焦炭日报：短期偏震荡-20260319

Group 1: Report Industry Investment Rating - The investment rating for the coke industry is short - term sideways, with a low - buying approach [2] Group 2: Core View of the Report - Considering the full implementation of the first round of coke price cuts, the expansion of coking enterprises' loss - making scope, the increase in steel mills' demand for coke after the lifting of production restrictions, and the macro - level mention of "anti - involution" in the government work report, the coke market is expected to be short - term sideways [2] Group 3: Summary by Related Catalogs Market Analysis - Coke inventory: Last week, steel mills' coke inventory increased by 16.29 tons to 687.55 tons, at a relatively high level in the same period over the years, while the comprehensive coke inventory slightly decreased by 1.41 tons to 1050.86 tons [1] - Profit: After the first round of coke price cuts last week, the coking profit of coking enterprises decreased. This week, the average profit per ton of coke of 30 independent coking plants nationwide decreased by 20 yuan to - 3 yuan/ton [1] - Downstream demand: Last week, the average daily hot metal output of 247 steel mills surveyed by Mysteel decreased by 6.39 tons to 221.2 tons, the lowest in the same period in the past three years [1] - Upstream coking coal: Most coal mines in the producing areas have resumed production, and the comprehensive coking coal inventory has slightly increased [1] - News: From January to February, the national real estate development investment was 961.2 billion yuan, a year - on - year decrease of 11.1%, with the decline narrowing by 6.1 percentage points compared with the whole last year. From January to February 2026, China's raw coal output was 762.886 million tons, a year - on - year decrease of 0.3%, and the coke output was 82.546 million tons, a year - on - year increase of 1.1% [1]