焦煤焦炭早报（2025-9-26）-20250926

Report Industry Investment Rating No relevant content provided. Core Views - For coking coal, under the support of pre - holiday rigid demand replenishment, the coking coal price may continue to operate at a high level in the short term. However, due to the slowdown of downstream procurement rhythm, it is expected to operate weakly and stably in the short term. The factors affecting the price include the increase in pig iron production and limited supply increment on the positive side, and the slowdown of raw coal procurement by coking and steel enterprises and weak steel prices on the negative side [3][5]. - For coke, the continuous strengthening of raw coking coal prices provides strong support for coke costs. The coke supply remains stable. Driven by pre - holiday stockpiling, the downstream rigid demand has increased, but the terminal consumption is still weak. It is expected that coke will remain stable in the short term. The positive factors are the increase in pig iron production and blast furnace operating rate, while the negative factors are the squeezed profit space of steel mills and the partial over - consumption of replenishment demand [7][9]. Summary by Related Catalogs Price - The document provides the spot price quotations of imported Russian and Australian coking coal on September 25, 2025, including the prices of various coal types at different ports [10]. Inventory - Port inventory: Coking coal port inventory is 282.1 tons, a decrease of 10.2 tons from last week; coke port inventory is 215.1 tons, an increase of 17 tons from last week [21]. - Independent coking enterprise inventory: Independent coking enterprises' coking coal inventory is 844.1 tons, an increase of 2.9 tons from last week; coke inventory is 46.5 tons, a decrease of 3.6 tons from last week [26]. - Steel mill inventory: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [31]. Production and Utilization Rate - The capacity utilization rate of 230 independent coking enterprise samples nationwide is 74.48% [44]. - The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [48].