Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coking Coal**: Steel billet prices are slightly adjusted, steel trading is average, and there is a possibility of expanded maintenance due to poor profits, leading to cautious procurement by enterprises. However, high pig iron production supports coking coal demand during the peak season, with most enterprises purchasing as needed. Short - term coking coal prices are expected to be weakly stable [2]. - **Coke**: Steel mills maintain high pig iron production, and coke enterprises can maintain stable operation with current profit levels. But steel prices are volatile, pig iron production has peaked and declined, weakening the bullish sentiment in the market. Additionally, the sales pressure of steel products restricts the upward momentum of coke prices. Short - term coke prices are expected to remain stable [7]. 3. Summary by Relevant Catalogs Coking Coal - **Fundamentals**: Some coal mines have slightly fluctuating production, but the overall supply pattern remains unchanged. Coking and steel enterprises purchase as needed, and intermediate speculative traders' purchasing enthusiasm has slowed down. New coal mine orders have decreased, and the online auction sentiment has weakened, with some coal prices falling and coal mine quotations slightly adjusted. However, the inventory pressure of coking coal in coal mines is small, remaining at a medium - low level, and the market is mainly in a wait - and - see state [3]. - **Basis**: The spot market price is 1260, and the basis is 114, indicating that the spot price is higher than the futures price [3]. - **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 [3]. - **Disk**: The 20 - day line is upward, and the price is below the 20 - day line [3]. - **Main Position**: The main position of coking coal is net long, and the long position has increased [3]. - **Factors**: Bullish factors include rising pig iron 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**: With the price adjustment of some coking coal at the raw material end and the first - round price increase of coke, the profit of coking enterprises has slightly recovered. Currently, coking enterprises' profits are mostly on the verge of profit and loss, with stable operation and low inventory, but there is a lack of confidence in further price increases [8]. - **Basis**: The spot market price is 1610, and the basis is - 32.5, indicating that the spot price is lower than the futures price [8]. - **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 [8]. - **Disk**: The 20 - day line is upward, and the price is below the 20 - day line [8]. - **Main Position**: The main position of coke is net short, and the short position has increased [8]. - **Factors**: Bullish factors include rising pig iron production and increasing blast furnace operating rates; bearish factors include squeezed steel mill profit margins and partially overdrawn replenishment demand [10]. Price - **Imported Coking Coal**: On October 13 (17:30), the prices of imported coking coal from Russia and Australia at different ports are provided, with some prices showing changes [11]. - **Port Metallurgical Coke**: On October 13 (17:30), the prices of port metallurgical coke at different ports, with different grades and from different origins, are provided, with some prices rising [12]. Inventory - **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 [22]. - **Independent Coking Enterprise Inventory**: Independent coking enterprise 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 [27]. - **Steel Mill Inventory**: Steel mill 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 [32]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [45]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [49].

| | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1550.00 | 0.00 | 47.00 | 140.00 | -3.13% Peak Downs | 206.00 | 0.50 | 1.00 | 4.50 | -21.80 | | 原煤口岸库提价 | 1028.00 | -6.00 | -12.00 | 98.00 | -19.06% Goonyella | 205.50 | 0.00 | 0.50 | 3.00 | -22.30 | | 沙河驿蒙5# | 1450.00 | 0.00 | 60.00 | 70.00 | -17.14% 盘面05 | 1262.00 | 20.50 | -42.00 | 122.50 | -14.50% | | 安泽主焦 | 1530.00 | 0.00 | -60.00 | 110.00 | -15.00% 盘面09 | 1347.00 | ...

焦煤日报 2025/10/10 研究中心黑色团队 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1550.00 | 0.00 | 47.00 | 140.00 | -3.13% Peak Downs | 205.50 | 0.50 | 0.50 | 5.50 | -18.50 | | 原煤口岸库提价 | 1012.00 | -3.00 | -26.00 | 103.00 | -19.04% Goonyella | 205.50 | 0.50 | 0.50 | 5.00 | -18.50 | | 沙河驿蒙5# | 1450.00 | 0.00 | 60.00 | 70.00 | -17.14% 盘面05 | 1241.50 | 10.00 | -76.50 | 77.00 | -17.89% | | 安泽主焦 | 1530.00 | -60.00 | -60.00 | 100.00 ...

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 30, 2025 [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1550.00, with a daily change of 47.00, weekly change of 47.00, and monthly change of 140.00 [2] - **原煤口岸库提价**: The latest price is 1018.00, with a daily change of -22.00, weekly change of -22.00, monthly change of 98.00, and annual change of -13.36% [2] - **沙河驿蒙5**: The latest price is 1390.00, with a weekly change of 40.00, monthly change of 10.00, and annual change of -14.20% [2] - **安泽主焦**: The latest price is 1590.00, with a weekly change of 90.00, monthly change of 140.00, and annual change of -8.09% [2] Inventory - **总库存**: The latest inventory is 3359.19, with a weekly change of -13.79, monthly change of -148.46, and annual change of -12.87% [2] - **煤矿库存**: The latest inventory is 210.96, with a weekly change of -21.83, monthly change of -72.66, and annual change of -24.21% [2] - **港口库存**: The latest inventory is 282.19, with a weekly change of 11.08, monthly change of 20.70, and annual change of -30.34% [2] - **钢厂焦煤库存**: The latest inventory is 790.34, with a weekly change of -3.39, monthly change of -21.97, and annual change of 9.33% [2] - **焦化焦煤库存**: The latest inventory is 940.41, with a weekly change of 56.87, monthly change of -26.00, and annual change of 7.95% [2] Coking Data - **焦化产能利用率**: The latest utilization rate is 75.43, with a weekly change of -0.44, monthly change of 2.07, and annual change of 8.30% [2] - **焦化焦炭库存**: The latest inventory is 85.64, with a weekly change of -0.39, monthly change of 0.65, and annual change of -0.55% [2] Futures Data - **盘面05**: The latest price is 1258.50, with a daily change of -45.50, weekly change of -42.50, monthly change of 93.00, and annual change of -18.33% [2] - **盘面09**: The latest price is 1333.50, with a daily change of -40.50, weekly change of -37.00, monthly change of 370.50, and annual change of -14.44% [2] - **盘面01**: The latest price is 1171.50, with a daily change of -43.00, weekly change of -38.00, monthly change of 50.00, and annual change of -21.53% [2] - **05基差**: The latest value is -65.63, with a daily change of 45.50, weekly change of 42.50, monthly change of 32.29, and annual change of 161.81 [2] - **09基差**: The latest value is -140.63, with a daily change of 40.50, weekly change of 37.00, monthly change of -245.21, and annual change of -0.43 [2] - **01基差**: The latest value is 21.37, with a daily change of 43.00, weekly change of 38.00, monthly change of 75.29, and annual change of -1.12 [2] - **5 - 9价差**: The latest value is -75.00, with a daily change of -5.00, weekly change of -5.50, monthly change of -277.50, and annual change of 3.29 [2] - **9 - 1价差**: The latest value is 162.00, with a daily change of 2.50, weekly change of 1.00, monthly change of 320.50, and annual change of 1.47 [2] - **1 - 5价差**: The latest value is -87.00, with a daily change of 2.50, weekly change of 4.50, monthly change of -43.00, and annual change of 0.81 [2]

Group 1: Report Overview - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 19, 2025 [1] Group 2: Price Information - **Spot Prices**: - LiuLin Main Coking Coal: The latest price is 1503.00, with no daily change, a weekly increase of 102.00, a monthly increase of 50.00, and an annual increase of 7.36% [2] - Raw Coal Port Delivery Price: The latest price is 990.00, a daily decrease of 10.00, a weekly increase of 47.00, a monthly increase of 34.00, and an annual decrease of 13.16% [2] - ShaHeYi Meng 5: The latest price is 1350.00, with no daily change, a weekly decrease of 30.00, a monthly decrease of 30.00, and an annual decrease of 18.18% [2] - AnZe Main Coking Coal: The latest price is 1500.00, with no daily change, a weekly increase of 80.00, a monthly increase of 30.00, and an annual decrease of 10.71% [2] - **Peak Downs and Goonyella**: - Peak Downs: The latest price is 203.00, a daily increase of 0.50, a weekly increase of 1.50, a monthly decrease of 2.50, and an annual increase of 1.00 [2] - Goonyella: The latest price is 204.00, a daily increase of 1.00, a weekly increase of 1.50, a monthly decrease of 5.50, and an annual increase of 2.00 [2] - **Futures Prices**: - Futures 05: The latest price is 1302.50, a daily decrease of 6.50, a weekly increase of 82.00, a monthly increase of 93.00, and an annual increase of 2.24% [2] - Futures 09: The latest price is 1360.50, a daily decrease of 3.00, a weekly increase of 402.50, a monthly increase of 316.00, and an annual increase of 5.92% [2] - Futures 01: The latest price is 1215.50, a daily decrease of 14.00, a weekly increase of 78.00, a monthly increase of 51.50, and an annual decrease of 4.25% [2] Group 3: Inventory and Capacity Utilization - **Inventory**: - Total Inventory: The latest inventory is 3372.99, a weekly increase of 56.61, a monthly decrease of 100.63, and an annual decrease of 10.92% [2] - Coal Mine Inventory: The latest inventory is 232.79, a weekly decrease of 21.73, a monthly decrease of 42.85, and an annual decrease of 15.02% [2] - Port Inventory: The latest inventory is 271.11, a weekly decrease of 4.38, a monthly increase of 15.62, and an annual decrease of 34.53% [2] - Steel Mill Coking Coal Inventory: The latest inventory is 793.73, a weekly decrease of 2.03, a monthly decrease of 12.07, and an annual increase of 10.49% [2] - Coking Plant Coking Coal Inventory: The latest inventory is 883.54, a weekly decrease of 36.51, a monthly decrease of 93.34, and an annual increase of 4.31% [2] - Coking Plant Coke Inventory: The latest inventory is 86.03, a weekly increase of 0.10, a monthly decrease of 0.14, and an annual decrease of 0.06% [2] - **Capacity Utilization**: Coking Capacity Utilization is 75.87, a weekly decrease of 0.05, a monthly increase of 1.45, and an annual increase of 9.88% [2] Group 4: Basis and Spread - **Basis**: - 05 Basis: The latest basis is -18.94, a daily increase of 82.36, a weekly increase of 16.85, a monthly decrease of 61.97, and an annual decrease of 217.01 [2] - 09 Basis: The latest basis is -76.94, a daily increase of 78.86, a weekly decrease of 303.65, a monthly decrease of 284.97, and an annual decrease of 1.41 [2] - 01 Basis: The latest basis is 68.06, a daily increase of 89.86, a weekly increase of 20.85, a monthly decrease of 20.47, and an annual decrease of 0.66 [2] - **Spread**: - 5 - 9 Spread: The latest spread is -58.00, a daily decrease of 3.50, a weekly decrease of 320.50, a monthly decrease of 223.00, and an annual increase of 4.52% [2] - 9 - 1 Spread: The latest spread is 145.00, a daily increase of 11.00, a weekly increase of 324.50, a monthly increase of 264.50, and an annual increase of 8.67% [2] - 1 - 5 Spread: The latest spread is -87.00, a daily decrease of 7.50, a weekly decrease of 4.00, a monthly decrease of 41.50, and an annual increase of 18.33% [2]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: September 1, 2025 [1] Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Data Summary Coal Prices - The latest price of Liulin Main Coking Coal is 1410.00, with a daily change of -95.00, a weekly change of -43.00, a monthly change of 98.00, and an annual change of 0.71% [2] - The latest price of Raw Coal Port Delivery Price is 980.00, with a daily change of 21.00, a weekly change of 18.00, a monthly change of 100.00, and an annual change of -15.88% [2] - The latest price of Shaheyi Meng 5 is 1380.00, with no daily or weekly change, a monthly change of 160.00, and an annual change of -16.36% [2] - The latest price of Anze Main Coking Coal is 1470.00, with no daily or weekly change, a monthly change of -30.00, and an annual change of -12.50% [2] Inventory - The total coking coal inventory is 3507.66, with a weekly increase of 34.05, a monthly increase of 57.08, and an annual decrease of 8.73% [2] - The coal mine inventory is 283.62, with a weekly increase of 7.98, a monthly increase of 35.36, and an annual decrease of 14.12% [2] - The port inventory is 261.49, with a weekly increase of 6.00, a monthly decrease of 30.85, and an annual decrease of 26.42% [2] - The steel mill coking coal inventory is 812.31, with a weekly increase of 6.51, a monthly increase of 12.80, and an annual increase of 13.20% [2] - The coking plant coking coal inventory is 966.41, with a weekly decrease of -10.47, a monthly decrease of -18.97, and an annual increase of 20.39% [2] Coking Capacity Utilization and Coke Inventory - The coking capacity utilization rate is 73.36, with a weekly decrease of -1.06, a monthly decrease of -0.33, and an annual increase of 5.37% [2] - The coking plant coke inventory is 84.99, with a weekly decrease of -1.18, a monthly decrease of -1.63, and an annual decrease of -1.98% [2] Futures Market - The latest price of Futures Contract 05 is 1199.50, with a daily increase of 5.50, a weekly decrease of -44.50, a monthly increase of 57.50, and an annual decrease of -12.83% [2] - The latest price of Futures Contract 09 is 990.00, with a daily decrease of -15.50, a weekly decrease of -73.00, a monthly decrease of -27.00, and an annual decrease of -24.77% [2] - The latest price of Futures Contract 01 is 1156.50, with a daily increase of 4.00, a weekly decrease of -42.00, a monthly increase of 41.50, and an annual decrease of -16.38% [2] - The 05 basis is 38.09, with a daily decrease of -5.50, a weekly increase of 29.56, a monthly decrease of -27.61, and an annual decrease of -115.45 [2] - The 09 basis is 247.59, with a daily increase of 15.50, a weekly increase of 58.06, a monthly increase of 56.89, and an annual increase of 0.16 [2] - The 01 basis is 81.09, with a daily decrease of -4.00, a weekly increase of 27.06, a monthly decrease of -11.61, and an annual decrease of -0.45 [2] - The 5 - 9 spread is 209.50, with a daily increase of 21.00, a weekly increase of 28.50, a monthly increase of 84.50, and an annual increase of 2.49 [2] - The 9 - 1 spread is -166.50, with a daily decrease of -19.50, a weekly decrease of -31.00, a monthly decrease of -68.50, and an annual increase of 1.49 [2] - The 1 - 5 spread is -43.00, with a daily decrease of -1.50, a weekly increase of 2.50, a monthly decrease of -16.00, and an annual decrease of -7.14 [2]

焦煤焦炭早报（2025-7-14） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 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。 每日观点 焦煤： 交易咨询业务资格：证监许可【2012】1091号 1、基本面：区域内多数煤矿生产平稳，产量水平稳定。随着终端需求逐渐上升，下游焦钢对原料煤采 购积极，多数煤矿库存低位，矿方心态乐观，报价多相对坚挺。且竞拍市场成交向好，线上竞价积极， 整体看炼焦煤市场整体交投氛围良好；偏多 2、基差：现货市场价930，基差17；现货升水期货；偏多 3、库存：钢厂库存774万吨，港口库存312万吨，独立焦企库存669.5万吨，总样本库存1775.5万吨，较 上周减少19.3万吨；偏多 4、盘面：20日线向上，价格在20日线上方；偏多 5、主力持仓：焦煤主力净空，空减；偏空 6、预期：下游钢焦企业长期低库存，近期补库需求持续释放，高炉铁水高位震荡，但需求仍在高位， 加 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coking Coal**: The supply of coking coal is expected to gradually return to a high level as coal mines resume production. The downstream procurement willingness remains strong, and the coal mine inventory is mostly at a medium - low level. The short - term price is expected to remain stable. Although the steel mill's profit has improved after the price adjustment of raw materials, the coking enterprises are limited by profit, and the transaction of some high - price resources is average [2]. - **Coke**: The profit of coking enterprises is meager, and the cost has increased due to the rising raw material prices. Some loss - making coking enterprises continue to limit production, leading to a tightening supply. With the rigid demand from downstream steel mills and the active purchasing of speculative traders, coking enterprises continue to reduce inventory. The short - term price is expected to remain stable [5]. 3. Summaries by Related Catalogs Coking Coal - **Fundamentals**: The supply is expected to increase as coal mines resume production. The downstream procurement is active, and the market sentiment has improved. Some coal prices have been adjusted, and the overall market is stable [2]. - **Base Difference**: The spot price is 940, and the base difference is 96.5, indicating that the spot price is higher than the futures price [2]. - **Inventory**: The total sample inventory is 1775.5 tons, a decrease of 19.3 tons from last week, including 774 tons in steel mills, 312 tons in ports, and 669.5 tons in independent coking enterprises [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, and the short position is decreasing [2]. - **Factors**: Positive factors include the increase in molten iron production and limited supply growth; negative factors include the slowdown of raw coal procurement by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: Coking enterprises' profits are thin, production costs have increased, and some enterprises are reducing production. The supply is tightening, while the downstream rigid demand exists, and the inventory of coking enterprises is decreasing [5]. - **Base Difference**: The spot price is 1350, and the base difference is - 74.5, indicating that the spot price is lower than the futures price [5]. - **Inventory**: The total sample inventory is 933.2 tons, a decrease of 15.2 tons from last week, including 642.8 tons in steel mills, 203.1 tons in ports, and 87.3 tons in independent coking enterprises [5]. - **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, and the short position is decreasing [6]. - **Factors**: Positive factors include the increase in molten iron production and the rise in blast furnace operating rate; negative factors include the compression of steel mill profits and the partial overdraft of replenishment demand [8]. Inventory - **Port Inventory**: Coking coal port inventory is 312 tons, a decrease of 1 ton from last week; coke port inventory is 203.1 tons, a decrease of 11.1 tons from last week [19]. - **Independent Coking Enterprises Inventory**: Coking coal inventory in independent coking enterprises is 669.5 tons, a decrease of 21.4 tons from last week; coke inventory is 87.3 tons, a decrease of 1.1 tons from last week [22]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 774 tons, an increase of 3.1 tons from last week; coke inventory is 642.8 tons, a decrease of 3 tons from last week [25]. Other Indicators - **Coking Oven Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises is 74%, the same as last week [36]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants is - 46 yuan, a decrease of 27 yuan from last week [40].

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: June 27, 2025 [1] 1. Price Information - **Domestic Coking Coal Prices**: The latest price of Liulin Main Coking Coal is 1113.00, with a weekly increase of 8.00 and an annual decrease of 38.17%; the price of Anze Main Coking Coal is 1170.00, with no weekly change and an annual decrease of 38.42%; the price of Shaheyi Mongolian No. 5 is 1060.00, with a weekly decrease of 20.00 and an annual decrease of 41.11% [2]. - **Imported Coking Coal Prices**: The latest price of Peak Downs is 188.00, with a weekly decrease of 0.50 and an annual decrease of 85.50; the price of Goonyella is 192.00, with a weekly decrease of 0.50 and an annual decrease of 81.50 [2]. - **Port Coal Prices**: The latest price of raw coal at the port is 724.00, with a daily increase of 5.00, a weekly increase of 14.00, and an annual decrease of 44.31% [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 873.00, with a daily increase of 14.50, a weekly increase of 28.00, and an annual decrease of 48.28%; the price of Futures Contract 09 is 808.00, with a daily increase of 17.00, a weekly increase of 11.00, and an annual decrease of 47.45%; the price of Futures Contract 01 is 848.00, with a daily increase of 15.50, a weekly increase of 27.50, and an annual decrease of 49.55% [2]. 2. Inventory Information - **Total Inventory**: The total coking coal inventory is 3939.89, with a weekly decrease of 105.51, a monthly decrease of 136.05, and an annual increase of 17.68% [2]. - **Sub - inventory**: Coal mine inventory is 463.09, with a weekly decrease of 36.06, a monthly decrease of 9.94, and an annual increase of 61.38%; port inventory is 303.31, with a weekly decrease of 8.71, a monthly increase of 1.75, and an annual increase of 29.34%; steel mill coking coal inventory is 774.66, with a weekly increase of 0.68, a monthly decrease of 24.09, and an annual increase of 2.70%; coking plant coking coal inventory is 795.79, with a weekly decrease of 2.28, a monthly decrease of 69.94, and an annual decrease of 13.69% [2]. 3. Other Information - **Coking Capacity Utilization Rate**: The coking capacity utilization rate is 73.35, with a weekly decrease of 0.22, a monthly decrease of 2.31, and an annual increase of 0.53% [2]. - **Coking Coke Inventory**: The coking coke inventory is 87.46, with a daily increase of 0.07, a monthly increase of 0.16, and an annual increase of 0.18% [2]. - **Basis and Spread**: The 05 basis is - 137.90, with a daily decrease of 14.50; the 09 basis is - 72.90, with a daily decrease of 17.00; the 01 basis is - 112.90, with a daily decrease of 15.50; the 5 - 9 spread is 65.00, with a daily decrease of 2.50; the 9 - 1 spread is - 40.00, with a daily increase of 1.50; the 1 - 5 spread is - 25.00, with a daily increase of 1.00 [2].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Coking Coal**: The supply of coking coal is stable, but the market is bearish due to factors such as the slowdown in downstream replenishment demand, inventory accumulation in some mines, and a decline in online auction results. Although the daily average hot metal production remains high, the demand for coking coal is expected to remain stable in the short - term. With the first - round decline in coke prices, coking enterprises are purchasing raw coal passively, and the price of coking coal is expected to be weakly stable in the short - term [2]. - **Coke**: The cost support for coke is weakening as coking coal prices fall. Some steel mills have slowed down their coke procurement, and some coking enterprises have accumulated inventory. Given the high - level operation of coking enterprises, weak downstream demand, and reduced cost support, the coke price is expected to be weakly stable in the short - term [6]. 3. Summary by Category Coking Coal - **Fundamentals**: Mines are producing steadily, but due to the decline in coke prices, coking enterprises are adopting a wait - and - see attitude, and the market trading atmosphere is cold. New orders from mines are few, and prices are under downward pressure [2]. - **Price**: On May 20, 2025, at 17:30, the prices of various types of coking coal from Russia and Australia in Hebei and Shandong are provided, including main coking coal, 1/3 coking coal, etc. [9]. - **Inventory**: The total sample inventory of coking coal is 1927.1 million tons, a decrease of 24.4 million tons from last week. Specifically, the port inventory is 324.8 million tons (a decrease of 12.6 million tons from last week), independent coking enterprises' inventory is 819.8 million tons (a decrease of 10.1 million tons from last week), and steel mills' inventory is 782.5 million tons (a decrease of 1.7 million tons from last week) [2][20][23][26]. - **Market Indicators**: The basis is 261.5, with the spot price higher than the futures price; the 20 - day line is downward, and the price is below the 20 - day line; the main contract has a net short position, and the short position is increasing [2]. - **Factors Affecting Price**: Bullish factors include an increase in hot metal production and limited supply growth; bearish factors include a slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [4]. Coke - **Fundamentals**: The cost support for coke is weakening as coking coal prices fall. Some steel mills have reached a reasonable inventory level and slowed down their procurement. Although there is no obvious inventory pressure for coking enterprises at present, some have accumulated inventory [6]. - **Price**: On May 20, 2025, at 17:30, the prices of port metallurgical coke, including quasi - first - grade and first - grade metallurgical coke from Shanxi and Inner Mongolia, are provided, with most prices showing a downward trend [10]. - **Inventory**: The total sample inventory of coke is 978.8 million tons, an increase of 0.3 million tons from last week. Specifically, the port inventory is 243.6 million tons (a decrease of 2.5 million tons from last week), independent coking enterprises' inventory is 68.8 million tons (an increase of 0.8 million tons from last week), and steel mills' inventory is 666.4 million tons (an increase of 2 million tons from last week) [6][20][23][26]. - **Market Indicators**: The basis is 22.5, with the spot price higher than the futures price; the 20 - day line is downward, and the price is below the 20 - day line; the main contract has a net short position, and the short position is decreasing [6]. - **Factors Affecting Price**: Bullish factors include an increase in hot metal production and a simultaneous increase in blast furnace operating rate; bearish factors include squeezed profit margins of steel mills and over - drawn replenishment demand [8]. Other Data - **Coking Enterprise Capacity Utilization**: The capacity utilization rate of 230 independent coking enterprises nationwide is 75.3%, an increase of 1.9% from last week [37]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is - 9 yuan, an increase of 7 yuan from last week [41].