焦煤焦炭早报（2025-10-21）-20251021

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - 焦煤: The current raw material inventory of coking and steel enterprises is at a low level, with replenishment demand still existing. The first round of comprehensive price increase of coke has improved the miners' sentiment, supporting some coal prices to rise steadily. However, downstream coking enterprises and middlemen still have resistance to high - priced coal sources, and the market trading atmosphere has slightly declined. The overall market tends to be stable. The downstream coking and steel enterprises' operating rates are stable, and the hot metal output fluctuates little, with stable rigid demand. But the profits of coking and steel enterprises are mostly on the verge of profit and loss, and some are in the red, leading to varying degrees of production restrictions or maintenance, which slightly reduces the demand for raw coal. It is expected that the coking coal price will remain stable in the short term [2]. - 焦炭: Some coking enterprises have slightly reduced their production, and the downstream rigid - demand procurement support is strong. The coke inventory is mostly maintained at a low level, and some coking enterprises are reluctant to sell. However, the downstream steel mills' hot metal output has continuously declined, and the demand for raw materials has slightly decreased. The steel mills have not yet responded to the coke price increase, and the coking and steel enterprises have entered a game state. It is expected that the coke price will remain stable in the short term [6]. 3. Summary by Relevant Catalogs Price - 焦煤: On October 20, 2025, the prices of imported Russian and Australian coking coal varied at different ports, with some prices rising and some remaining unchanged [11]. - 焦炭: On October 20, 2025, the prices of port metallurgical coke showed an upward trend in some cases, with an increase of 30 for some types of coke [10]. Inventory - Port Inventory: The coking coal port inventory was 295 tons, a decrease of 0.1 tons from last week; the coke port inventory was 195.1 tons, an increase of 1 ton from last week [19]. - Independent Coking Enterprises Inventory: The coking coal inventory of independent coking enterprises was 819.3 tons, a decrease of 69.2 tons from last week; the coke inventory was 42.5 tons, an increase of 3.5 tons from last week [23]. - Steel Mill Inventory: The coking coal inventory of steel mills was 803.8 tons, an increase of 4.3 tons from last week; the coke inventory was 626.7 tons, a decrease of 13.3 tons from last week [28]. Other Data - 全国230家独立焦企样本产能利用率: 74.48% [41]. - 全国30家独立焦化厂平均吨焦盈利: 25 yuan [45].