焦炭日报：震荡偏强-20260320

Group 1: Report Industry Investment Rating - The report gives a short - term bullish rating for the coke industry, suggesting a low - buying approach [2] Group 2: Core Viewpoints of the Report - With the improvement of profitability, the daily output of steel and coke enterprises has increased slightly. The lifting of blast furnace restrictions in the north has led to the resumption of production in steel mills, a significant rebound in molten iron production, and an obvious increase in coke demand. Considering the government's mention of "anti - involution" in the work report and the expectation of subsequent growth - stabilizing policies, the coke market is expected to be bullish in the short term [2] Group 3: Summary by Relevant Catalogs 1. Market Condition Analysis - Coke Inventory: This week, the comprehensive inventory of coke in all links increased slightly by 0.18 tons to 1051.04 tons. Among them, the inventory of independent coking plants decreased by 6.2 tons to 94.23 tons, the inventory at 18 ports increased by 5.75 tons to 268.63 tons, and the inventory of steel mills increased by 0.63 tons to 688.18 tons after restocking [1] - Profitability: This week, the average profit per ton of coke for 30 independent coking plants nationwide was 38 yuan/ton. The average profit of Shanxi quasi - first - grade coke was 57 yuan/ton, that of Shandong quasi - first - grade coke was 97 yuan/ton, and the average loss of Inner Mongolia second - grade coke was 11 yuan/ton [1] - Downstream Demand: According to Mysteel's research, the blast furnace operating rate of 247 steel mills increased by 1.44% week - on - week to 79.78%, a year - on - year decrease of 2.18%; the profitability rate increased by 1.29% week - on - week to 42.42%, a year - on - year decrease of 10.83%; the daily average molten iron output increased by 6.95 tons week - on - week to 228.15 tons [1] - Upstream Coking Coal: This week, the total inventory of coking coal changed little, with the social inventory increasing slightly by 0.15 tons week - on - week to 2514.09 tons [1]