大越期货焦煤焦炭早报-20260311

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1. Coking Coal - The supply of coking coal has become slightly more abundant as coal mines resume production. The market sentiment has improved, but high - priced coal still faces poor sales. The short - term price will be adjusted within a narrow range [4]. - The total sample inventory of coking coal is 1971 tons, a decrease of 243 tons from last week, which is positive for the market [3]. - The spot price of coking coal is at a premium to the futures price, the 20 - day moving average is downward, and the price is below it. The main position is net long but the long position is decreasing. Overall, the short - term price is expected to be weakly stable [3][4]. - Positive factors include rising hot metal production and limited supply growth; negative factors are the slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [6]. 2.2. Coke - After the first round of price cuts, the profit margin of coking enterprises has narrowed. The supply of coke is stable, but the downstream steel mills' inventory is reasonable, and the procurement enthusiasm is limited, resulting in some inventory pressure on coking enterprises [8]. - The total sample inventory of coke is 944 tons, a decrease of 3 tons from last week, which is positive for the market [8]. - The spot price of coke is at a discount to the futures price, the 20 - day moving average is downward, and the price is below it. The main position is net long but the long position is decreasing. The short - term price is expected to remain stable [8]. - Positive factors are rising hot metal production and increasing blast furnace operating rate; negative factors are the squeezed profit margin of steel mills and partially overdrawn replenishment demand [10]. 3. Summary by Relevant Catalogs 3.1. Price - On March 10 (17:30), the port metallurgical coke price index showed that most of the coke prices in ports such as Rizhao Port, Tianjin Port, and Huangdao Port decreased by 10 yuan, and some prices remained unchanged [12]. 3.2. Coking Coal Spread No relevant content provided. 3.3. Coke Spread No relevant content provided. 3.4. Port Inventory - Coking coal port inventory is 258 tons, unchanged from last week; coke port inventory is 199 tons, a decrease of 6 tons from last week [22]. 3.5. Independent Coking Enterprise Inventory - Independent coking enterprise coking coal inventory is 893 tons, a decrease of 225 tons from last week; coke inventory is 56 tons, an increase of 12 tons from last week [26]. 3.6. Steel Mill Inventory - Steel mill coking coal inventory is 820 tons, a decrease of 18 tons from last week; coke inventory is 689 tons, a decrease of 9 tons from last week [31]. 3.7. Coke Oven Capacity Utilization No relevant content provided. 3.8. Average Profit per Ton of Coke No relevant content provided. 3.9. Daily Coke Output No relevant content provided. 3.10. Monthly Coke Output No relevant content provided. 3.11. Blast Furnace Operating Rate No relevant content provided. 3.12. Hot Metal Production No relevant content provided.