of coking coal is average with more online auction failures and price drops. The total sample inventory has decreased. The iron - water output remains high in the short - term, but the sales of downstream finished products have weakened, and environmental protection restrictions on coking plants and steel mills also pressure coking coal demand. It is expected that the short - term coking coal price will remain stable [3]. - 焦炭: As the parade approaches, coking enterprises in Hebei, Shandong, and Henan have implemented production restrictions, but other regions have increased production due to profit recovery, resulting in a tight balance of coke supply. Currently, both supply and demand of coke have weakened in the short - term, but overall supply remains tight as other steel mills are still productive and their raw material inventories are low. It is expected that the short - term coke price will be stable with a slight upward trend [7]. 3. Summary by Relevant Catalogs 每日观点 - 焦煤: Fundamental factors are positive; the basis is neutral; inventory is positive; the disk is neutral; the main position is negative. The short - term price is expected to remain stable [3]. - 焦炭: Fundamental factors are positive; the basis is negative; inventory is positive; the disk is negative; the main position is negative. The short - term price is expected to be stable with a slight upward trend [7]. 价格 - Mysteel's port metallurgical coke price index on August 28 shows that most prices have decreased, except for some dry - quenched coke prices which have increased [10]. 库存情况 - 港口库存: Coking coal port inventory is 282.1 million tons, a decrease of 10.2 million tons from last week; coke port inventory is 215.1 tons, an increase of 17 tons from last week [21]. - 独立焦企库存: Independent coking enterprises' coking coal inventory is 844.1 million tons, an increase of 2.9 million tons from last week; coke inventory is 46.5 tons, a decrease of 3.6 tons from last week [26]. - 钢厂库存: Steel mills' coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [30]. 其他数据 - 焦炉产能利用率: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [43]. - 吨焦平均盈利: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [47].