Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The overall situation of coke is biased towards a volatile trend, with a short - term continuation of the rebound. It is recommended to adopt a low - buying strategy and pay attention to the pressure near the previous high [2] Summary by Related Catalogs Market Analysis - As of January 30, the comprehensive coke inventory increased by 13.3 tons to 1012.35 tons, at a 7 - and - a - half - month high, with a year - on - year decline of 3.44% [1] - The profit of 30 independent coking plants nationwide was - 55 yuan/ton. The average profit of Shandong quasi - first - grade coke turned positive to 2 yuan/ton, that of Hebei quasi - first - grade coke was 0 yuan/ton, that of Shanxi quasi - first - grade coke was - 41 yuan/ton, and that of Inner Mongolia second - grade coke was - 92 yuan/ton [1] - This week, the blast furnace operating rate of 247 steel mills increased by 0.32% to 79% month - on - month and 1.02% year - on - year. The profitability rate decreased by 1.3% to 39.39% compared with last week. The blast furnace iron - making capacity utilization rate slightly dropped to 85.47%, and the daily average hot metal output decreased by 0.12 tons to 227.98 tons month - on - month [1] - Near the Spring Festival, the supply of upstream coking coal is expected to decline. The coking coal inventory of mines decreased by 7.2 tons to 267.2 tons; the comprehensive coking coal inventory increased by 46 tons to 2864.34 tons month - on - month, and the year - on - year decline narrowed to 8.57% [1] News - Mysteel surveyed the Spring Festival holiday situation of 523 coking coal mines across the country. Currently, there are 395 mines in production, with a total production capacity of 757 million tons. A total of 388 mines have plans to stop production during the holiday, with a production capacity of 744 million tons affected, resulting in an impact on raw coal production of 1.868 million tons [2] - The State Administration for Market Regulation will strengthen the comprehensive supervision of key product quality and rectify the "involution - style" competition [2] Supply - Demand Pattern - The supply - demand pattern of coke is directly affected by the cost of upstream coking coal, the demand of downstream steel, and the guidance of macro - policies. The comprehensive inventories of coking coal and coke continue to rise, and it is in the seasonal inventory accumulation stage, with overall weak supply and demand [2] - Downstream steel mills have successively announced shutdown and maintenance plans during the Spring Festival. The pre - holiday inventory replenishment is coming to an end, and the demand for coke further declines [2] - However, coking is in continuous loss, and coking enterprises have a strong willingness to raise prices. There have been frequent news about fiscal and monetary policies at the macro level, and there are still expectations for subsequent policies [2]