焦炭市场周报：原料限仓跟随回落，七轮提涨企业盈利-20250829

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Macroscopically, in July, China's monthly electricity consumption exceeded 1 trillion kilowatt - hours for the first time, and power supply is stable. Multiple small and medium - sized banks in China have cut deposit rates. Overseas, the Fed is open to rate cuts, which boosted the night - session of black commodities. The profit of the ferrous metal smelting and rolling processing industry from January to July increased significantly. The iron water output is at a high level, and the coking coal inventory is increasing. The eighth round of coke price increase is undecided, and there are voices of price cuts. The coke main contract is expected to fluctuate [7]. - Technically, the weekly K - line of the coke main contract is below the 60 - day moving average, showing a bearish trend [7]. - Strategically, affected by the Fed's potential rate cuts, the market sentiment is volatile. The coke price is mainly determined by the industry in the short term. Considering the undecided eighth - round price increase, potential price cuts, and the approaching military parade on September 3rd, the futures price will mainly show a volatile trend [7]. 3. Summary by Directory 3.1 Week - on - Week Summary - Macro Aspect: In July, China's monthly electricity consumption hit a record high, and power supply is stable. Multiple small and medium - sized banks cut deposit rates. From January to July, the profit of the ferrous metal smelting and rolling processing industry was 64.36 billion yuan, a year - on - year increase of 5175.4%. Overseas, the Fed is open to rate cuts, and some Fed officials support rate cuts in September [7]. - Supply - Demand Aspect: The current iron water output is 2.4013 million tons, a decrease of 0.0062 million tons. The coking coal inventory is increasing. The eighth round of coke price increase is undecided, and there are voices of price cuts. The average profit per ton of coke for 30 independent coking plants is 55 yuan/ton [7]. - Technical Aspect: The weekly K - line of the coke main contract is below the 60 - day moving average, showing a bearish trend [7]. - Strategy Suggestion: The market sentiment is volatile. The coke price is mainly determined by the industry in the short term. Considering various factors, the futures price will mainly show a volatile trend, and the main contract of coke should be treated as a volatile operation [7]. 3.2 Futures and Spot Market - Futures Market: As of August 29th, the coke futures contract position was 48,700 lots, a week - on - week increase of 1011 lots. The spread between the 1 - 9 contracts of coke was 162.0 yuan/ton, a week - on - week increase of 110.5 points. The warehouse receipt volume increased by 90 lots week - on - week, and the ratio of rebar to coke increased by 0.02 points week - on - week [13][19]. - Spot Market: As of August 28th, the coke flat - price at Rizhao Port was 1530 yuan/ton, a week - on - week increase of 50 yuan/ton. The ex - factory price of coking coal in Wuhai, Inner Mongolia remained unchanged at 1100 yuan/ton. As of August 29th, the coke basis was - 142.5 yuan/ton, a week - on - week increase of 41.5 points. In July, the output of raw coal by industrial enterprises above the designated size was 380 million tons, a year - on - year decrease of 3.8%. From January to July, the output was 2.78 billion tons, a year - on - year increase of 3.8%. In June 2025, China's coking coal output was 4.06438 million tons, a year - on - year decrease of 4.91% [25][28]. 3.3 Industry Situation - Coking Enterprises: The average profit per ton of coke for 30 independent coking plants was 55 yuan/ton. The capacity utilization rate of 230 independent coking enterprises was 72.70%, a decrease of 1.47%. The daily coke output was 51,280 tons, a decrease of 1030 tons. The coke inventory was 398,100 tons, an increase of 34,000 tons. The total coking coal inventory was 8.1987 million tons, a decrease of 40,700 tons. The available days of coking coal were 12.0 days, an increase of 0.18 days [32]. - Downstream: The daily average iron water output of 247 steel mills was 2.4013 million tons, a decrease of 0.0062 million tons compared with last week and an increase of 0.1924 million tons compared with the same period last year. As of August 22nd, the total coke inventory was 8.5546 million tons, a week - on - week decrease of 18,700 tons and a year - on - year increase of 11.58% [36]. - Inventory Structure: The coke inventory in 18 ports was 2.6866 million tons, an increase of 400 tons. The inventory in 247 steel mills was 6.1007 million tons, an increase of 4800 tons [40]. 3.4 Fundamental Data Chart - Export: In July, China exported 890,000 tons of coke and semi - coke, a year - on - year increase of 15.58%. From January to July, the cumulative export was 4.4 million tons, a year - on - year decrease of 21.9%. In July, China exported 9.836 million tons of steel, a month - on - month increase of 158,000 tons and a month - on - month increase of 1.6%. From January to July, the cumulative export was 67.983 million tons, a year - on - year increase of 11.4% [44]. - Real Estate: In July 2025, the price index of second - hand residential buildings in 70 large and medium - sized cities decreased by 0.50% month - on - month. As of the week of August 24th, the commercial housing transaction area in 30 large and medium - sized cities was 1.6125 million square meters, a week - on - week increase of 26.24% and a year - on - year decrease of 9.17%. The transaction area in first - tier cities was 402,800 square meters, a week - on - week increase of 10.06% and a year - on - year decrease of 19.97%. The transaction area in second - tier cities was 903,700 square meters, a week - on - week increase of 65.43% and a year - on - year increase of 3.61% [47][52].