焦炭日报：短期震荡-20260310

Report Industry Investment Rating - The report gives a short - term volatile rating for the coke industry [1] Core Viewpoint of the Report - Coke is expected to experience wide - range short - term fluctuations, with attention on support near previous lows and resistance near previous highs [2] Summary According to Related Contents Supply - Currently, coke enterprises in the Tangshan market mostly maintain the production restriction rhythm. Due to the important conference, environmental protection production restriction policies still suppress the operating rate of coke enterprises, resulting in a slight decrease in coke supply this week [1] - The first round of coke price cuts has been fully implemented, the loss - making area of coke enterprises has expanded, and some have started to limit production [2] Profit - This week, the average profit per ton of coke for 30 independent coking plants is 17 yuan/ton. However, steel mills have limited profits and maintain cautious procurement [1] Downstream Demand - During the important conference, blast furnaces in the Tangshan area are restricted recently. This week, the steel production of steel mills has decreased month - on - month. The profitability rate of blast furnaces of 247 steel mills has decreased by 15.15% year - on - year, and the average daily molten iron output has decreased by 5.69 million tons month - on - month to 227.59 million tons, hitting a new low this year [1] - Steel mills are still in a state of production restriction and purchase coke according to demand [2] Upstream Coking Coal - The inventory at the mine end continues to accumulate, while the inventory in the middle and lower reaches continues to decline. The comprehensive inventory of coking coal has dropped to a 4.5 - month low, lower than the level of previous years [1] 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 to solve the problem of "involution - style" competition [1] - From January to February 2026, China's coal imports increased by 1.5% year - on - year, reaching 77.22 million tons [1] - The situation in the Middle East has deteriorated, and the sharp fluctuations in crude oil have affected the sentiment of the black series. The government work report this year mentions "anti - involution" again, and there are follow - up policies for stable growth [2]