根据我们的供需情景估值分析，当前黑色系整体定价乐观，其中焦煤定价严重透支粗钢需求乐观预期， 焦炭受成本定价影响，溢价也偏高。 需求端，根据测算，今年上半年我国粗钢日均需求为284万吨，其中6月日均需求为283万吨。展望下半 年，由于超长期特别国债支持"两重""两新"建设的额度较上半年减少，钢材出口面临的阻力上升，粗钢 需求较上半年存在减少预期。我们乐观估计，下半年我国粗钢日均需求为282万吨，较上半年减少 0.7%，同比增长5.9%。该乐观估计隐含了下半年国内粗钢消费较上半年增长1.4%、同比增长6.6%，以 及粗钢出口较上半年减少2.0%、同比增长0.8%的预期。 供应端，我们的基准假设是2025年国内焦煤产量增加1300万吨，增幅2.7%；进口减少1000万吨，降幅 8.2%；总供给增加300万吨，增幅0.5%。 近期，焦炭价格高位震荡，上涨驱动主要来自原料焦煤价格上涨，即成本定价。焦煤价格上涨主要受煤 炭行业"反内卷"和煤矿核查超产的提振。不过，受需求端钢材累库、铁水减产的牵制，焦煤成本上涨未 能完全传导至焦炭，焦炭价格涨幅小于焦煤。 上周后半周，焦煤涨势有所放缓。钢材供增需减、累库加速，焦煤供需双弱、 ...

Group 1: Polyester Industry Report Industry Investment Rating Not provided Core View The report analyzes the price, cash - flow, and supply - demand situation of various products in the polyester industry. Different products have different trends and outlooks. For example, PX's supply is expected to increase marginally in August, and its supply - demand is expected to weaken; PTA's short - term supply - demand may improve, but it is expected to be weak in the medium - term; ethylene glycol's short - term supply - demand is expected to improve; short - fiber's supply and demand have a small increase, and its price follows raw materials; bottle - chip's inventory is slowly decreasing, and its processing fee has support [2]. Summary by Directory - **Product Prices and Cash - flows**: On August 8th, prices of some products like DTY150/48 decreased by 0.3%, while others like POY150/48 remained unchanged. Cash - flows of some products also changed, such as POY150/48's cash - flow decreased by 28.6% [2]. - **Supply - Demand Analysis**: PX supply increases in August, and with low terminal demand, its supply - demand weakens. PTA has new device production, but low processing fees lead to more unexpected device overhauls. Ethylene glycol has supply changes both at home and abroad, and demand is expected to increase as the off - season ends. Short - fiber's supply and demand slightly increase, and bottle - chip's inventory decreases due to production cuts [2]. Group 2: PVC and Caustic Soda Industry Report Industry Investment Rating Not provided Core View The report presents the price, supply - demand, and inventory situation of PVC and caustic soda. Caustic soda's supply is expected to increase, but there may be support from supply reduction due to enterprise overhauls. PVC's supply pressure is large with new capacity release, and downstream demand has no obvious improvement [7][12]. Summary by Directory - **Price Changes**: On August 8th, the price of Shandong 32% liquid caustic soda remained unchanged at 2500 yuan/ton, and the price of East China calcium - carbide - based PVC decreased by 0.4% to 4890 yuan/ton [7]. - **Supply - Demand and Inventory**: Caustic soda's downstream alumina price is stable, and supply is expected to increase. PVC's new capacity is released continuously, and downstream product enterprise's operating rates are low. Inventory of liquid caustic soda and PVC has different changes, such as liquid caustic soda's East China factory - warehouse inventory increased by 2.0% [7][12]. Group 3: Crude Oil Industry Report Industry Investment Rating Not provided Core View Crude oil prices are running weakly recently. The trading logic is mainly about geopolitical risks and supply - demand relaxation pressure. Geopolitical factors may affect supply, and macro - level factors and basic - level supply - demand also impact the market. The market is bearish, but the price stabilizes after a decline. Short - term observation is recommended [15]. Summary by Directory - **Price and Spread Changes**: On August 11th, Brent decreased by 0.57% to 66.21 dollars/barrel, and WTI decreased by 0.67% to 63.45 dollars/barrel. Some spreads also changed, such as Brent M1 - M3 decreased by 12.73% [15]. - **Market Analysis**: Geopolitical factors like the US - Russia cease - fire negotiation may increase supply expectations. Macro - level new tariffs and sanctions threats affect demand. OPEC +'s production increase and the end of the peak oil - using season strengthen the bearish sentiment [15]. Group 4: Polyolefin Industry Report Industry Investment Rating Not provided Core View In August, the supply of PP and PE increases due to less maintenance and new device production. Demand is at a low level currently, but there is potential for replenishment as the seasonal peak approaches. The overall valuation is moderately high, and the fundamental contradiction is not significant [20]. Summary by Directory - **Price and Spread Changes**: On August 8th, prices of futures contracts like L2601 decreased by 0.27%. Some spreads also changed, such as L2509 - 2601 decreased by 19.40% [20]. - **Supply - Demand and Inventory**: Supply pressure of PP and PE increases in August. Downstream operating rates are low, and inventory of enterprises and society has different degrees of increase [20]. Group 5: Methanol Industry Report Industry Investment Rating Not provided Core View The inventory of methanol accumulates significantly at ports this week. Domestic production is at a high level, and imports in August are still high. Downstream demand is weak due to low profits. 09 contract has a strong inventory - accumulation expectation, while 01 contract has expectations of seasonal peak and Iranian device shutdown [23]. Summary by Directory - **Price and Spread Changes**: On August 8th, MA2601's closing price decreased by 0.88% to 2475 yuan/ton. Some spreads like MA91 spread increased by 15.60% [23]. - **Inventory and Operating Rates**: Methanol enterprise inventory decreased by 9.50%, and port inventory increased by 14.48%. Operating rates of some upstream and downstream enterprises changed, such as Shanghai - domestic enterprise's operating rate increased by 2.28% [23]. Group 6: Pure Benzene - Styrene Industry Report Industry Investment Rating Not provided Core View In the third quarter, the supply - demand of pure benzene is expected to improve, and port inventory may decrease. Short - term price has support, but the rebound space is limited. Styrene's supply is high in the short - term, and its supply - demand pattern is weak, but the downward space is limited [27]. Summary by Directory - **Price and Spread Changes**: On August 8th, the price of pure benzene's East - China spot decreased by 0.4% to 6125 yuan/ton, and styrene's East - China spot decreased by 1.1% to 7270 yuan/ton. Some spreads also changed, such as pure benzene - naphtha decreased by 1.1% [27]. - **Inventory and Operating Rates**: Pure benzene's Jiangsu port inventory decreased by 4.1% to 16.30 million tons, and styrene's Jiangsu port inventory decreased by 3.0% to 15.90 million tons. Operating rates of some industries in the chain changed, such as the Asian pure benzene operating rate decreased by 1.3% [27]. Group 7: Urea Industry Report Industry Investment Rating Not provided Core View The current oscillation of urea is due to the game between the positive factors of the Indian tender's unexpected price and export quota release and the agricultural demand gap. In the short - term, the bullish narrative dominates the market [54]. Summary by Directory - **Price and Spread Changes**: On August 8th, the 05 - contract price of urea decreased by 0.50% to 1784 yuan/ton, and the 09 - contract price decreased by 0.52% to 1728 yuan/ton. Some spreads and basis also changed [52]. - **Supply - Demand Analysis**: Although some enterprises like Hualu Hengsheng are under maintenance, the daily output of urea is still at a high level. The demand impulse from the Indian tender and export policy cannot be falsified in the short - term [54].

大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 沪铜周报（8.4~8.8） 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 上周回顾 沪铜周评: 上周沪铜震荡整理，沪铜主力合约微涨0.11%，收报于78490元/吨。宏观面看，地缘政治扰动铜价,美 国关税再起波澜，全球不稳定因素仍存。国内方面，消费进入淡季，目前来看下游消费意愿一般。产 业端，国内现货交易一般，整体还是刚需交易为主。库存方面，铜库存LME库存155850吨，上周出现小 幅增加，上期所铜库存较上周增9390吨至81933吨。 期货主力 数据来源：博易大师 基本面 1、PMI 2、供需平衡表 3、库存 PMI 数据来源：Wind 供需平衡 2024供需紧平衡，2025过剩 数据来源：Wind 供需平衡 | | | 中国年度供 ...

| 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 原油 | | 供给压力不断上升，油价中枢继续下移。油价进入旺季尾声，随着 OPEC+逐渐 | | | 谨慎看空 | 扩产，原油供给过剩压力逐渐上升，油价下行压力较大，但下降空间在逐渐缩小， | | ★ | | 重点关注 60 美元附近美国页岩油新钻井盈亏平衡点。策略：空单止盈，暂时观 | | | | 望。SC【490-505】 | | | | 液化气估值偏低，持仓升至近期高位，反弹动力上升。成本端油价偏弱，成本端 | | LPG | 谨慎看多 | 利空；基差处于高位，估值中性偏低；下游化工需求尚可，PDH 开工率 70%左 | | ★ | | 右；供给和库存中性偏空，国内商品量小幅上升，港口库存上升。策略：轻仓试 | | | | 多。PG【3750-3850】 | | L | | 现货价格连续上涨，基差走强。近期多数装置陆续重启，国内外价差扩大，转口 意愿提升，供给压力边际增加，社会库存连续 6 周累库。但农膜旺季即将开始， | | | 谨慎看空 | | | ★ | | 开工率连续 3 周上行，关注补库节奏。绝对价 ...

Core Viewpoint - Since 2025, gold and silver indices have shown significant increases, influenced by various factors including inflation rates, interest rates, and supply-demand dynamics [1] Inflation - The Consumer Price Index (CPI) peaked at 9.1% in June 2022 and has since shown a moderate decline, with core CPI and core Personal Consumption Expenditures (PCE) also trending downwards. However, CPI rebounded in February 2024, with June 2025 CPI rising 2.7%, exceeding expectations, and core CPI at 2.9%, in line with forecasts. PCE figures for June 2025 also surpassed market expectations, indicating a two-month inflation increase [1] Interest Rates - U.S. mid-term treasury yields have fluctuated, declining until January 2023, then rebounding since February 2024, approaching last year's highs before retreating again. The yields are currently experiencing wide fluctuations near 24-year lows [1] Supply and Demand - The gold market is experiencing a tight balance between supply and demand, with a slight increase in domestic supply and a notable rise in investment demand. Central banks continue to purchase over 1,000 tons of gold, maintaining a tight balance in the domestic market. Investment demand is expected to surge in the first half of 2025 [1] Employment Data - In July 2025, the U.S. added 73,000 jobs, marking a nine-month low, with average hourly earnings growth steady at 0.3% and an unemployment rate of 4.2%. Non-farm employment data significantly underperformed expectations [1] Market Outlook - Recent trends show gold futures rising after a strong opening, with Chicago gold surpassing previous highs. The focus is on whether Shanghai gold can break through its upper range. The market has been consolidating for several months, with potential support at the lower range. In the second half of 2025, central bank purchases, ETF investments, and a weak dollar are expected to support gold's wide fluctuations. A Fed rate cut is anticipated in September, with potential for further gold price increases in Q4 [1] Investment Strategy - The recommendation is to hold long positions in gold and observe market conditions for potential increases in positions, while maintaining a cautious stance on options [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report Naphtha and Ethylene - The contradiction of naphtha in the second half of the year lies in the dual increase of supply and demand. The supply side is affected by OPEC's production increase and new refining capacity, while the demand side is driven by new cracking devices. Near - term ethylene cracking profit is greatly influenced by crude oil. Ethylene is expected to shift from a short - term tight supply - demand situation to an oversupply in the fourth quarter [9]. Fuel Oil and Low - Sulfur Fuel Oil - The price weakness of fuel oil and low - sulfur fuel oil is difficult to change in the short term. The supply of the fuel oil market is generally loose, and the low - sulfur fuel oil supply in the Asia - Pacific market is expected to increase. Domestic low - sulfur fuel oil prices are also under pressure, but the new export quota may support the price [160]. Summary by Relevant Catalogs Naphtha Part - **Supply**: With OPEC's production increase, the Middle East export center has risen. Russian exports are expected to remain stable, and the arbitrage cargo in Asia will decrease after September [9]. - **Demand**: Weekly Northeast Asian naphtha imports have decreased, but ethylene cracking profit has rebounded, and propane cracking economy has weakened, which is beneficial to the increase of naphtha demand [9]. - **Price and Valuation**: Asian gasoline - naphtha spread is 64 dollars/ton (+6 dollars/ton), European gasoline - naphtha spread is 143 dollars/ton (+7 dollars/ton), and Asian aromatics reforming profit is 27 dollars/ton (+11 dollars/ton) [9]. - **Balance Sheet**: The supply side may see a slight reduction in arbitrage cargo, and the demand side is expected to increase. The market is expected to continue de - stocking in the long term [91]. Ethylene Part - **Global Capacity and Logistics**: In 2025, the growth of global ethylene cracking capacity is mainly concentrated in China. Asia is the main pricing area, with clear import and export routes [107][109]. - **Price and Profit**: This week, the domestic ethylene price rebounded, and the profit of downstream derivatives was compressed. Overseas ethylene derivatives' profit was in a low - level shock [110][116]. - **Balance Sheet**: The supply and demand of domestic ethylene increased this week. The supply - demand relationship in September will tighten, but it will gradually ease after October [135]. Olefin - Aromatic Association - **Aromatic Relative Valuation**: This week, with the significant decline of crude oil, the relative valuation of downstream aromatics to upstream has rebounded. Overseas aromatic valuation has increased, and the spread with Asia has slightly widened [144][148]. Fuel Oil and Low - Sulfur Fuel Oil - **Supply**: The global fuel oil supply is generally loose. Middle East exports are expected to increase in August, and the supply of low - sulfur fuel oil in the Asia - Pacific market is expected to rise [160]. - **Demand**: The port bunkering demand for low - sulfur fuel oil in China is weak, and the demand in the Singapore market is also sluggish [160]. - **Inventory**: The Singapore market has entered a high - inventory state, and the spot digestion is difficult [160]. - **Price and Spread**: The price of fuel oil continues to decline, and the LU's previous strength has further weakened. The FU and LU's near - term contango structure will continue [160].

Core Viewpoint - After a brief adjustment, lithium carbonate futures have experienced a significant price increase, with the main contract closing at 76,960 yuan/ton on August 8, marking a weekly rise of over 10% [1] Supply Changes and Price Drivers - The market's focus has shifted to the progress of mining license renewals in Jiangxi, with expectations of production cuts driving the potential for supply contraction, which is a key factor for price increases [3] - Despite the uncertainty surrounding potential production halts, this has led to heightened sensitivity in market trading rhythms [3] - Current weekly production of lithium carbonate remains high, and rising prices have encouraged some companies to increase operational willingness, with expectations of increased output from African and South American sources [3] - Social inventory growth is limited, indicating that downstream sectors still have some capacity for absorption, although rapid price increases have led to a cautious stance among processing and end-user companies [3] Demand Changes and Market Sentiment - Demand-side changes have not led to a comprehensive boost, but there are still expectations for a seasonal peak, with a slight decline in new energy vehicle sales in the first half of the year [4] - There are signs of increased production plans for cathode materials and battery cells, which bolster confidence among some market participants to maintain long positions and enhance raw material replenishment intentions [4] - The impact of market sentiment has been particularly pronounced, with ongoing speculation about production halts leading to significant short-term price fluctuations [4] - Despite prices being at high levels, market volatility may continue until actual procurement activities commence, necessitating a stable response from investment and industrial procurement to mitigate risks from over-expectation [4]

Core Viewpoint - Lithium carbonate futures have rebounded after a brief correction, with a weekly increase of 11.02% as of August 8, closing at 76,960 yuan/ton [2][3]. Price Movement - The main contract for lithium carbonate (LC2511) closed at 76,960 yuan/ton, reflecting a weekly increase of 11.02% [2]. - Weekly production of lithium carbonate increased by over 13% to 19,600 tons as of August 7, while weekly inventory only rose by 692 tons, indicating stable downstream demand [4]. Supply and Demand Dynamics - Concerns about potential production halts at a major mine in Jiangxi are influencing market sentiment, with expectations leaning towards a production cut [4][5]. - The market is currently in a relatively balanced supply-demand phase, with some marginal improvements in fundamentals as demand expectations improve [4]. - Despite the price recovery, supply remains high, and the elasticity of supply is still significant, suggesting limited room for further price increases even if production halts occur [5][6]. Future Outlook - Analysts suggest that if the current operating rates for mica-derived lithium remain stable, there will be no substantial impact on supply-demand dynamics, although supply shortage concerns may persist [6]. - The potential for overseas supply to increase could exert downward pressure on lithium carbonate prices if related policies do not create sustained constraints [6]. - Investors are advised to approach market fluctuations with caution, as excessive speculation on supply disruptions may pose risks [6].

Group 1: Report's Overall Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Views of the Report - For copper, the US tariff details on copper mainly affect the market in several ways, including the reversal of the CL arbitrage spread logic, potential outflow of US export supply, and a more relaxed import situation in China. The report is not pessimistic about copper prices in Q3 and Q4, seeing dips as opportunities [1]. - For aluminum, supply has increased slightly, and August is expected to be a seasonal off - peak for demand. Inventory is expected to continue to accumulate slightly in August. Attention should be paid to demand and low - inventory trading strategies [1]. - For zinc, prices have fluctuated downward. Supply is increasing, while domestic demand is seasonally weak and overseas demand is average. Short - term strategies include waiting and watching, holding long positions in the domestic - foreign positive spread, and looking for opportunities in the positive spread between months [2]. - For nickel, supply remains high, demand is weak, and inventory is stable. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [3]. - For stainless steel, supply has decreased due to some steel mill cut - backs, demand is mainly for rigid needs with some restocking, and the overall fundamentals are weak. Attention should be paid to future policy trends [3]. - For lead, prices have declined this week. Supply is tight, demand is weak, and there is expected to be inventory accumulation in July. However, lead prices are expected to rise next week as battery factories replenish stocks [5]. - For tin, prices have fluctuated widely. Supply may decline slightly in July - August, and demand is expected to slow down. The market is in a situation of weak supply and demand, and short - term short - selling at high prices is recommended [7]. - For industrial silicon, the recent supply reduction by leading enterprises has improved the supply - demand balance. The复产 rhythm of Southwest China and Hesheng is crucial. In the long - term, the market will mainly oscillate at the bottom of the cycle [10]. - For lithium carbonate, the market is affected by resource - end compliance issues. In the short - term, there is upward potential if risks are realized, while in the long - term, prices will oscillate at a low level if risks are resolved [12]. Group 3: Summary by Metal Copper - Market trading this week focused on the results of the 232 investigation. The US decision not to impose tariffs on refined copper but only on copper products exported to the US has had a significant impact on the market. The CL spread may shift towards export profit, US supply may flow out, and China's import situation may become more relaxed. The market demand support remains, and dips in copper prices are seen as opportunities [1]. Aluminum - Supply has increased slightly, with imports providing an increment from January to May. August is a seasonal off - peak for demand, with weak aluminum product exports and a decline in the photovoltaic sector. Inventory is expected to accumulate slightly in August. Attention should be paid to demand and low - inventory trading strategies [1]. Zinc - Prices have fluctuated downward this week. The domestic processing fee (TC) has increased in August, and smelting output has increased. Domestic demand is seasonally weak, and overseas demand is average. Domestic social inventory is rising, and overseas LME inventory has been decreasing since May. Short - term strategies include waiting and watching, holding long positions in the domestic - foreign positive spread, and looking for opportunities in the positive spread between months [2]. Nickel - Supply of pure nickel remains at a high level, demand is weak overall, and inventory at home and abroad is stable. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [3]. Stainless Steel - Supply has decreased due to some steel mill cut - backs since late May. Demand is mainly for rigid needs, with some restocking due to the macro - environment. Costs are stable, and inventory in Xifu has decreased slightly. The overall fundamentals are weak, and attention should be paid to future policy trends [3]. Lead - Prices have declined this week. Supply is tight due to low scrap battery supply and high - cost recycling. Demand is weak, with high battery inventory and low consumer purchasing power. There is expected to be inventory accumulation in July, but prices are expected to rise next week as battery factories replenish stocks [5]. Tin - Prices have fluctuated widely this week. Supply may decline slightly in July - August due to low processing fees and upcoming maintenance in domestic smelters. Overseas, there are signs of production resumption in Wa State, and the import volume from the DRC has exceeded expectations. Demand is expected to slow down, and there is a risk of a short squeeze in the LME market. Short - term short - selling at high prices is recommended [7]. Industrial Silicon - The recent supply reduction by leading enterprises has improved the supply - demand balance. The market inventory has decreased significantly, and the high basis has led to the cancellation of warehouse receipts. The复产 rhythm of Southwest China and Hesheng is crucial. In the long - term, the market will mainly oscillate at the bottom of the cycle due to over - capacity [10]. Lithium Carbonate - The market has been affected by the implementation of the Mineral Resources Law and resource - end compliance issues. In the short - term, there is upward potential if risks are realized. In the long - term, prices will oscillate at a low level if risks are resolved, and a significant weakening of demand is needed to open up further downward space [12].

Group 1: Report Industry Investment Rating - No information provided in the content Group 2: Report's Core Viewpoints Steel - In the short - term, steel inventory pressure is not significant. With demand shifting from the off - peak to the peak season, steel prices are expected to be supported. It is recommended to hold existing long positions, and be cautious about chasing long due to limited release of terminal demand. The main risk lies in the interference of coking coal supply expectations [1] Iron Ore - The shipment volume is expected to decline, while the iron level will remain high in August. Steel exports are strong, short - term iron water toughness persists. Considering the upcoming policies and potential production restrictions, iron ore prices will mainly follow steel prices. It is recommended to go long on dips and conduct an arbitrage strategy of going long on coking coal and short on iron ore [4] Coking Coal and Coke - Coke has potential for further price increases, and coking coal prices are generally stable with an upward bias. Supply is tight, and demand has some support. It is recommended to go long on dips for both coking coal 2601 and coke 2601, and switch to a positive spread strategy for both coke 9 - 1 and coking coal 9 - 1 [6] Group 3: Summary by Relevant Catalogs Steel Price and Spread - For rebar, spot prices in East China, North China, and South China mostly increased, while futures prices of different contracts also showed minor increases. For hot - rolled coils, spot prices remained stable, and futures prices decreased slightly [1] Cost and Profit - Steel billet prices increased, and costs of different steelmaking processes in different regions showed varying degrees of increase. Profits of rebar and hot - rolled coils in different regions also increased [1] Production - Daily average pig iron output decreased by 0.6% to 240.7 tons, and the output of five major steel products increased by 0.1% to 867.4 tons. Rebar production decreased by 0.4%, while hot - rolled coil production increased by 1.7% [1] Inventory - The inventory of five major steel products increased by 1.2% to 1351.9 tons, rebar inventory increased by 1.4% to 546.3 tons, and hot - rolled coil inventory increased by 0.8% to 348.0 tons [1] Transaction and Demand - Building material trading volume decreased by 3.5%, the apparent demand for five major steel products decreased by 1.9%, rebar's apparent demand decreased by 6.1%, and hot - rolled coil's apparent demand increased by 1.5% [1] Iron Ore Price and Spread - Warehouse receipt costs of various iron ore types mostly decreased, and spot prices also showed a downward trend. The 5 - 9 spread increased by 9.1%, while the 9 - 1 spread decreased by 17.1% [4] Supply - The arrival volume at 45 ports increased by 11.9% to 2507.8 tons, and the national monthly import volume increased by 8.0% to 10594.8 tons. The global shipment volume decreased by 4.3% to 3061.8 tons [4] Demand - The daily average pig iron output of 247 steel mills decreased by 0.6% to 240.7 tons, national monthly pig iron output decreased by 3.0%, and national monthly crude steel output decreased by 3.9% [4] Inventory - The inventory at 45 ports increased by 0.6% to 13740.97 tons, the imported ore inventory of 247 steel mills increased by 1.4% to 9012.1 tons, and the inventory available days of 64 steel mills remained unchanged [4] Coking Coal and Coke Price and Spread - Coking coal and coke futures prices showed a strong upward trend. The fifth round of coke price increase was officially implemented, with an increase of 50/55 yuan/ton. Coking coal auction prices were stable with an upward bias [6] Supply - Coke production increased slightly, while the production of Fenwei sample coal mines decreased. Coal mine开工 decreased month - on - month [6] Demand - The demand for coke and coking coal was mainly supported by the high - level but slightly declining blast furnace pig iron production [6] Inventory - Coke inventory in coking plants and steel mills decreased, while port inventory increased slightly. Coking coal inventory in coking plants and steel mills increased, and port inventory decreased [6]