双焦周报：首轮提降落地，盘面先扬后抑-20251208

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the prices of coking coal and coke in the domestic market were weakly stable. On the 1st, mainstream steel mills in Hebei and other places tendered to lower the coke price by 50 - 55 yuan/ton, and the first round of coke price reduction was implemented. Currently, the profits of coking plants have rebounded and are basically in a profitable state. Coke enterprises maintain normal production rhythms and operate with low inventories. The price of coking coal, the raw material, has been continuously falling recently, with many auction failures, causing coke to lose cost support. Overall, the pessimistic sentiment in the spot market remains unchanged, while the futures market is affected by capital games, showing a small rebound followed by a sharp decline. It is expected that the start of winter storage replenishment in mid - to late December will improve the fundamentals and sentiment. The current valuation of the futures market is too low, and the valuation will gradually recover after the sentiment reverses [2] 3. Summary by Relevant Catalogs Market Review and Outlook - Price Changes: The prices of coking coal and coke were weakly stable this week. The first - round coke price reduction of 50 - 55 yuan/ton by mainstream steel mills in Hebei and other places was implemented on the 1st [2] - Coking Plant Situation: Coking plant profits have rebounded and are basically profitable, with normal production rhythms and low - inventory operations [2] - Raw Material Situation: The price of coking coal has been falling, and there have been many auction failures, resulting in coke losing cost support [2] - Market Sentiment: The spot market is pessimistic, while the futures market is affected by capital games, showing a small rebound followed by a sharp decline [2] - Outlook: Winter storage replenishment in mid - to late December is expected to improve the fundamentals and sentiment, and the undervalued futures market will gradually recover [2] Fundamental Data Weekly Changes | Indicator | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Total coking coal inventory (10,000 tons) | 2103.97 | 2106.1 | -2.13 | -0.10% | | Total coke inventory (10,000 tons) | 882.99 | 884.68 | -1.69 | -0.19% | | Average daily pig iron output of steel mills (10,000 tons) | 232.3 | 234.68 | -2.38 | -1.01% | | Profit per ton of coke for independent coking enterprises (yuan/ton) | 30 | 46 | -16 | -34.78% | [4]