黑色建材周报：焦炭首轮提涨，焦钢博弈加剧-20250928

1. Report Industry Investment Rating - The investment ratings for both coking coal and coke are "oscillation". There are no ratings for cross - varieties, spot - futures, and options [3]. 2. Core View of the Report - From the fundamental perspective, for coke, the high - level oscillation of hot metal production supports the demand for coke, but the relatively high inventory compared to the same period restricts price increases. Coke enterprises have a strong willingness to raise prices, and some coke enterprises in certain regions have initiated the first round of price increases this week, intensifying the game between coke and steel enterprises. For coking coal, coal mine production is gradually recovering, and the demand is considerable. However, considering that the profitability of coke enterprises narrows after the raw material price increase and the pressure on the steel fundamentals suppresses coking coal to some extent [2]. 3. Summary by Relevant Catalogs Price and Spread - As of the close this Friday, the coke 2601 contract closed at 1,692.5 yuan/ton, down 2.6% from last week; the coking coal 2601 contract closed at 1,196.5 yuan/ton, up 2.88% from last week. This period's prices fluctuated due to factors such as inventory replenishment and accumulation during the National Day holiday [1][5]. Supply - This week, according to Mysteel statistics, the daily average coke output of independent coke enterprises' samples was 53.12 tons, a decrease of 0.02 tons from the previous week, and the capacity utilization rate was 75.31%, a decrease of 0.04% from last week [1][22][30]. Demand - According to Mysteel's survey of 247 steel mills, the blast furnace operating rate was 84.45%, an increase of 0.47 percentage points from last week and 6.22 percentage points higher than the same period last year; the blast furnace iron - making capacity utilization rate was 90.86%, an increase of 0.51 percentage points from last week and 6.41 percentage points higher than the same period last year; the steel mill profitability rate was 58.01%, a decrease of 0.86 percentage points from last week but 39.4 percentage points higher than the same period last year; the daily average hot metal output was 242.36 tons, an increase of 1.34 tons from last week and 17.5 tons higher than the same period last year. The hot metal output remains at a high level [1][42]. Inventory - According to Mysteel's survey data, this period, the coke inventory of 247 steel mills was 644.67 tons, an increase of 11.38 tons from the previous week. The coking coal inventory of 247 steel mills was 790.07 tons, an increase of 5.73 tons from the previous week. Independent coke enterprises slightly reduced their inventory; the total coking coal inventory of all independent coke enterprise samples was 999.07 tons, an increase of 58.66 tons from the previous week [2][44].