【冠通期货研究报告】焦炭日报：延续反弹-20260323

Report Industry Investment Rating - Not provided Core View of the Report - Coke is expected to continue its short - term rebound, and a low - buying strategy is recommended [2] Summary by Related Catalogs Market Analysis - Coke inventory increased slightly by 0.18 tons to 1051.04 tons this week. Independent coking plant inventory decreased by 6.2 tons to 94.23 tons, 18 - port coke inventory increased by 5.75 tons to 268.63 tons, and steel mill inventory increased by 0.63 tons to 688.18 tons [1] - The average profit per ton of coke for 30 independent coking plants nationwide was 38 yuan/ton this week. The average profit of Shanxi quasi - first - grade coke was 57 yuan/ton, Shandong quasi - first - grade coke was 97 yuan/ton, and Inner Mongolia second - grade coke had an average loss of 11 yuan/ton [1] - The blast furnace operating rate of 247 steel mills increased by 1.44% week - on - week to 79.78% and decreased by 2.18% year - on - year. The profitability rate increased by 1.29% week - on - week to 42.42% and decreased by 10.83% year - on - year. The daily average pig iron output increased by 6.95 tons week - on - week to 228.15 tons [1] - The total coking coal inventory changed little this week, with the social inventory increasing slightly by 0.15 tons week - on - week to 2514.09 tons [1] Demand and Macro - level Factors - Coking coal hit the daily limit today, and coke followed coking coal to rise sharply. The lifting of blast furnace production restrictions in the north led to the resumption of production in steel mills, increased pig iron output, and significantly increased demand for coke. The government work report mentioned "anti - involution" this year, and follow - up stable - growth policies should be monitored [2]