节前资金离场，煤焦弱势运行

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Coke: As of the week ending September 26, the combined daily average coke output of independent coking plants and steel - mill coking plants was 1127,800 tons, a week - on - week decrease of 590 tons. The profit per ton of coke for 30 independent coking plants was - 34 yuan/ton, with the loss widening by 17 yuan/ton, suppressing coking enterprises' production enthusiasm. The daily average pig iron output of 247 steel mills nationwide was 2,423,600 tons, a week - on - week increase of 1340 tons. Coke inventory shifted downstream this week, with inventory at upstream independent coking plants and intermediate ports decreasing, while the coke inventory of 247 steel mills increased significantly by 166,400 tons to 6,613,100 tons, and the total industrial chain coke inventory increased by 52,300 tons to 9,204,100 tons. Overall, the fundamental driving force for coke is limited, policy uncertainty has decreased, market wait - and - see sentiment has increased, and pre - holiday capital outflows have led to the weak operation of coke futures [5][34]. - Coking Coal: As of the week ending September 26, the daily average clean coal output of 523 coking coal mines nationwide was 772,000 tons, a week - on - week increase of 11,000 tons, but 25,000 tons lower than the same period last year. At the import end, the number of Mongolian coal trucks passing through the 288 port continued to rise, approaching 8000 trucks per week. On the demand side, the combined daily average coke output of sample coking plants and steel mills was 1127,800 tons, a week - on - week decrease of 590 tons. In terms of inventory, the coking coal inventory of independent coking plants rebounded significantly by 586,600 tons to 9,990,700 tons, and the coking coal inventory of steel mills increased by 57,300 tons to 7,960,700 tons, indicating that the downstream's pre - holiday restocking demand was fulfilled. Overall, the upward driving force for coking coal futures is limited. With the approaching National Day holiday, market wait - and - see sentiment has increased, and pre - holiday capital outflows have led to the weak operation of coking coal futures [6][35]. 3. Summary According to Relevant Catalogs I. Industry News - Three coal mines in Xiangning, Linfen are planned to stop production from October 1, for 3 - 7 days with a total production capacity of 11.7 million tons, mainly producing low - sulfur lean coal. The total impact on raw coal production during this period is about 206,000 tons [8]. - On September 29, the price of coking coal in the Anze market of Linfen remained stable, with the ex - factory price of low - sulfur main coking clean coal (A9, S0.5, V20, G85) being 1590 yuan/ton, cash inclusive of tax [9]. II. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port Standard First - Grade FOB) | 1470 yuan/ton | 0.00% | - 6.37% | - 13.02% | - 15.52% | | Coke (Qingdao Port Standard First - Grade Ex - Warehouse) | 1490 yuan/ton | - 0.67% | 0.68% | - 8.02% | - 14.37% | | Coking Coal (Ganjimiao Port Mongolian Coal) | 1280 yuan/ton | 5.79% | 8.47% | 8.47% | - 7.25% | | Coking Coal (Australian - Produced in Jingtang Port) | 1620 yuan/ton | 0.62% | 2.53% | 8.72% | - 2.41% | | Coking Coal (Shanxi - Produced in Jingtang Port) | 1710 yuan/ton | 6.21% | 4.91% | 11.76% | - 2.84% | [10] III. Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1647.0 | - 4.16 | 1701.0 | 1642.5 | 27,979 | - 1584 | 43,467 | - 1561 | | Coking Coal | - | 1154.0 | - 4.98 | 1194.5 | 1152.5 | 855,255 | 22,510 | 623,075 | - 65,471 | [13] IV. Relevant Charts There are various charts showing the inventory of coke and coking coal (such as independent coking plants, steel - mill coking plants, ports, etc.), as well as other related production and consumption data, but no specific analysis is provided in the text [14][20][26] V. Market Outlook The analysis of coke and coking coal is the same as the core viewpoints, emphasizing the supply, demand, inventory situation and market trends of coke and coking coal [34][35]