焦炭提涨博弈加剧，双焦期价偏弱运行

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The game of coke price increase intensified, and the prices of coking coal and coke futures showed a weak trend. The coking coal 2605 contract had a weekly decline of 2.05%, and the coke 2605 contract had a weekly decline of 1.77%. [2][3] - Last week, both the supply and demand of coking coal increased. The coking coal 2605 contract fell from a high level last week, with support at the 10 - day moving average, and the bullish trend remained unchanged. [3][4] - Last week, both the supply and demand of coke increased. The coke 2605 contract showed a weak and volatile trend last week, and it is expected to be mainly volatile in the short - term. [6] - The average ratio of coking coal last week was 1.46. From the seasonal chart of the past 5 years, it is currently at a relatively average level in the same period of history. Attention should be paid to the range of 1.35 - 1.55. [7] 3. Summary by Relevant Catalogs A. Futures and Spot Market Quotes - The coking coal 2605 contract closed at 1171 on Friday last week, with a weekly decline of 2.05%. The spot prices in the mainstream regions were stable with a slightly upward trend. [3] - The coke 2605 contract closed at 1717 on Friday last week, with a weekly decline of 1.77%. The spot prices in the mainstream regions remained stable. [3] B. Fundamental Analysis Coking Coal - Supply Side: The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 88.5%, a 3.2% increase from the previous week. The daily average production of clean coal was 76.9 tons, a 3.5 - ton increase. The utilization rate of the production capacity of 314 independent coal washing plants was 36.8%, a 1.4% increase. The daily average production of clean coal was 27.4 tons, a 1.3 - ton increase. The inventory of clean coal in raw material factories decreased. [3] - Demand Side: The profit per ton of coke for coke enterprises narrowed significantly. Most coke enterprises were on the verge of profit and loss. However, the market expectation improved, and the demand for coking coal increased. The online trading atmosphere of coking coal was good. [4] Coke - Supply Side: The utilization rate of the production capacity of all - sample independent coking enterprises was 72.55%, a 0.14% decrease from the previous week. The daily average production was 63.45 tons, a 0.12 - ton decrease. The profit per ton of coke for 30 sample coking enterprises was - 66 yuan/ton, a 21 - yuan decrease. The coke supply was mainly stable, and the port inventory increased slightly. [6] - Demand Side: The blast furnace operating rate of 247 steel mills was 78.84%, a 0.47% decrease from the previous week. The daily average pig iron production was 228.01 tons, a 1.49 - ton decrease. The profitability rate of steel mills was 39.83%, a 2.17% increase. The steel mills' demand for coke replenishment increased. [6] C. Inventory Data | Commodity | Location | Inventory (tons) | Weekly Change (tons) | | --- | --- | --- | --- | | Coking Coal | Port | 298,900 | - 900 | | Coking Coal | All - sample independent coking plants | 1,132,850 | 61,170 | | Coking Coal | 247 sample steel mills | 802,200 | 4,470 | | Coking Coal | Total | 2,233,950 | 64,740 | | Coke | Port | 188,070 | 3,970 | | Coke | All - sample independent coking plants | 81,810 | - 4,260 | | Coke | 247 sample steel mills | 650,330 | 4,600 | | Coke | Total | 920,210 | 4,310 | [8]