煤焦周度观点-20260308

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The coking coal market is expected to be volatile and bullish as the energy attribute of coking coal further develops [3] - The market trading logic mainly revolves around two aspects: the fermentation of the energy attribute of coking coal due to geopolitical disturbances and the rapid switching of seat funds' rhythm [5] 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes - Supply: For coal, FW raw coal was 861.33 (+164.96), and FW clean coal was 443.20 (+93.65). For coke, the daily average output of independent coking plants was 63.9 (-0.4), and that of steel - mill coking enterprises was 47.0 (-0.1) [8] - Demand: The iron - water output was 227.59 (-5.69) for both coal and coke [8] - Inventory: The MS total inventory of coal decreased by 22.1, with an increase of 14.51 in mine clean coal, 4.93 in mine raw coal, a decrease of 49.4 in independent coking plants, a decrease of 16.8 in steel - mill coking plants, a decrease of 13.8 in ports, and an increase of 24.9 in ports. The MS total inventory of coke increased by 7.6, with an increase of 2.5 in independent coking plants, a decrease of 3.8 in steel - mill coking plants, and an increase of 9.0 in ports [8] - Profit: The profit of commercial coal was 441 (-18), and the average profit of coking enterprises was 60 (+12) [8] - Warehouse Receipt: The warehouse receipt of Meng 5 in Tangshan was 1175 for coal, and the warehouse receipt of quasi - dry quenched coke in ports was 1700 for coke [8] 3.2 Coking Coal Fundamental Data - Supply - Weekly: The 523 - sample mine production rate, raw coal output, and clean coal output data are presented, showing the production status from 2022 to 2026 [10] - Supply - Monthly: The monthly production data of coking bituminous coal and coking clean coal from 2019 to 2025 are provided [12] - Supply - Mongolian Coal Clearance: The clearance volume data of Ganqimaodu, Mandula, and Ceke ports from 2021 to 2026 are shown, as well as the total clearance volume of the three ports [14][16][17][19] - Inventory: - Pit - mouth: The raw coal inventory of sample mines increased by 2.7 tons to 177.25 tons, and the clean coal inventory increased by 8 tons to 129.02 tons this week [24] - Port: The coking coal port inventory was 271.97 tons this week, a week - on - week increase of 13.56 tons [26] - Coking Plant: The inventory and average available days of coking coal in independent coking plants are presented, including regional and capacity - based data [29][31][33] - Steel Mill: The inventory and average available days of coking coal in 247 steel enterprises and their sample coking plants are shown, including regional data [35] 3.3 Coke Fundamental Data - Supply - Capacity Utilization: - Coking Plant: The capacity utilization rates of independent coking enterprises (full - sample and 230 - sample), different capacity levels, and different regions are presented [38] - Steel Mill: The capacity utilization rate of 247 steel enterprises is shown [43] - Supply - Output: - Coking Plant: The daily average output data of 230 independent coking plants and full - sample independent coking enterprises from 2019 to 2026 are provided [45] - Steel Mill: The daily average output data of 247 steel enterprises from 2019 to 2026 are presented [47] - Inventory: - Coking Plant: The inventory data of full - sample and 230 - sample independent coking plants from 2019 to 2026 are shown [48] - Steel Mill: The inventory, average available days, and regional inventory data of 247 steel - mill sample coking plants from 2019 to 2026 are presented [49][51][54][56] - Full - Sample Aggregate: The total inventory data of coke from 2019 to 2026 are provided [58] - Demand - Pig Iron: The supply - demand difference and daily average output data of pig iron from 2019 to 2026 are presented [60] - Profit: The disk profit of ton - coke (main - continuous contract) and the average profit per ton of independent coking enterprises are shown [63] 3.4 Coal and Coke Futures and Spot Prices - Coking Coal Futures: The futures market data of coking coal 2605 and 2609 from February 27, 2026, to March 6, 2026, including closing prices, trading volumes, and open interests, are presented [66] - Coke Futures: The futures market data of coke 2605 and 2609 from February 27, 2026, to March 6, 2026, including closing prices, trading volumes, and open interests, are presented [69] - Coal and Coke Monthly Spread: The monthly spread data of coking coal and coke from 2019 to 2026 are shown [73][75] - Coal and Coke Spot: The spot prices of different types of coking coal and metallurgical coke are presented [79] - Coal and Coke Basis: The basis data of coking coal 2605, 2609 and coke 2605, 2609 are shown [81]