焦炭日报：震荡偏强-20260304

Group 1 - The investment rating of the coke industry is "Oscillating and slightly stronger" [1] Group 2 - The core view of the report is that the coke fundamentals have few contradictions, the hot metal production has increased this week, and the steel mill maintenance intensity should be monitored during important meetings. With the opening of the Two Sessions, there are still policy expectations. In the short - term, coke is slightly stronger, and a low - buying strategy can be adopted, while paying attention to the support near the previous low and the pressure near the previous high [2] Group 3 Market Analysis - As of February 27, the coke inventory of 230 independent coke enterprises in the country increased by 75,400 tons to 1,078,200 tons, reaching an 8 - month high; port coke inventory decreased slightly by 21,600 tons to 2,617,000 tons; steel mill coke inventory decreased by 135,000 tons to 6,751,100 tons; the comprehensive inventory decreased by 0.77% to 10,446,300 tons, ending a 9 - consecutive - increase trend [1] - During the Spring Festival, the coke price remained stable. This week, the profit per ton of coke of 30 independent coking plants in the country remained stable at - 8 yuan/ton, and the profit per ton of coke in each region basically remained unchanged [1] - After the Spring Festival, the resumption of work and production of steel mills increased, and the supply rebounded. This week, the blast furnace operating rate of 247 steel mills increased by 0.09% to 80.22% month - on - month and increased by 1.93% year - on - year; the profitability rate increased by 1.3% to 39.83% month - on - month and decreased by 10.39% year - on - year; the daily average hot metal output increased by 27,900 tons to 233,280 tons, reaching the highest level in nearly three months [1] - During the Spring Festival, coal mines were on holiday and production stopped, and the coking coal supply decreased. After the holiday consumption, the inventories of coke enterprises and steel mills decreased. The comprehensive inventory of coking coal decreased by 2,784,000 tons to 26,473,100 tons month - on - month, 3.94% lower year - on - year [1] News - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference opened today, and the State Council Information Office will hold a briefing on March 5 to interpret the "Government Work Report" [2] - Some steel mills in Hebei and Tianjin will reduce the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, effective at 0:00 on March 6, 2026 [2]