焦炭日报：延续反弹-20260309

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The coke market will continue its rebound in the short - term. It's advisable to adopt a low - buying strategy, while paying attention to the support of the 5 - day moving average and the pressure near the previous high [1]. 3. Summary by Relevant Catalog 3.1 Market Analysis of Coke - Coke supply has slightly decreased this week. In the Tangshan market, coke enterprises are mostly maintaining the production restriction rhythm, and the environmental protection production restriction policy during the important meeting still suppresses the operating rate of coke enterprises [1]. - The average profit per ton of coke for 30 independent coking plants is 17 yuan/ton this week. However, steel mills have limited profits and maintain cautious procurement [1]. 3.2 Downstream Demand - During the important meeting, blast furnaces in the Tangshan area are under production restriction. The iron - making water output of steel mills has decreased week - on - week. The profitability rate of blast furnaces of 247 steel mills has decreased by 15.15% year - on - year, and the average daily iron - making water output has decreased by 5.69 tons week - on - week to 227.59 tons, reaching a new low for the year [1]. 3.3 Upstream Coking Coal - The inventory at the mining end of coking coal has been continuously accumulating, while the inventory in the middle and lower reaches has been continuously declining. The comprehensive inventory of coking coal has dropped to a 4.5 - month low, lower than the level of the same period in previous years [1]. 3.4 News - The central bank will flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts this year. The director of the National Development and Reform Commission, Zheng Shanjie, supports mergers and acquisitions and restructuring to solve the problem of "involution - like" competition [1]. - The government work report mentioned "anti - involution" again, and there are still policy expectations in the market [1].