焦炭日报：延续反弹-20260205

Group 1: Report Industry Investment Rating - The report doesn't provide a clear industry investment rating [1][2] Group 2: Core Viewpoints - The supply - demand pattern of coke is directly affected by upstream coking coal costs, downstream steel demand, and macro - policy orientation. The comprehensive inventory of coking coal and coke continues to rise and is in the seasonal inventory accumulation stage. With the end of pre - holiday restocking by downstream steel mills and approaching the Spring Festival holiday, there is an expectation of reduced supply. Coking is in continuous loss, and coking enterprises have a strong willingness to raise prices. There are still policy expectations at the macro level. Overall, coke will mainly fluctuate widely, continue to rebound in the short term, and a low - buying strategy can be adopted, while paying attention to the pressure near the previous high [2] Group 3: Summary of Related Content 1. Coke Inventory - As of January 30, the comprehensive coke inventory increased by 13.3 tons to 1012.35 tons, reaching a 7 - and - a - half - month high with a year - on - year decline of 3.44% [1] 2. Profit - The average profit per ton of coke for 30 independent coking plants nationwide is - 55 yuan/ton. The average profit of Shandong quasi - first - grade coke turned positive to 2 yuan/ton, that of Hebei quasi - first - grade coke is 0 yuan/ton, that of Shanxi quasi - first - grade coke is - 41 yuan/ton, and that of Inner Mongolia second - grade coke is - 92 yuan/ton [1] 3. Downstream Demand - This week, the blast furnace operating rate of 247 steel mills increased by 0.32% to 79% week - on - week and 1.02% year - on - year. The profitability rate decreased by 1.3% to 39.39% week - on - week. The blast furnace iron - making capacity utilization rate slightly dropped to 85.47%, and the daily average pig iron output decreased by 0.12 tons to 227.98 tons week - on - week [1] 4. Upstream Coking Coal - As the Spring Festival approaches, there is an expectation of reduced supply. The coking coal inventory of mines decreased by 7.2 tons to 267.2 tons; the comprehensive coking coal inventory increased by 46 tons to 2864.34 tons week - on - week, and the year - on - year decline narrowed to 8.57% [1] 5. News - Due to the Indonesian government's proposed large - scale production cut plan, Indonesian miners have suspended spot coal exports. According to the China Iron and Steel Association, the steel inventory of key enterprises in late January was 1471 tons, a week - on - week decrease of 8.8% [1]