国庆期间，主流钢厂执行焦炭价格的涨价，于1日进行了价格上调，焦炭第一轮价格上调落地，假期间 上调幅度合计捣固干熄焦55元/吨，捣固湿熄焦50元/吨。 （10月11日）全国焦炭价 格一览表 【市场资讯】 本周统计全国230家独立焦企样本：产能利用率为74.95%减0.05%；焦炭日均产量52.86减0.03，焦炭库 存42.54增3.53，炼焦煤总库存819.32减69.15，焦煤可用天数11.7天减0.98天。 10月9日，大商所焦炭期货仓单2150手，环比上个交易日增加2150手。 分析观点： | | 商品名称 | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 地 | | 型 | | | | 焦炭 | | 一级3- | 仟越星 | 980元/ | 出厂价 | 河南省 | 河南仟越星化工科技有限 | | | | 6mm | | 吨 | | | 公司VIP | | 焦炭 | | 二级3- | 仟越星 | 1200元/ | 出厂价 | 河南省 | 河南仟越星化工科技有限 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Macro factors include stable September LPR in China, potential deposit - rate cuts in Q4, tariff measures by the US, and anti - dumping taxes by South Korea [7]. - In terms of supply and demand, iron - water production is high with high - level fluctuations, and coke inventory is higher than the same period. Independent coking plants are experiencing losses [7]. - Technically, the weekly K - line of the coke main contract is below the 60 - day moving average, showing a bearish trend [7]. - After the holiday, the coke price is expected to be weak. It is recommended to trade the main contract with a view of oscillatory movement, and mainly reduce or clear positions [7]. 3. Summary by Directory 3.1. Weekly Highlights - **Macro**: China's September LPR remains unchanged; more banks may cut deposit rates in Q4; the US will impose tariffs on certain products from October 1, and South Korea has imposed anti - dumping taxes on steel products [7]. - **Overseas**: The US plans tariff hikes, and South Korea imposes anti - dumping taxes on steel from China and Japan [7]. - **Supply and Demand**: Iron - water production is 242.36 million tons, up 1.34 million tons, with high - level fluctuations, and coke inventory is relatively high. The average loss per ton of coke for 30 independent coking plants is 34 yuan/ton [7]. - **Technical**: The weekly K - line of the coke main contract is below the 60 - day moving average, indicating a bearish trend [7]. - **Strategy**: Before the holiday, funds reduce positions to avoid risks, market sentiment drops, and the downstream restocking is weaker than expected. After the holiday, the price is expected to be weak. It is recommended to mainly reduce or clear positions [7]. 3.2. Futures and Spot Market - **Futures Market**: As of September 26, the coke futures contract open interest is 56,700 lots, down 81 lots; the 5 - 1 contract spread is 143.0, down 1.50 points; the registered warehouse receipts are 1,690 lots, up 140 lots; the rebar - coke ratio of the futures main contract is 1.84, up 0.02 points [11][17]. - **Spot Market**: As of September 25, the coke flat - price at Rizhao Port is 1,430 yuan/ton, unchanged; the ex - factory price of Mongolian coking coal is 1,250 yuan/ton, up 110 yuan/ton. As of September 26, the coke basis is - 330.0 yuan, down 51.0 points [25]. - **Production**: In August 2025, China's raw coal output is 39,049.7 million tons, down 3.2% year - on - year; the cumulative output from January to August is 316,517.4 million tons, up 2.8% year - on - year. In July 2025, China's coking coal output is 4,089.38 million tons, up 25 million tons month - on - month [28]. 3.3. Industry Chain - **Coking Plants**: The capacity utilization rate of 230 independent coking plants is 75.31%, down 0.04%; the daily coke output is 53.12, down 0.02; the coke inventory is 39.54, down 2.67; the total coking coal inventory is 856.23, up 53.06; the available coking coal days are 12.1 days, up 0.76 days. The average profit per ton of coke for 30 independent coking plants is - 34 yuan/ton, with different profitability in different regions [32]. - **Downstream**: The daily average iron - water output of 247 steel mills is 242.36 million tons, up 1.34 million tons week - on - week and 17.50 million tons year - on - year. As of September 26, the total coke inventory is 890.92 million tons, up 7.07 million tons week - on - week and 13.88% year - on - year [36]. - **Inventory Structure**: The port coke inventory is 496.85, down 18.47; the coke inventory of 247 steel mills is 661.31, up 16.64; the available coke days are 11.66 days, up 0.24 days [40]. - **Fundamentals**: From January to August, the cumulative coke exports are 495 million tons, down 20.0% year - on - year. In August 2025, China's steel exports are 951.0 million tons, down 32.6 million tons month - on - month and 3.3% month - on - month; the cumulative steel exports from January to August are 7,749.0 million tons. In August 2025, the second - hand housing prices in 70 large and medium - sized cities drop 0.60% month - on - month. As of the week of September 21, the commercial housing transaction area in 30 large - sized cities is 161.13 million square meters, up 16.47% week - on - week and 23.41% year - on - year. The commercial housing transaction area in first - tier cities is 51.15 million square meters, up 9.49% week - on - week and 65.15% year - on - year; in second - tier cities, it is 69.51 million square meters, up 11.25% week - on - week and 11.32% year - on - year [46][49][54].

Group 1 - In August, the overall market price of coke increased, with an average price of 1446 yuan/ton, representing a 7.83% increase compared to the same period last month [1] - As of September 1, the main futures contract for coke closed at 1594.5 yuan/ton, with a daily trading volume of 30,287 lots, reflecting a decline of 3.54% [2] - Colombia announced a ban on coal exports to Israel, which is its largest coal supplier, accounting for 60% of Israel's coal imports [3] Group 2 - Some coke enterprises are facing production disruptions due to environmental restrictions, maintaining low inventory levels, while steel mills are beginning to accumulate inventory, leading to weaker demand for coke [4] - Despite acceptable profit margins for steel mills, there is a low willingness to accept price increases for coke due to the anticipated reduction in production [4]

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].

Core Viewpoint - The recent price increase of coke in China is supported by tight fundamentals, but the demand for steel is weakening due to seasonal factors, which may slow down the pace of future price increases [1][5][7] Group 1: Coke Price Trends - Since mid-July, domestic coke prices have experienced seven consecutive rounds of increases, with the fundamentals supporting this trend [1] - As of August 21, the average operating load of major independent coke plants in China was 74.65%, slightly down by 0.13 percentage points from the previous week but up by 0.61 percentage points from the previous month [1] - Coke inventory at major coke plants dropped to 27.6 million tons, a decrease of 2.8 million tons or 9.21% from the previous month, marking the second-lowest level of the year [1] Group 2: Steel Demand and Inventory - The demand for steel has weakened significantly since mid-July due to high temperatures and rainy weather, leading to an increase in social inventory of steel products [5] - As of August 21, the social inventory of rebar reached 5.945 million tons, marking the seventh consecutive week of accumulation [5] - The average inventory of rebar in August was 5.63 days, down 0.57 days from the previous month, indicating the lowest level for the year [3] Group 3: Supply and Demand Dynamics - Despite the recovery of coke profits and increased production in Shanxi and Inner Mongolia, production cuts in Shandong, Hebei, and Henan have kept overall coke supply from increasing significantly [1][3] - The passive decline in steel mills' coke inventory is attributed to increased consumption driven by stable high furnace iron production [3] - The ongoing weak demand for steel and declining profits for steel mills are expected to reduce their acceptance of raw material price increases, leading to a slowdown in the pace of coke price hikes [5][7]

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].

Core Viewpoint - Since mid-July, the spot price of coke has increased for five consecutive rounds, with a cumulative rise of 250-275 yuan per ton, reaching 1645 yuan per ton as of August 6, representing a more than 20% increase. The market is now focused on whether coke prices will reach a turning point after these price hikes [1]. Supply and Demand Dynamics - Analysts indicate that coke prices are expected to maintain a stable to strong trend in the short term due to supportive factors on the supply side [1]. - Recent concerns over tight coking coal supply due to coal mine overproduction checks have emerged, alongside disruptions in railway transport caused by heavy rainfall in northern regions [1]. - Anticipated environmental production limits ahead of major events are also contributing to market volatility [1]. Market Characteristics - The current spot market for coke exhibits a "three shortages" characteristic: - Reduced willingness to increase production due to losses at coking plants - Limited release of inventory by traders - Decreased delivery volumes to steel mills due to rain impacts [1]. - High upstream coking coal prices continue to provide cost support for coke, indicating that prices are likely to remain stable to strong in the short term, with expectations for a sixth round of price increases [1].

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].