大越期货焦煤焦炭早报-20260316

1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For Coking Coal: The overall coking coal price is gradually stabilizing. Although the coking enterprises' restocking enthusiasm is low and the molten iron production has declined, the relaxation of environmental protection policies after the Two Sessions improves the steel mills' production expectations, providing some support for coking coal prices. It is expected that the coking coal price will be weakly stable in the short term [3][4]. - For Coke: The coke supply is increasing steadily, and the steel mills that were previously under production restrictions have the expectation of resuming production, which may increase the demand for coke. However, the overall steel demand is weak, and the steel mills are still cautious about coke procurement. It is expected that the coke price will remain stable in the short term [7]. 3. Summary by Relevant Catalogs 3.1 Daily Views Coking Coal - Fundamentals: Mainstream large mines are operating normally. The market sentiment has improved, the decline in coking coal prices has narrowed, and the overall price is gradually stabilizing [4]. - Basis: The spot price is 1210, and the basis is 32, indicating that the spot price is at a premium to the futures price [4]. - Inventory: The total sample inventory is 1971 tons, a decrease of 243 tons compared to last week [3]. - Disk: The 20 - day line is downward, and the price is above the 20 - day line [4]. - Main Position: The main position of coking coal is net long, and the long position is increasing [4]. - Expectation: The coking enterprises' restocking enthusiasm is low, and the molten iron production has declined, which suppresses the coal price. However, after the Two Sessions, the steel mills' production expectations have improved, providing some support for coking coal prices. It is expected that the coking coal price will be weakly stable in the short term [3]. Coke - Fundamentals: After the meeting, the coking enterprises that were previously under production restrictions have gradually resumed production, and the supply is increasing steadily. The steel mills that were previously under production restrictions have the expectation of resuming production, which may increase the demand for coke. However, the overall steel demand is weak, and the steel mills are still cautious about coke procurement [7]. - Basis: The spot price is 1620, and the basis is - 117.5, indicating that the spot price is at a discount to the futures price [7]. - Inventory: The total sample inventory is 944 tons, a decrease of 3 tons compared to last week [7]. - Disk: The 20 - day line is downward, and the price is above the 20 - day line [7]. - Main Position: The main position of coke is net long, and the long position is decreasing [7]. - Expectation: The market demand is still gradually recovering, and the steel mills' raw material inventory has not been fully consumed. The steel mills' enthusiasm for coke procurement is not high, and they still have the intention to lower the price. The supply - demand contradiction in the coke market still exists. It is expected that the coke price will remain stable in the short term [7]. 3.2 Price - Coking Coal Price: The report provides the import coking coal spot price quotes from different origins and ports on March 13, 2026, including the prices of various types of coking coal such as main coking coal, 1/3 coking coal, and fat coal [10]. - Coke Price: The report provides the port metallurgical coke price index on March 13, 2026, including the prices of different grades of metallurgical coke at different ports [11]. 3.3 Inventory - Port Inventory: The coking coal port inventory is 258 tons, remaining the same as last week; the coke port inventory is 199 tons, a decrease of 6 tons compared to last week [21]. - Independent Coking Enterprise Inventory: The independent coking enterprise's coking coal inventory is 893 tons, a decrease of 225 tons compared to last week; the coke inventory is 56 tons, an increase of 12 tons compared to last week [25]. - Steel Mill Inventory: The steel mill's coking coal inventory is 820 tons, a decrease of 18 tons compared to last week; the coke inventory is 689 tons, a decrease of 9 tons compared to last week [30]. 3.4 Other Indicators - Coke Oven Capacity Utilization: No specific data provided [34]. - Average Profit per Ton of Coke: No specific data provided [38]. - Daily Coke Output: No specific data provided [41]. - Monthly Coke Output: No specific data provided [44]. - Blast Furnace Operating Rate: No specific data provided [46]. - Molten Iron Production: No specific data provided [50].