双焦周报20251208：供稳需弱，双焦再度转弱-20251208

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The coking coal market last week had a slight increase in supply, a continuous decline in demand, and weak purchasing sentiment. The overall coking coal supply was stable while demand was weak, and it remained weakly operational. Attention should be paid to the winter storage replenishment demand [4]. - The current situation of coke is strong supply and weak demand. The inventory is at a medium level, and the coke price is still under pressure. Attention should be paid to the winter storage replenishment demand [5]. Summary by Relevant Catalogs Part 1: Market Views Coking Coal - Supply: The operating rate of 523 sample mines was 85.59% (-0.42%), and the daily average output of clean coal was 75.37 tons (-1.04). The capacity utilization rate of 314 coal washing plants was 36.53% (+0.21%), and the daily average output of clean coal was 27.12 tons (+0.54). The Mongolian coal customs clearance volume at the Ganqimaodu Port remained high, and the overall supply increased slightly [4]. - Demand: The daily output of molten iron from 247 steel mills was 247.01 tons (-2.38), the blast furnace operating rate was 80.16% (-0.93%), and the available days of coking coal in steel mills and coking plants decreased. The demand continued to decline, and downstream purchasing willingness was cautious [4]. - Inventory: The clean coal inventory of 523 sample mines was 223.92 tons (+23.09), and the inventory of 314 sample coal washing plants was 321.4 tons (+16.09). The inventory of steel mills and coking plants decreased slightly, and the inventory at major ports increased slightly [4]. Coke - Supply: The average profit per ton of coke in coking plants was 30 yuan/ton (-16). The capacity utilization rate and daily output of all - sample independent coking plants increased, and the daily output of coke from 247 steel mills also increased slightly [5]. - Demand: The daily output of molten iron from 247 steel mills decreased, the blast furnace operating rate continued to decline, and the demand support weakened [5]. - Inventory: The inventory of all - sample independent coking plants decreased by 4.68 tons, the inventory at major ports decreased by 6.1 tons, and the inventory of 247 steel mills decreased slightly. The overall social inventory of coke decreased slightly [5]. Part 2: Macroeconomic and Real Estate Tracking - The content mainly lists some macro - real estate data, including the cumulative year - on - year growth rate of national fixed asset investment, the cumulative year - on - year growth rate of new construction, construction, completion, and sales area of national real estate, the weekly commercial housing transaction area in 30 large and medium - sized cities, and the purchasing managers' index (PMI) of the steel industry and manufacturing industry, but no specific analysis is provided [7][11][14][18] Part 3: Coking Coal Supply and Demand Tracking - The content includes data on the procurement price of medium - sulfur main coking coal in Jiexiu, Jinzhong, Shanxi, the comparison of mainstream coking coal spot prices nationwide, the basis tracking of coking coal futures contracts, the daily output and operating rate of 523 sample coal mines, and the daily output and capacity utilization rate of 314 sample coal washing plants, etc., to track the supply and demand of coking coal [21][26][33][36] Part 4: Coke Supply and Demand Tracking - The content includes data on the ex - factory price of quasi - first - class metallurgical coke in Lvliang, the spot price adjustment schedule of coke, the comparison of coke spot prices, the basis tracking of coke futures contracts, the profit per ton of coke in independent coking enterprises, the daily output and capacity utilization rate of coke in independent coking enterprises and 247 steel mills, and the coke inventory and available days of inventory in relevant enterprises and ports, etc., to track the supply and demand of coke [62][64][66][70]