煤炭行业：美以伊军事冲突推动焦煤期货价明显上涨，炼焦煤库存量下降

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1]. Core Insights - The report highlights that the military conflict between the US, Israel, and Iran has significantly driven up coking coal futures prices, with a notable increase observed [1]. - As of March 2, 2026, the comprehensive Chinese coking coal price index was reported at 1457.56 CNY/ton, reflecting a month-on-month decrease of 28.54 CNY/ton, or 1.52% [1][8]. - The total coking coal inventory at three major ports (Qinhuangdao, Huanghua, and Caofeidian) decreased by 14.41 million tons, a decline of 5.15% compared to the previous month [1][14]. Summary by Sections Coking Coal Prices - The coking coal price index in China decreased to 1457.56 CNY/ton, down by 28.54 CNY/ton or 1.52% from the previous month [8]. - The price of main coking coal at the port of Jingtang from Australia was reported at 1570.00 CNY/ton, a decrease of 50.00 CNY/ton or 3.09% [10]. Inventory Levels - The total coking coal inventory at three ports was 2.6547 million tons, down 14.41 million tons or 5.15% month-on-month [14]. - The inventory of coking coal at 247 steel mills was 7.9246 million tons, a decrease of 21.90 million tons or 2.69% from the previous month [18]. - The inventory at 230 independent coking plants was 8.2946 million tons, down 205.88 million tons or 19.89% month-on-month, while the average available days of inventory decreased to 12.30 days, down 3.40 days or 21.66% [18]. Production Metrics - The capacity utilization rate for all independent coking enterprises was reported at 74.36%, a decrease of 2.50 percentage points month-on-month [18]. - Coking coal production showed an increase, while pig iron and crude steel production experienced declines [24][29].