双焦周报：悲观情绪仍存，盘面承压不改-20251201

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the coking coal and coke markets showed an overall pattern of weak fluctuations, with intensified gaming between supply and demand sides. Affected by the increasing bearish sentiment in the market, speculative demand significantly weakened, leading to a large accumulation of inventory in upstream mines and coal washing plants, and prices continued to bottom out. There is a strong atmosphere of expecting a price drop in coke, and steel mills may officially propose the first round of coke price cuts next week. - Currently, the spot sentiment is poor, the fundamentals have slightly deteriorated marginally, and both the spot and futures prices continue to be under pressure. However, the current valuation level of the futures market is too low, and the low - production state of domestic coal mines will continue. There are strong expectations for mid - and downstream winter storage replenishment in the future, and there is still support at the bottom of the spot price. It is expected that the futures market will fluctuate. [1] Summary by Relevant Catalogs Market Review and Outlook - The coking coal and coke markets were weak and fluctuating this week. Due to bearish sentiment, speculative demand weakened, and upstream inventory accumulated. Coke price cuts are expected next week. - Despite current pressure, low futures valuation, continued low coal mine production, and winter storage expectations suggest the market will likely oscillate. [1] Fundamental Data Weekly Changes - The total coking coal inventory was 2106.1 million tons, a week - on - week decrease of 20.67 million tons (-0.97%). - The total coke inventory was 884.68 million tons, a week - on - week increase of 4.05 million tons (0.46%). - The daily average pig iron output of steel mills was 234.68 million tons, a week - on - week decrease of 1.6 million tons (-0.68%). - The profit per ton of coke for independent coking enterprises was 46 yuan/ton, a week - on - week increase of 27 yuan/ton (142.11%). [3]