焦煤焦炭早报（2025-11-24）-20251124

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For coking coal, the overall production of origin mines has decreased due to safety inspections and internal issues in some areas, with no obvious inventory pressure. However, the poor profitability of coking and steel enterprises, along with the decline of the black - series futures market, has led to cautious downstream procurement. The price of some coal types is under downward pressure, and most remain stable. It is expected that the coking coal price will remain stable in the short term [2]. - For coke, the cost of coking enterprises' incoming coal has decreased due to the recent price adjustment of some raw coal. Most coking enterprises maintain a slight profit, and the supply is increasing steadily. The coking enterprises' inventory has increased slightly, and the pressure is not large. The market supply has improved, while the demand - side steel mills mainly purchase on - demand. The coke supply - demand structure has changed from tight to a weak balance, and the price is expected to remain stable in the short term [6]. 3. Summaries According to Relevant Catalogs 3.1 Price - On November 21st (17:30), the port metallurgical coke price index showed that the prices of various types of metallurgical coke in ports such as Rizhao Port, Tianzhao Port, and Huangdao Port decreased by 10 yuan, while some prices remained unchanged [10]. 3.2 Inventory - Port Inventory: Coking coal port inventory is 295 million tons, a decrease of 0.1 million tons from last week; coke port inventory is 195.1 million tons, an increase of 1 million tons from last week [18]. - Independent Coking Enterprise Inventory: Independent coking enterprises' coking coal inventory is 819.3 million tons, a decrease of 69.2 million tons from last week; coke inventory is 42.5 million tons, an increase of 3.5 million tons from last week [22]. - Steel Mill Inventory: Steel mill coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 million tons, a decrease of 13.3 million tons from last week [27]. 3.3 Other Data - Coking Plant Capacity Utilization Rate: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [40]. - Average Profit per Ton of Coke: The average profit per ton of coke of 30 independent coking plants nationwide is 25 yuan [44].