大越期货焦煤焦炭早报-20260309

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For Coking Coal: The main coal - producing areas are resuming production, increasing the market coal supply. Affected by the first - round coke price cut, the market purchasing sentiment is weak, and downstream coke enterprises mainly consume inventory. The short - term demand is hard to recover significantly. The online auctions in some regions have unsold lots, and some coal mines are reducing prices. It is expected that the coking coal price will be weakly stable in the short term [2]. - For Coke: During the important meeting, most coke enterprises maintain normal production, with sufficient supply. However, the downstream steel mills' purchasing power is average, and the inventory in coke enterprises has accumulated. Due to the decline in steel prices and poor terminal consumption, the steel mills' profits are affected, and the demand for coke is expected to decline. It is expected that the coke price will be weakly stable in the short term [5]. Summary by Relevant Catalogs Price - Coking Coal: On March 6 (17:30), the prices of imported Russian and Australian coking coal at various ports are provided, with some prices having changes. For example, the price of 1/3 coking coal (GI) at Caofeidian Port increased by 15, and the price of high - end (K10) at Caofeidian Port increased by 120 [8]. - Coke: On March 6 (17:30), the prices of port metallurgical coke have declined. For example, the price of secondary metallurgical coke (Inner Mongolia) at Rizhao Port decreased by 50, and the price of quasi - first - grade metallurgical coke (dry - quenched) at Rizhao Port decreased by 55 [9]. Inventory - 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 [19]. - Independent Coke Enterprise Inventory: Independent coke enterprise 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 [23]. - Steel Mill Inventory: Steel mill 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 [28]. Other Factors - Coking Coal: Bullish factors include rising hot metal production and limited supply increase; bearish factors include slowed procurement of raw coal by coke and steel enterprises and weak steel prices [4]. - Coke: Bullish factors include rising hot metal production and increasing blast furnace operating rate; bearish factors include squeezed steel mill profit margins and partially over - drawn replenishment demand [7].