焦煤焦炭早报（2025-11-5）-20251105

Report Summary 1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Views - 焦煤: The supply of coking coal in the main production areas is tightening, with coal mines strictly controlling over - production and strict environmental and safety measures in various regions. The downstream coke market is improving, and coal prices are expected to be stable in the short term. Although some steel mills have accepted the third round of coke price increases, and coke enterprises' profits have been repaired, they are still cautious about high - priced coal due to limited profits [2]. - 焦炭: With the partial implementation of the third round of coke price increases, coke enterprises' profits have been repaired, but the rising raw coal prices have put pressure on profits. The supply side is tightening, and coke prices are expected to be stable in the short term, supported by cost and certain demand from steel mills [6]. 3. Summary by Relevant Catalogs Price - 焦煤: On November 4, 2025, at 17:30, the prices of imported Russian and Australian coking coal were listed, with some prices having a 150 - yuan increase [9]. - 焦炭: On November 4, 2025, at 17:30, the port metallurgical coke price indices showed that prices varied by port, grade, and production area [10]. Inventory - Port Inventory: The coking coal port inventory was 295 million tons, a decrease of 0.1 million tons from last week; the coke port inventory was 195.1 million tons, an increase of 1 million tons from last week [18]. - Independent Coking Enterprises Inventory: Independent coking enterprises' coking coal inventory was 819.3 million tons, a decrease of 69.2 million tons from last week; their coke inventory was 42.5 million tons, an increase of 3.5 million tons from last week [22]. - Steel Mill Inventory: Steel mills' coking coal inventory was 803.8 million tons, an increase of 4.3 million tons from last week; their coke inventory was 626.7 million tons, a decrease of 13.3 million tons from last week [27]. Other Data - 洗煤厂: There is information on the inventory of raw coal, clean coal, and clean coal production of coal washing plants, but specific data is not fully presented [30][33][36]. - 焦炉产能利用率: The capacity utilization rate of 230 independent coking enterprises nationwide was 74.48% [40]. - 吨焦平均盈利: The average profit per ton of coke for 30 independent coking plants nationwide was 25 yuan [44]. - 焦炭 production: There is information on daily and monthly coke production, but specific data is not fully presented [46][49]. - 高炉开工率 and 铁水产量: There is relevant information, but specific data is not fully presented [51][54].