双焦周报：三轮提降落地，盘面超跌反弹-20251222

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint This week, the domestic coking coal and coke markets continued to operate weakly, with the third round of price cuts of 50 - 55 yuan/ton expected to be implemented next Monday. Affected by heavy pollution, some coking enterprises further limited production, resulting in a narrowing of short - term coke supply. Downstream steel mills had many overhauls and had not started large - scale restocking, with overall inventory slightly increasing and market transactions remaining sluggish. In the future, the low - valued futures market has rebounded at a low level, and the procurement enthusiasm at the spot end has increased. As the year - end approaches and the winter storage intensity gradually increases, the fundamentals of coking coal continue to improve marginally, and there is still room for the futures market valuation to recover [2]. 3. Summary by Directory Market Review and Outlook - This week, the domestic coking coal and coke markets continued to operate weakly, with the third - round price cut of 50 - 55 yuan/ton expected to be implemented next Monday. Some coking enterprises further limited production due to heavy pollution, and downstream steel mills had many overhauls and had not started large - scale restocking. The overall inventory slightly increased, and market transactions were still sluggish [2]. - The low - valued futures market has rebounded at a low level, and the procurement enthusiasm at the spot end has increased. As the year - end approaches and the winter storage intensity gradually increases, the fundamentals of coking coal continue to improve marginally, and there is still room for the futures market valuation to recover [2]. Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Total coking coal inventory | 10,000 tons | 2127.45 | 2139.45 | - 12 | - 0.56% | Weekly | | Total coke inventory | 10,000 tons | 900.48 | 903.8 | - 3.32 | - 0.37% | Weekly | | Daily average hot metal output of steel mills | 10,000 tons | 226.55 | 229.2 | - 2.65 | - 1.16% | Weekly | | Profit per ton of coke for independent coking enterprises | yuan/ton | 16 | 44 | - 28 | - 63.64% | Weekly | [4]