大越期货焦煤焦炭早报-20260326

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - 焦煤: The overall supply of coking coal is sufficient, but some tight coal varieties are in short supply. The downstream demand is increasing, and the inventory is decreasing. The price is expected to be stable and slightly stronger in the short term [2]. - 焦炭: The supply is tight, and the cost of raw materials is rising. The inventory is decreasing, and the price is expected to be stable and slightly stronger in the short term [6]. 3. Summary by Directory Daily Views - 焦煤: The main - producing coal mines have stable production. The downstream demand is released, and the inventory is low. The base - difference shows that the spot is at a discount to the futures. The price is expected to be stable and slightly stronger [2]. - 焦炭: The steel mills' replenishment demand is good, and the inventory is low. The cost of raw materials is rising, squeezing the profit margin. The price is expected to be stable and slightly stronger [6]. Price - The prices of port metallurgical coke on March 25 (17:30) are provided, with most prices showing a decline or remaining unchanged [10]. Inventory - Port Inventory: The coking coal port inventory is 258 million tons, unchanged from last week; the coke port inventory is 199 million tons, a decrease of 6 million tons from last week [20]. - Independent Coking Enterprises Inventory: The coking coal inventory of independent coking enterprises is 893 million tons, a decrease of 225 million tons from last week; the coke inventory is 56 million tons, an increase of 12 million tons from last week [24]. - Steel Mill Inventory: The coking coal inventory of steel mills is 820 million tons, a decrease of 18 million tons from last week; the coke inventory is 689 million tons, a decrease of 9 million tons from last week [29]. Factors Affecting Prices - 焦煤: Bullish factors include rising iron - water production and limited supply growth; bearish factors include slowdown in raw - coal procurement by coking and steel enterprises and weak steel prices [4]. - 焦炭: Bullish factors include rising iron - water production and increasing blast - furnace operating rate; bearish factors include squeezed profit margins of steel mills and partial over - consumption of replenishment demand [8].