焦煤焦炭早报（2025-11-6）-20251106

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - 焦煤: The supply of coking coal is tight due to safety and environmental inspections and the storage - increase task of Shandong mines. The third round of price increase of coke has boosted the price of high - quality coking coal. Although downstream enterprises have some production restrictions, the demand remains strong. The short - term price is expected to remain stable [2]. - 焦炭: The third round of price increase of coke has been fully implemented, but the increase in coking coal prices has affected the profit of coke enterprises, leading to a decline in production. The market demand is strong, but considering the limited profit of steel mills, the difficulty of further price increase will increase, and the short - term price is expected to remain stable [6]. 3. Summary by Directory Daily Views - 焦煤: - 基本面: Supply is tight, and the price of high - quality coking coal is rising. The online auction of most coal types is still rising, and the auction failure rate is low [2]. - 基差: The spot price is 1430, and the basis is 158.5, with the spot at a premium to the futures [2]. - 库存: The total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week [2]. - 盘面: The 20 - day line is upward, and the price is above the 20 - day line [2]. - 主力持仓: The main force of coking coal has a net long position, and the long position is decreasing [2]. - 预期: The short - term price is expected to remain stable [2]. - 焦炭: - 基本面: The profit of coke enterprises has slightly recovered, but the rise in coking coal prices has affected production. The market inquiry and trading atmosphere is good [7]. - 基差: The spot price is 1720, and the basis is - 33, with the spot at a discount to the futures [7]. - 库存: The total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week [7]. - 盘面: The 20 - day line is upward, and the price is above the 20 - day line [7]. - 主力持仓: The main force of coke has a net short position, and the short position is decreasing [7]. - 预期: The short - term price is expected to remain stable [6]. Price - 焦煤: The prices of imported Russian and Australian coking coal are provided, with some price increases [10]. - 焦炭: The prices of port metallurgical coke are provided, with some price increases [11]. Inventory - 港口库存: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [19]. - 独立焦企库存: Independent coke enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [23]. - 钢厂库存: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [28]. Other Data - 焦炉产能利用率: The capacity utilization rate of 230 independent coke enterprises is 74.48% [41]. - 吨焦平均盈利: The average profit per ton of coke for 30 independent coking plants is 25 yuan [45].