大越期货焦煤焦炭早报-20260302

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Coking Coal: The supply of coking coal is steadily increasing as state - owned and private coal mines have resumed production. However, downstream coke enterprises' procurement rhythm has not kept up, with weak procurement enthusiasm due to existing inventories. The spot market is sluggish, and prices are under pressure. The overall inventory has decreased, but the price is expected to be weakly stable in the short term [2]. - Coke: Coke enterprises' average profit per ton has returned to near the break - even point, and most maintain normal production. But due to some steel mills controlling arrivals and speculators leaving the market, the inventory in coke enterprises has increased. With the possible decline of coking coal prices and steel mills' pursuit of cost reduction, the cost support for coke is weakening, and the price is also expected to be weakly stable in the short term [5]. 3. Summary by Relevant Catalogs Price - The report provides the spot price quotes of imported Russian and Australian coking coal on February 28, 2026, including different varieties and ports, such as the price of Russian K4 main coking coal at Caofeidian Port and Jingtang Port is 1320 [9]. Coking Coal Spread No specific information about coking coal spread is provided. Coke Spread No specific information about coke spread is provided. Port Inventory - Coking coal port inventory is 258 million tons, unchanged from last week; coke port inventory is 199 million tons, a decrease of 6 million tons from last week [20]. Independent Coke Enterprise Inventory - Independent coke enterprises' coking coal inventory is 893 million tons, a decrease of 225 million tons from last week; coke inventory is 56 million tons, an increase of 12 million tons from last week [24]. Steel Mill Inventory - Steel mills' coking coal inventory is 820 million tons, a decrease of 18 million tons from last week; coke inventory is 689 million tons, a decrease of 9 million tons from last week [29]. Coke Oven Capacity Utilization No specific information about coke oven capacity utilization is provided. Average Profit per Ton of Coke No specific information about average profit per ton of coke is provided. Daily Coke Production No specific information about daily coke production is provided. Monthly Coke Production No specific information about monthly coke production is provided. Blast Furnace Operating Rate No specific information about blast furnace operating rate is provided. Hot Metal Production No specific information about hot metal production is provided.