成本强支撑，焦炭高位震荡：煤焦日报-20251031

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints - Coke: As of the week ending October 31, the total daily coke output of all - sample independent coking plants and steel - mill coking plants was 1.108 million tons, with a slight weekly increase of 800 tons. After the second round of coke price hikes, the profit per ton of coke for 30 independent coking plants was - 32 yuan/ton, a weekly improvement of 9 yuan but still in a loss state. The daily hot - metal output of 247 steel mills nationwide was 2.3636 million tons, a significant weekly decrease of 35,400 tons per day, and the profitability rate dropped by 2.6 percentage points to 45.02%. Coke supply stabilized while demand declined, but due to the Sino - US summit and improved market sentiment, coke futures remained at a high level [6][35]. - Coking coal: As of the week ending October 31, the daily output of clean coal from 523 coking coal mines nationwide was 758,000 tons, a slight weekly decrease of 3,000 tons per day. From October 20th to 25th, the total customs clearance of Mongolian coal at the 288 port was 4,814 vehicles, a weekly decrease of 2,406 vehicles. The port has now returned to normal with a daily clearance of about 1,200 vehicles. The total daily coke output of all - sample independent coking plants and steel - mill coking plants was 1.108 million tons, with a slight weekly increase of 800 tons. The supply - demand pattern of coking coal had no significant change, and the upward drive came from macro - level benefits of Sino - US trade relations and strong expectations of supply due to safety supervision and anti - involution [7][36]. Summary by Directory Industry News - China Iron and Steel Association: In the first three quarters, China's steel exports increased year - on - year, but the pressure and risks also increased as the global trade environment tightened [9]. - Mongolia's ETT Company: On October 31, it held an online auction for coking coal. The starting price of 1/3 coking clean coal was $95.7/ton, up $5.3/ton from the previous auction on September 25th. All 19,200 tons were sold at $117.7/ton, up $17.3/ton from the previous auction [10]. Spot Market - Coke: The current price of quasi - first - grade coke at Rizhao Port's FOB was 1,570 yuan/ton, with a weekly increase of 3.29%, a monthly increase of 6.80%, and an annual decrease of 7.10%. At Qingdao Port's ex - warehouse, it was 1,560 yuan/ton, with a weekly increase of 4.70%, a monthly increase of 6.85%, and an annual decrease of 3.70% [11]. - Coking coal: The current price of Mongolian coal at Ganqimaodu Port was 1,390 yuan/ton, with a weekly increase of 6.11%, a monthly increase of 8.59%, and an annual increase of 17.80%. Australian - produced coking coal at Jingtang Port was 1,660 yuan/ton, with a weekly increase of 1.22%, a monthly increase of 3.11%, and an annual increase of 11.41%. Shanxi - produced coking coal at Jingtang Port was 1,740 yuan/ton, with no weekly change, a monthly increase of 1.75%, and an annual increase of 13.73% [11]. Futures Market - Coke: The closing price of the active contract was 1,777.0 yuan/ton, a decline of 1.11%. The highest price was 1,818.5 yuan/ton, the lowest was 1,770.0 yuan/ton. The trading volume was 20,417, an increase of 935, and the open interest was 39,453, a decrease of 289 [14]. - Coking coal: The closing price of the active contract was 1,286.0 yuan/ton, a decline of 0.92%. The highest price was 1,318.0 yuan/ton, the lowest was 1,276.0 yuan/ton. The trading volume was 1,034,091, a decrease of 25,967, and the open interest was 673,751, a decrease of 18,594 [14]. 后市 Judgment - Coke: The supply of coke stabilized while demand declined, but due to the Sino - US summit and improved market sentiment, coke futures remained at a high level [6][35]. - Coking coal: The supply - demand pattern of coking coal had no significant change, and the upward drive came from macro - level benefits of Sino - US trade relations and strong expectations of supply due to safety supervision and anti - involution [7][36].