9月29日，国内期市黑色系品种普遍走弱，焦煤主力合约领跌超4%，现报1164.5元/吨。 9月26日邯郸市场炼焦煤价格上涨，低硫主焦精煤报1470元/吨涨30元/吨，低硫肥精煤报1520元/吨涨50 元/吨，以上均为出厂价现金含税。 机构观点 国投安信期货：炼焦煤矿产量小幅增加，双节前补库情绪基本完毕，现货竞拍成交或开启节前走弱态 势，周内成交价格较好，终端库存有所抬升。炼焦煤总库存环比大幅抬升，产端库存小幅下降，焦煤停 产矿山继续恢复，不过在查超产大背景下，进一步大幅释放产能可能性较低。整体来看，碳元素供应充 裕，下游铁水维持较高水平，对原材料形成托底，前低附近支撑相对夯实。焦煤盘面对蒙煤小幅贴水， 双节补库基本完成，价格环比大概率震荡下行。 南华期货（603093）：近期焦煤矿山开工率持续抬升，蒙煤积极通关，焦煤供应旺盛。节前补库临近尾 声，节后焦煤库存结构有边际恶化的风险，预计现货挺价难度将逐步提高。焦炭提涨正式开启，预计国 庆节中或节后正式落地，届时即期焦化利润有望小幅改善，短期内焦企大面积减产的概率不高。高炉钢 厂积极增产，铁水产量仍在240万吨以上的高位，用焦需求旺盛，焦炭供需无明显矛盾。展望后市 ...

Summary of Conference Call on Coking Coal Market Industry Overview - The coking coal market is experiencing an improvement in supply-demand dynamics, with average daily sales exceeding average daily production over the past three months, leading to a decline in inventory and supporting prices [1][2] - Current coking coal prices, despite a recent rebound, remain at the lowest levels since 2017, causing operational difficulties for companies [1][5] - The market is influenced by various regional cost structures, with Shanxi having lower costs compared to Henan and Anhui, which face profitability challenges [6] Key Points and Arguments - **Supply and Demand Dynamics**: The coking coal supply has decreased significantly due to recent policies aimed at curbing overproduction, with August's average daily production hitting its lowest level of the year [2] - **Price Trends**: Coking coal prices have shown a two-month increase, primarily driven by changes in supply-demand relationships and the rigid demand from downstream steel and coking plants [10] - **Impact of Steel Industry**: The steel industry's production levels are not expected to decrease significantly in the short to medium term, with potential new demand from India's steel growth [11][12] - **Policy Implications**: The steel industry's response to profitability through production adjustments could have mixed effects on coking coal prices, necessitating supportive policies for sustainable industry health [14][15] Additional Important Insights - **International Supply**: Limited increases in overseas coking coal supply have minimal impact on China, with domestic production and imports from Mongolia and Russia being more significant [3][16] - **Future Production Outlook**: Current data indicates that coking coal production recovery is unlikely in the near term, with significant reductions expected due to major events and seasonal demand [4] - **Cost Structures**: The cost of coking coal varies significantly by region, affecting profitability, particularly in northeastern enterprises [6][8] - **Market Comparisons**: Historical trends show that imported coking coal prices have recently exceeded domestic prices due to domestic price declines [21] - **Long-term Market Cycles**: Future coking coal price cycles may emerge due to increased demand from India and potential supply reductions from mine closures [32] Conclusion - The coking coal market is currently characterized by low prices, operational challenges for companies, and a complex interplay of domestic and international supply-demand factors. Future price movements will depend on policy support, production adjustments in the steel industry, and external market influences.

Summary of Coking Coal Conference Call Industry Overview - China is the largest producer and consumer of coking coal globally, holding approximately 26% of the world's total reserves [4] - Domestic coking coal production has shown a steady decline in recent years, with a projected output of about 470 million tons in 2024, down 4.3% from previous years [4][7] - The supply of coking coal is primarily concentrated in North and East China, with Shanxi province accounting for over 50% of production [6] Key Points and Arguments - The global supply of coking coal is dominated by Australia, which accounts for over 50% of global trade, followed by Russia (13%) and Mongolia, which is the largest flexible source for China [7][8] - Domestic supply is inelastic, with the main flexibility coming from Mongolian imports, which are closely linked to domestic market prices [10] - The demand for coking coal is primarily driven by the steel industry, with weak demand from real estate and infrastructure sectors impacting overall consumption [12] - Coking coal prices are expected to have limited upside potential, primarily influenced by supply-side reductions, especially due to policy enforcement against overproduction [5][14] Recent Market Performance - The coking coal market experienced a poor performance in the first half of the year due to weak demand from real estate and infrastructure, but rebounded strongly from June onwards, with futures prices rising significantly [13] - The market saw a rebound of approximately 400 yuan, with futures prices increasing from 709 yuan to nearly 1,400 yuan [13] Profitability and Stock Performance - Many coking coal companies reported significant declines in profitability in Q2, with some high-cost producers facing losses [15] - The overall coking coal stock sector is expected to struggle for substantial opportunities due to weak demand and lack of significant supply reductions, with more focus on thematic trading opportunities [16] - Key stocks of interest include Shanxi Coking Coal, Pingmei Shenma, and Huaibei Mining, which are characterized by stable income due to long-term contracts [17] Future Outlook - The overall price of coking coal is unlikely to see strong increases without significant supply reductions, and the bottom price level is expected to be supported by production costs [14] - Investment opportunities are anticipated to be thematic, with potential for small gains during policy-driven price fluctuations [18]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **焦煤**: Recent enhanced coal mine safety inspections and accident supervision have restricted coking coal production growth. Amid the steel - coking game, downstream coking enterprises have slowed down raw material procurement, and the trading atmosphere of coking coal is average with more online auction failures and price drops. The total sample inventory has decreased. The iron - water output remains high in the short - term, but the sales of downstream finished products have weakened, and environmental protection restrictions on coking plants and steel mills also pressure coking coal demand. It is expected that the short - term coking coal price will remain stable [3]. - **焦炭**: As the parade approaches, coking enterprises in Hebei, Shandong, and Henan have implemented production restrictions, but other regions have increased production due to profit recovery, resulting in a tight balance of coke supply. Currently, both supply and demand of coke have weakened in the short - term, but overall supply remains tight as other steel mills are still productive and their raw material inventories are low. It is expected that the short - term coke price will be stable with a slight upward trend [7]. 3. Summary by Relevant Catalogs **每日观点** - **焦煤**: Fundamental factors are positive; the basis is neutral; inventory is positive; the disk is neutral; the main position is negative. The short - term price is expected to remain stable [3]. - **焦炭**: Fundamental factors are positive; the basis is negative; inventory is positive; the disk is negative; the main position is negative. The short - term price is expected to be stable with a slight upward trend [7]. **价格** - Mysteel's port metallurgical coke price index on August 28 shows that most prices have decreased, except for some dry - quenched coke prices which have increased [10]. **库存情况** - **港口库存**: Coking coal port inventory is 282.1 million tons, a decrease of 10.2 million tons from last week; coke port inventory is 215.1 tons, an increase of 17 tons from last week [21]. - **独立焦企库存**: Independent coking enterprises' coking coal inventory is 844.1 million tons, an increase of 2.9 million tons from last week; coke inventory is 46.5 tons, a decrease of 3.6 tons from last week [26]. - **钢厂库存**: Steel mills' coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [30]. **其他数据** - **焦炉产能利用率**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [43]. - **吨焦平均盈利**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [47].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Coking Coal**: Some coal mines are adjusting work plans and organizing production according to 276 working days, leading to a slight decline in domestic coal production. Downstream procurement is cautious, with some high - priced resources having weak transactions and coal prices starting to回调. However, coal mine inventories are low, and there is a strong willingness to hold prices. Although downstream enterprises are still reluctant to accept high - priced coal, after the sixth round of coke price increases, there are expectations of further increases. It is expected that coking coal prices will be slightly strong in the short term [2]. - **Coke**: After the sixth round of coke price increases, the profitability of coking enterprises has improved, and production enthusiasm has recovered. But the procurement rhythm of traders has slowed down. Although the arrival of coke at steel mills has improved and inventory has increased, the high - level operation of steel mills still guarantees the rigid demand for coke. Affected by pre - parade production restrictions, the increase in coke supply is limited, and it is expected that coke prices will be stable to slightly strong in the short term [6]. 3. Summary by Relevant Catalogs Coking Coal - **Fundamentals**: Some coal mines adjust work plans, reducing domestic coal production. Downstream procurement is cautious, and high - priced resources have weak transactions. Coal mine inventories are low, with strong price - holding intentions [2]. - **Basis**: The spot market price is 1190, and the basis is 2.5, with the spot at a premium to the futures [2]. - **Inventory**: Steel mill inventory is 805.8 million tons, port inventory is 255.5 million tons, independent coking enterprise inventory is 829.4 million tons, and the total sample inventory is 1890.7 million tons, a decrease of 28.1 million tons from last week [2]. - **Market Trend**: The 20 - day line is upward, and the price is above the 20 - day line [2]. - **Main Position**: The main position of coking coal is net short, with an increase in short positions [2]. - **Expectation**: Downstream enterprises are reluctant to accept high - priced coal, but after the sixth round of coke price increases, there are expectations of further increases. It is expected that coking coal prices will be slightly strong in the short term [2]. - **Positive Factors**: Rising pig iron production and limited supply growth [4]. - **Negative Factors**: Slower procurement of raw coal by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: After the sixth round of price increases, the profitability of coking enterprises has improved, and production enthusiasm has recovered. The procurement rhythm of traders has slowed down, and the inventory of coking enterprises is still at a low level [6]. - **Basis**: The spot market price is 1620, and the basis is - 82, with the spot at a discount to the futures [6]. - **Inventory**: Steel mill inventory is 609.8 million tons, port inventory is 215.1 million tons, independent coking enterprise inventory is 39.3 million tons, and the total sample inventory is 864.2 million tons, a decrease of 17.9 million tons from last week [6]. - **Market Trend**: The 20 - day line is upward, and the price is above the 20 - day line [6]. - **Main Position**: The main position of coke is net short, with an increase in short positions [6]. - **Expectation**: The arrival of coke at steel mills has improved, and inventory has increased. But the high - level operation of steel mills still guarantees the rigid demand for coke. Affected by pre - parade production restrictions, the increase in coke supply is limited, and it is expected that coke prices will be stable to slightly strong in the short term [6]. - **Positive Factors**: Rising pig iron production and synchronous increase in blast furnace operating rate [8]. - **Negative Factors**: Squeezed profit margins of steel mills and partial over - consumption of restocking demand [8]. Inventory Data - **Port Inventory**: Coking coal port inventory is 282.1 million tons, a decrease of 10.2 million tons from last week; coke port inventory is 215.1 million tons, an increase of 17 million tons from last week [20]. - **Independent Coking Enterprise Inventory**: Coking coal inventory is 844.1 million tons, an increase of 2.9 million tons from last week; coke inventory is 46.5 million tons, a decrease of 3.6 million tons from last week [25]. - **Steel Mill Inventory**: Coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 million tons, a decrease of 13.3 million tons from last week [29]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [42]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [46].

8月11日，焦煤期货盘中高位震荡运行，截至发稿主力合约大幅上涨2.05%，报1244.5元/吨。 【消息面汇总】 内蒙古汇能集团尔林兔煤炭有限公司已通过复工复产检查验收，具备了复工复产条件。依据《煤矿安全 生产条例》(国务院令第774号)第四十九条规定，现予以公告。 机构观点 大越期货：焦企开工率和铁水产量维持高位，炼焦煤刚性需求保持韧性。但经前期补库后节后采购节奏 多有放缓，维持刚需补库为主，预计短期焦煤价格或偏强运行。焦煤2601：1200-1250区间操作。 中原期货：主产地煤矿整体恢复偏慢，供应扰动预期仍存，但下游对高煤价接受度下降，多数煤矿执行 前期订单。焦炭六轮提涨开启，基于当前铁水高位，双焦表现仍相对坚挺，预计短期回调空间有限，高 位震荡运行。 印尼矿业部：1至6月煤炭出口量达2.38亿吨。2025年煤炭产量目标为7.397亿吨。 8月11日吕梁市场炼焦煤竞拍价格上涨。柳林高硫焦精煤A11、S1.85-2.0、G85起拍价850元/吨，成交均 价1249元/吨，较上期7月21日涨159元/吨。 ...

供应恢复偏慢 焦煤市场运行逻辑回归产业端，且近期供应影响更大。国内煤矿7月虽然陆续复产，产量逐步回升，但 煤矿受到井下条件影响，叠加安全、环保等因素的扰动，国内炼焦煤产量恢复偏慢，供应显著低于前期 高位。截至8月1日当周，钢联统计的523家炼焦煤样本矿山精煤、原煤日均产量分别为77.67万吨、 193.56万吨，从低位累计回升3.85万吨、8.54万吨，但相较年内81.69万吨、202.10万吨的高点存有差 距。此外，有关煤矿倒查超产消息不断发酵，7月10日国家能源局发布相关文件通知，要求2025年单个 煤矿产量超过核定产能10%的煤矿停产整顿，引发市场对煤矿后期减产的担忧。据钢联调研反馈，山西 吕梁、长治已有煤矿收到相关通知，个别煤矿甚至停产。 受 "反内卷"预期提振，7月焦煤价格强势上涨，领涨商品市场。不过，随着交易所调整交易限额，叠加 强预期兑现有限，市场乐观情绪修正，焦煤期价高位回落。 乐观情绪修正 7月预期主导市场，黑色金属集体上行，其中焦煤涨幅明显。随着重大会议结束，强预期兑现有限，叠 加经济数据有所走弱，7月底乐观情绪迎来修正。7月30日，中央政治局会议指出，要依法依规治理企业 无序竞争，推进重 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coking Coal**: The fourth round of coke price hikes has been implemented, and coking enterprises' profits have improved. They are increasing their inventory of raw coal, and some are proposing a fifth - round price hike. The market is strengthening, and coking enterprises' production is stable with a maintained enthusiasm for coking coal procurement. However, due to terminal demand and profit constraints, the upward space is limited. It is expected that the coking coal price will be slightly stronger in the short term [2]. - **Coke**: The fourth round of coke price hikes has been quickly implemented, improving coking enterprises' profitability. But the raw material coking coal price is still rising slightly, and production costs are high. Coking enterprises have no obvious intention to increase production. Downstream demand for coke is good, and inventories are low. With steel mills' high - level production supported by profits and low coke inventories, and the high coking coal price, it is expected that coke prices will continue to be slightly stronger in the short term [6]. 3. Summary by Related Catalogs Coking Coal - **Fundamentals**: Coal mines are affected by safety inspections and environmental protection, with supply slowly recovering. Coking enterprises are cautious about purchasing high - priced coal, and the price increase atmosphere has weakened. The auction market prices are mixed, but coal prices are generally stable due to pre - sold orders; bullish [3]. - **Basis**: The spot market price is 1040, and the basis is - 77, indicating that the spot is at a discount to the futures; bearish [3]. - **Inventory**: Steel mills' inventory is 791.1 million tons, port inventory is 321.5 million tons, independent coking enterprises' inventory is 790.2 million tons, and the total sample inventory is 1902.8 million tons, an increase of 45.9 million tons from last week; bearish [3]. - **Market Chart**: The 20 - day moving average is upward, and the price is above the 20 - day moving average; bullish [3]. - **Main Position**: The main position of coking coal is net short, and short positions are decreasing; bearish [3]. - **Factors**: Bullish factors include rising hot metal production and limited supply growth. Bearish factors include slower procurement of raw coal by coking and steel enterprises and weak steel prices [5]. Coke - **Fundamentals**: The fourth round of coke price hikes has been implemented, improving coking enterprises' profitability. But the raw material coking coal price is still rising slightly, and production costs are high. Coking enterprises' production remains at the previous level, and downstream demand is good with low inventories; bullish [6]. - **Basis**: The spot market price is 1570, and the basis is - 106.5, indicating that the spot is at a discount to the futures; bearish [6]. - **Inventory**: Steel mills' inventory is 639 million tons, port inventory is 199.1 million tons, independent coking enterprises' inventory is 55.6 million tons, and the total sample inventory is 839.7 million tons, a decrease of 3.8 million tons from last week; bullish [6]. - **Market Chart**: The 20 - day moving average is upward, and the price is above the 20 - day moving average; bullish [6]. - **Main Position**: The main position of coke is net short, and short positions are increasing; bearish [6]. - **Factors**: Bullish factors include rising hot metal production and increasing blast furnace operating rates. Bearish factors include squeezed profit margins of steel mills and partially over - drawn replenishment demand [8]. Inventory Data - **Port Inventory**: Coking coal port inventory is 312 million tons, a decrease of 1 million tons from last week; coke port inventory is 203.1 million tons, a decrease of 11.1 million tons from last week [20]. - **Independent Coking Enterprises' Inventory**: Coking coal inventory of independent coking enterprises is 669.5 million tons, a decrease of 21.4 million tons from last week; coke inventory is 87.3 million tons, a decrease of 1.1 million tons from last week [23]. - **Steel Mills' Inventory**: Steel mills' coking coal inventory is 774 million tons, an increase of 3.1 million tons from last week; coke inventory is 642.8 million tons, a decrease of 3 million tons from last week [26]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74%, the same as last week [37]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants nationwide is - 46 yuan, a decrease of 27 yuan from last week [41].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The short - term price of coking coal is expected to be stable with a slight upward trend. The production of coking coal has recovered, market sentiment is high, downstream procurement demand has increased, and coal prices will continue the positive trend under restocking support. Although the profit margin of downstream steel mills has been squeezed after accepting the first price increase, the demand for raw materials remains due to high pig iron production and no intention to reduce production [2]. - The short - term price of coke is also expected to be stable with a slight upward trend. Downstream procurement is active, coke inventories are generally low, but the sharp rise in coking coal prices has increased the cost pressure on coke enterprises, and some coke enterprises are still in a state of production restriction. The supply of coke remains tight, and the market bullish sentiment is strong [5]. Summaries According to Relevant Catalogs Daily Viewpoints Coking Coal - Fundamental: Mines are gradually resuming production, market sentiment is high, downstream procurement demand has increased, and coal prices will continue the positive trend under restocking support; the situation is bullish [2]. - Basis: The spot market price is 940, with a basis of 21.5, indicating that the spot price is at a premium to the futures price; the situation is bullish [2]. - Inventory: The total sample inventory is 1775.5 tons, a decrease of 19.3 tons compared to last week; the situation is bullish [2]. - Disk: The 20 - day line is upward, and the price is above the 20 - day line; the situation is bullish [2]. - Main Position: The main net position of coking coal is short, and the short position is decreasing; the situation is bearish [2]. - Expectation: After the downstream steel mills accept the first price increase, although the profit margin is squeezed, the demand for raw materials remains due to high pig iron production and no intention to reduce production. The short - term coking coal price is expected to be stable with a slight upward trend [2]. Coke - Fundamental: Downstream procurement is active, coke inventories are generally low, but the sharp rise in coking coal prices has increased the cost pressure on coke enterprises, and some coke enterprises are still in a state of production restriction. The situation is bullish [5]. - Basis: The spot market price is 1420, with a basis of - 99, indicating that the spot price is at a discount to the futures price; the situation is bearish [5]. - Inventory: The total sample inventory is 933.2 tons, a decrease of 15.2 tons compared to last week; the situation is bullish [5]. - Disk: The 20 - day line is upward, and the price is above the 20 - day line; the situation is bullish [5]. - Main Position: The main net position of coke is short, and the short position is increasing; the situation is bearish [5]. - Expectation: Coke enterprises' profits are low, production enthusiasm is average, some coke enterprises are still in a state of production restriction, the supply of coke remains tight, and the market bullish sentiment is strong. The short - term coke price is expected to be stable with a slight upward trend [5]. Influencing Factors Coking Coal - Bullish factors: Increase in pig iron production; difficulty in increasing supply [4]. - Bearish factors: Slowdown in raw coal procurement by coke and steel enterprises; weak steel prices [4]. Coke - Bullish factors: Increase in pig iron production and simultaneous increase in blast furnace operating rate [7]. - Bearish factors: Squeezed profit margin of steel mills; partial overdraft of restocking demand [7]. Price Information Coking Coal - On July 17, 2025 (17:30), the prices of imported Russian and Australian coking coal are provided, including the prices of various types of coking coal such as main coking coal, 1/3 coking coal, and fat coal at different ports, along with price changes [9]. Coke - On July 17, 2025 (17:30), the prices of port metallurgical coke are provided, including the prices of different grades of metallurgical coke from different origins at various ports, along with price changes [8]. Inventory Information - Port Inventory: Coking coal port inventory is 312 tons, a decrease of 1 ton compared to last week; coke port inventory is 203.1 tons, a decrease of 11.1 tons compared to last week [17]. - Independent Coke Enterprise Inventory: Independent coke enterprises' coking coal inventory is 669.5 tons, a decrease of 21.4 tons compared to last week; coke inventory is 87.3 tons, a decrease of 1.1 tons compared to last week [20]. - Steel Mill Inventory: Steel mills' coking coal inventory is 774 tons, an increase of 3.1 tons compared to last week; coke inventory is 642.8 tons, a decrease of 3 tons compared to last week [23]. Other Information - Coke Oven Capacity Utilization: The capacity utilization rate of 230 independent coke enterprises nationwide is 74%, the same as last week [34]. - Average Profit per Ton of Coke: The average profit per ton of coke for 30 independent coking plants nationwide is - 46 yuan, a decrease of 27 yuan compared to last week [38].

Report Industry Investment Rating No relevant content provided. Core Views - For coking coal, with the expected continued rise in terminal molten iron and stable demand support, along with improved steel mill profitability and some coke enterprises' limited production due to poor profitability, the current restocking demand remains, but the procurement of raw materials is relatively cautious, and high - priced resources have general transactions. It is expected that the coking coal price may remain stable in the short term [2]. - For coke, with high - stable steel mill开工, increased restocking demand from some steel mills, active purchasing by intermediate speculative traders, smooth coke shipments, and enhanced cost support from the recent price increase of some coking coal, it is expected that coke prices may remain stable in the short term [8]. Summary by Related Catalogs Coking Coal Fundamental Analysis - Part of the mines are resuming production, but the output has not returned to normal. Downstream restocking demand is gradually released, and the inventory in the production area is decreasing. The online auction performance has improved, and the prices of some high - quality resources and previously oversold coal varieties have increased slightly, with a neutral outlook [3]. - The spot price is 940, and the basis is 125.5, with the spot at a premium to the futures, showing a bullish signal [3]. - The total sample inventory of coking coal is 1775.5 million tons, a decrease of 19.3 million tons compared to last week, which is bullish [3]. - The 20 - day line is upward, and the price is above the 20 - day line, a bullish sign [3]. - The main position of coking coal is net short, with an increase in short positions, a bearish signal [3]. Factors - Bullish factors include the increase in molten iron production and the difficulty in increasing supply [5]. - Bearish factors are the slowdown in the procurement of raw coal by coking and steel enterprises and the weak steel prices [5]. Coke Fundamental Analysis - Coke enterprises' production load is basically stable, with some having limited production due to profit losses. With the increasing purchasing enthusiasm of intermediate traders and the continuous warming of steel mill demand, coke enterprises' shipments are smooth, and the inventory has decreased, with a neutral outlook [9]. - The spot price is 1320, and the basis is - 68.5, with the spot at a discount to the futures, a bearish signal [9]. - The total sample inventory of coke is 933.2 million tons, a decrease of 15.2 million tons compared to last week, which is bullish [9]. - The 20 - day line is upward, and the price is above the 20 - day line, a bullish sign [9]. - The main position of coke is net short, with a decrease in short positions, a bearish signal [9]. Factors - Bullish factors are the increase in molten iron production and the synchronous increase in blast furnace operating rate [11]. - Bearish factors are the squeezed profit margin of steel mills and the partial overdraft of restocking demand [11]. Inventory - Coking coal port inventory is 312 million tons, a decrease of 1 million tons compared to last week; coke port inventory is 203.1 million tons, a decrease of 11.1 million tons compared to last week [21]. - Independent coke enterprises' coking coal inventory is 669.5 million tons, a decrease of 21.4 million tons compared to last week; coke inventory is 87.3 million tons, a decrease of 1.1 million tons compared to last week [24]. - Steel mills' coking coal inventory is 774 million tons, an increase of 3.1 million tons compared to last week; coke inventory is 642.8 million tons, a decrease of 3 million tons compared to last week [27]. Other Data - The capacity utilization rate of 230 independent coke enterprises nationwide is 74%, the same as last week [38]. - The average profit per ton of coke for 30 independent coking plants nationwide is - 46 yuan, a decrease of 27 yuan compared to last week [42].