黑色系周报：双焦-20250829

Report Information - Report Title: Black Series Weekly Report - Coking Coal and Coke [2] - Date: August 29, 2025 [2] - Researcher: Li Haixiao [3] - Reviewer: Tang Yun [3] Investment Rating - No investment rating information provided Core Views - For coking coal, with improved macro - expectations, slowed inventory depletion at mines, mixed spot transactions, and frequent regulatory pressures, the coking coal 2601 contract will oscillate [5] - For coke, with tight coke inventories in some regions and a game between the eighth round of price hikes and the first round of price cuts, the coke 2601 contract will oscillate [8] Summary by Directory 1. Price - Coking coal warehouse receipt is 1094, Mongolian coal warehouse receipt is 1182, coke warehouse receipt is 1608, and the overseas warehouse receipt price of Australian coal is 1518 [11] 2. Demand, Profit, and开工 - Coking plant's on - paper profit (01 contract) is 160, a week - on - week decrease of 20 [12] - Total coke daily output is 110.61 million tons, a week - on - week decrease of 1.57 million tons and a year - on - year decrease of 0.1 million tons [12] - Hot metal output is 240.13 million tons, a week - on - week decrease of 0.62 million tons and a year - on - year increase of 19.24 million tons [12] - Coal washery output is 25.98 million tons (with changes in the coal washery sample data), a week - on - week increase of 0.26 million tons [12] 3. Inventory - Coke total inventory is 887.47 million tons, a week - on - week decrease of 1.11 million tons and a year - on - year increase of 87.51 million tons [14] - Coking plant's coke inventory is 65.31 million tons, a week - on - week increase of 0.94 million tons and a year - on - year decrease of 12.62 million tons [14] - Steel mill's coke inventory is 610.07 million tons, a week - on - week increase of 0.48 million tons and a year - on - year increase of 68.19 million tons [14] - Port inventory is 212.09 million tons, a week - on - week decrease of 2.53 million tons and a year - on - year increase of 31.94 million tons [14] - Coking coal total inventory is 2048.47 million tons, a week - on - week increase of 8.26 million tons and a year - on - year increase of 187.63 million tons [16] - Coking plant's coking coal inventory is 961.27 million tons, a week - on - week decrease of 5.14 million tons and a year - on - year increase of 109.58 million tons [16] - Steel mill's coking coal inventory is 811.85 million tons, a week - on - week decrease of 0.46 million tons and a year - on - year increase of 77.39 million tons [16] - Port inventory is 275.35 million tons, a week - on - week increase of 13.86 million tons and a year - on - year decrease of 86.98 tons [16] - Coal washery inventory is 289.48 million tons (with data sample changes), a week - on - week decrease of 5.36 million tons [16] 4. Import and Export - From January to July, coking coal imports were 62.44 million tons, a year - on - year decrease of 8.47% [19] - From January to July, coke exports were 4.4 million tons, a year - on - year decrease of 22.02% [19]