双焦周报：周末提涨落地，供应延续下滑-20251117

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, the prices of coking coal and coke in the domestic market fluctuated. The fourth round of coke price increase was implemented over the weekend, with a rise of 50 - 55 yuan/ton [2]. - Although there have been four rounds of price increases, the increase is less than that of coking coal. Coking plants generally have average profits, smooth shipment rhythms, and maintain low - inventory operations [2]. - On the supply side, coal production in some mines in Shanxi has slightly recovered, but domestic supply remains tight due to factors such as inspections and changing working faces. On the demand side, coke production continues to decline, and the procurement of the middle and lower reaches has slowed down after restocking. The upstream coal mines have a small inventory build - up with relatively low pressure. Overall, the futures market pressure has weakened the spot market sentiment, but the fundamental support remains. It is expected that coking coal prices will fluctuate [2]. Group 3: Summary of Relevant Catalogs Market Review and Outlook - This week, coking coal and coke prices in the domestic market fluctuated. The fourth - round coke price increase was implemented over the weekend, with a 50 - 55 yuan/ton rise [2]. - Coking plants have average profits, smooth shipments, and low - inventory operations. The supply is tight, and demand has slowed down. The futures market pressure has weakened the spot market sentiment, but the fundamentals support price fluctuations [2]. Fundamental Data Weekly Changes - The total coking coal inventory was 2157.64 million tons, a week - on - week decrease of 3.95 million tons (-0.18%). The total coke inventory was 1758.7 million tons, a week - on - week decrease of 15.4 million tons (-0.87%). The daily average pig iron output of steel mills was 236.88 million tons, a week - on - week increase of 2.66 million tons (1.14%). The profit per ton of coke for independent coking enterprises was - 34 yuan/ton, a week - on - week decrease of 12 yuan/ton (54.55%) [4]. Other Data Presentations - The report presents various data through multiple figures, including the 5 - day intraday chart of coking coal and coke futures contracts, the average price of coking coal varieties, the self - pick - up price of Mongolian coking coal, the price of metallurgical coke, the basis of coking coal and coke, the daily output of clean coal, the customs clearance volume of Mongolian coal, the inventory and available days of coking coal and coke, the daily output of coke, the daily average pig iron output of 247 steel mills, the profit per ton of coke for independent coking enterprises, and the profitability rate of 247 steel mills [6][8][11][14][16][19][22]