交易咨询业务资格：证监许可【2012】1091号 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。 焦煤焦炭早报（2026-3-23） 每日观点 焦煤： 3、库存：钢厂库存820万吨，港口库存258万吨，独立焦企库存893万吨，总样本库存1971万吨，较上 周减少243万吨；偏多 6、预期：需求端钢厂高炉复产预期较强，铁水日均产量228.18万吨，环比增加6.95万吨，铁水产量稳 步回升，部分钢厂采购节奏加快，整体对原料煤供需格局进一步好转，焦炭涨价预期增强，预计短期焦 煤价格或暂稳运行。 1、基本面：产地煤矿生产工作有序进行，焦煤产量稳步增长。炼焦煤市场持续向好，下游采购需求提 升，积极拉运为主，煤矿整体签单显著好转，厂内库存快速去化，且部分矿点预售订单较多，近两日产 地多煤种报价陆续上调，进一步提振市场信心，当前多无库存压力，原料价格坚挺；中性 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For coking coal, the supply side remains in a loose pattern, and the market sentiment is still optimistic. The total sample inventory decreased by 243 tons last week. With the improvement of terminal profits, some steel mills are implementing复产 plans, but the downstream's willingness to replenish inventory at high prices is not high. It is expected that the coking coal price will remain stable in the short term [3][4]. - For coke, the cost of coking enterprises has increased, but the production level has not been significantly affected. The inventory of coking enterprises is decreasing. The steel mills' procurement demand is good, and the iron - water production is increasing. It is expected that the coke price will be stable and slightly strong in the short term [7]. Summary by Related Catalogs Daily View - Coking Coal - **Fundamentals**: The production of main - producing area coal mines is stable, and the supply side's loose pattern remains unchanged. The market trading activity has increased, and the price has more increases than decreases, with a neutral outlook [4]. - **Basis**: The spot market price is 1240, and the basis is 80.5, with the spot at a premium to the futures, indicating a bullish signal [4]. - **Inventory**: The steel mill inventory is 820 tons, the port inventory is 258 tons, the independent coking enterprise inventory is 893 tons, and the total sample inventory is 1971 tons, a decrease of 243 tons compared to last week, which is bullish [3]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line, a bullish sign [4]. - **Main Position**: The main net long position of coking coal has increased, which is bullish [4]. - **Expectation**: With the improvement of terminal profits, some steel mills are implementing复产 plans, and the market demand is gradually improving. However, the sentiment of coking coal and coke has declined recently, and the downstream's willingness to replenish inventory at high prices is not high. It is expected that the coking coal price will remain stable in the short term [3]. - **Factors**: Bullish factors include the increase in iron - water production and the difficulty of supply increase; bearish factors include the slowdown of raw coal procurement by coking and steel enterprises and the weak steel price [6]. Daily View - Coke - **Fundamentals**: The coking coal price has been rising slightly, increasing the cost of coking enterprises and compressing profit margins. However, the production level has not been significantly affected, and the supply is relatively stable. The steel mills' procurement demand is good, and the inventory of coking enterprises is decreasing, with a neutral outlook [7]. - **Basis**: The spot market price is 1620, and the basis is - 101, with the spot at a discount to the futures, indicating a bearish signal [7]. - **Inventory**: The steel mill inventory is 689 tons, the port inventory is 199 tons, the independent coking enterprise inventory is 56 tons, and the total sample inventory is 944 tons, a decrease of 3 tons compared to last week, which is bullish [7]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line, a bullish sign [7]. - **Main Position**: The main net long position of coke has decreased, but still bullish [7]. - **Expectation**: The steel sales situation has improved, the steel mills' profitability has recovered slightly, and the iron - water production is increasing. The current supply - demand of coke is relatively balanced, and it is expected that the coke price will be stable and slightly strong in the short term [7]. - **Factors**: Bullish factors include the increase in iron - water production and the synchronous increase in blast furnace operating rate; bearish factors include the compression of steel mills' profit margins and the partial overdraft of replenishment demand [9]. Price - **Coking Coal Price**: On March 19, 2026, the prices of various imported coking coal varieties at different ports are provided, such as the price of K4 main coking coal at Caofeidian Port and Jingtang Port is 1350 [10]. - **Coke Price**: On March 19, 2026, the prices of various port metallurgical coke varieties are provided, such as the price of quasi - first - grade metallurgical coke from Shanxi at Rizhao Port is 1470 [11]. Inventory - **Port Inventory**: The coking coal port inventory is 258 tons, unchanged from last week; the coke port inventory is 199 tons, a decrease of 6 tons compared to last week [21]. - **Independent Coking Enterprise Inventory**: The coking coal inventory of independent coking enterprises is 893 tons, a decrease of 225 tons compared to last week; the coke inventory is 56 tons, an increase of 12 tons compared to last week [25]. - **Steel Mill Inventory**: The coking coal inventory of steel mills is 820 tons, a decrease of 18 tons compared to last week; the coke inventory is 689 tons, a decrease of 9 tons compared to last week [30].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1. Coking Coal - The supply of coking coal has become slightly more abundant as coal mines resume production. The market sentiment has improved, but high - priced coal still faces poor sales. The short - term price will be adjusted within a narrow range [4]. - The total sample inventory of coking coal is 1971 tons, a decrease of 243 tons from last week, which is positive for the market [3]. - The spot price of coking coal is at a premium to the futures price, the 20 - day moving average is downward, and the price is below it. The main position is net long but the long position is decreasing. Overall, the short - term price is expected to be weakly stable [3][4]. - Positive factors include rising hot metal production and limited supply growth; negative factors are the slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [6]. 2.2. Coke - After the first round of price cuts, the profit margin of coking enterprises has narrowed. The supply of coke is stable, but the downstream steel mills' inventory is reasonable, and the procurement enthusiasm is limited, resulting in some inventory pressure on coking enterprises [8]. - The total sample inventory of coke is 944 tons, a decrease of 3 tons from last week, which is positive for the market [8]. - The spot price of coke is at a discount to the futures price, the 20 - day moving average is downward, and the price is below it. The main position is net long but the long position is decreasing. The short - term price is expected to remain stable [8]. - Positive factors are rising hot metal production and increasing blast furnace operating rate; negative factors are the squeezed profit margin of steel mills and partially overdrawn replenishment demand [10]. 3. Summary by Relevant Catalogs 3.1. Price - On March 10 (17:30), the port metallurgical coke price index showed that most of the coke prices in ports such as Rizhao Port, Tianjin Port, and Huangdao Port decreased by 10 yuan, and some prices remained unchanged [12]. 3.2. Coking Coal Spread No relevant content provided. 3.3. Coke Spread No relevant content provided. 3.4. Port Inventory - Coking coal port inventory is 258 tons, unchanged from last week; coke port inventory is 199 tons, a decrease of 6 tons from last week [22]. 3.5. Independent Coking Enterprise Inventory - Independent coking enterprise coking coal inventory is 893 tons, a decrease of 225 tons from last week; coke inventory is 56 tons, an increase of 12 tons from last week [26]. 3.6. Steel Mill Inventory - Steel mill coking coal inventory is 820 tons, a decrease of 18 tons from last week; coke inventory is 689 tons, a decrease of 9 tons from last week [31]. 3.7. Coke Oven Capacity Utilization No relevant content provided. 3.8. Average Profit per Ton of Coke No relevant content provided. 3.9. Daily Coke Output No relevant content provided. 3.10. Monthly Coke Output No relevant content provided. 3.11. Blast Furnace Operating Rate No relevant content provided. 3.12. Hot Metal Production No relevant content provided.

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-3-10） 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： 1、基本面：主产地煤矿生产基本恢复正常水平，市场整体供应较为充足。部分前期因库存压力下调报 价的煤矿，目前报价暂稳，而部分库存仍有累积的煤矿，为促进出货，对个别非核心煤种价格仍有小幅 让利空间。近期期货价格受国际冲突影响涨幅明显，线上竞拍市场流拍现象有所减少，且煤矿降完价之 后出货较前期有所好转；中性 2、基差：现货市场价1175，基差15；现货升水期货；偏多 3、库存：钢厂库存820万吨，港口库存258万吨，独立焦企库存893万吨，总样本库存1971万吨，较上 周减少243万吨；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：焦煤主力净多，多减；偏多 6、预期：下游焦炭首轮 ...

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-3-3） 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 1、基本面：主产地煤矿复产进程持续推进，产能释放节奏加快，焦煤市场供应端宽松预期增强。当前 下游采购积极性不佳，中间贸易商心态较为谨慎，囤货意愿不强，市场交投氛围整体偏淡，部分煤矿为 加速出货，在报价上展现出一定灵活性，部分煤种价格出现小幅松动，线上竞拍市场流拍现象仍有发生， 且成交价格多围绕低位波动；中性 2、基差：现货市场价1200，基差106；现货升水期货；偏多 3、库存：钢厂库存820万吨，港口库存258万吨，独立焦企库存893万吨，总样本库存1971万吨，较上 周减少243万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净多，空翻多；偏多 6、预期：节后钢厂实际需求表现一般，247家主要钢企日均铁水产量虽然环比略有回升，但整体仍处于 低位，对焦炭和炼焦煤的刚性需求有限，加之盈利率偏低，导致钢厂采购压价意愿强，按需采购为主， 预计短期焦煤价格或弱稳运行。 ...

焦煤焦炭早报（2025-12-18） 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 每日观点 焦煤： 1、基本面：部分煤矿由于年度任务完成，有自主减产现象，叠加产地安全检查频繁，产地供应延续偏 紧格局。近期中间贸易及洗煤企业参与度较低，多数企业以消耗前期库存为主，竞拍成交价与上期相比 多数下调，部分高价煤种仍出现流拍现象。考虑下游焦企刚需补库仍存，短期优质主焦煤价格依然坚挺， 而部分配焦煤出货一般，价格小幅回落；偏空 2、基差：现货市场价1120，基差58；现货升水期货；偏多 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 3、库存：钢厂库存801万吨，港口库存295万吨，独立焦企库存861万吨，总样本库存1957万吨，较上 周减少21万吨；偏多 6、预期：下游钢厂检修有所增加，铁水产量持续回落，带动焦煤需求转弱。叠加下游焦钢库存虽处于 低位 ...

Report Industry Investment Rating - No relevant content provided Core Views For Coking Coal - Affected by environmental protection and safety inspections, coking coal supply has contracted, and downstream rigid - demand procurement has led to a continuous decline in coal mine inventories. With the improvement of coke prices, coke enterprises' transportation enthusiasm has increased, and the overall inventory in the production area has decreased to a low level. The short - term support for coal prices is relatively strong [2]. - The spot price is 1430, with a basis of 160, indicating that the spot price is at a premium to the futures price [2]. - The total sample inventory of coking coal is 1895.4 tons, a decrease of 76.2 tons compared to last week [2]. - The 20 - day line is upward, and the price is above the 20 - day line [2]. - Although downstream coke enterprises have a good demand for coking coal and their raw material coal inventory is low, considering the low profit of steel mills and the decline in daily hot metal production, the rigid demand for raw materials has decreased, and large - scale replenishment is not strong. It is expected that the coking coal price will remain stable in the short term [2]. - Positive factors include an increase in hot metal production and limited supply growth; negative factors include a slowdown in raw material coal procurement by coke and steel enterprises and weak steel prices [4]. For Coke - As the cost of coking coal for furnaces has risen strongly, the cost of coke enterprises has further increased. Some coke enterprises have reduced production due to losses. In addition, due to the orange warning for heavy pollution in Pingdingshan, Henan, and the large profit pressure in the coking industry, the short - term supply shortage of coke has intensified [5]. - The spot price is 1720, with a basis of - 36.5, indicating that the spot price is at a discount to the futures price [5]. - The total sample inventory of coke is 888.4 tons, a decrease of 8.1 tons compared to last week [5]. - The 20 - day line is upward, and the price is above the 20 - day line [5]. - The net short position of the coke main contract has increased [5]. - Currently, the inventory level of coke enterprises is not high, and some enterprises have increased their willingness to limit production due to losses, resulting in a tight supply of local coke resources. However, affected by the continuous weakness of terminal demand and the continuous contraction of steel mill profit margins, there will be a game between coke and steel enterprises in the short term. It is expected that the coke price will remain stable in the short term [5]. - Positive factors include an increase in hot metal production and a synchronous increase in blast furnace operating rate; negative factors include the squeezing of steel mill profit margins and the partial overdraft of replenishment demand [7]. Summary by Related Catalogs Price - On November 7 (17:30), the price of quasi - first - grade metallurgical coke from Shanxi at Qingdao Port was 1570, and the price of first - grade metallurgical coke was 1670. The price of quasi - first - grade metallurgical coke from Shanxi at Tianjin Port was 1570, and the price of first - grade metallurgical coke was 1670. There were also price records for other ports and types of coke [8]. - On November 7 (17:30), the price of imported Russian coking coal such as K4 brand at Caofeidian Port was 1380, and there were price records for other brands and ports. The price of imported Australian coking coal such as Heishui brand at Caofeidian Port was 1330, and there were also price records for other brands and ports [9]. Inventory - Coking coal port inventory is 295 tons, a decrease of 0.1 tons compared to last week; coke port inventory is 195.1 tons, an increase of 1 ton compared to last week [17]. - Independent coke enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons compared to last week; coke inventory is 42.5 tons, an increase of 3.5 tons compared to last week [21]. - Steel mill coking coal inventory is 803.8 tons, an increase of 4.3 tons compared to last week; coke inventory is 626.7 tons, a decrease of 13.3 tons compared to last week [26]. Other Data - The capacity utilization rate of 230 independent coke enterprises nationwide is 74.48% [39]. - The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [43].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **焦煤**: The supply of coking coal is tight due to safety and environmental inspections and the storage - increase task of Shandong mines. The third round of price increase of coke has boosted the price of high - quality coking coal. Although downstream enterprises have some production restrictions, the demand remains strong. The short - term price is expected to remain stable [2]. - **焦炭**: The third round of price increase of coke has been fully implemented, but the increase in coking coal prices has affected the profit of coke enterprises, leading to a decline in production. The market demand is strong, but considering the limited profit of steel mills, the difficulty of further price increase will increase, and the short - term price is expected to remain stable [6]. 3. Summary by Directory Daily Views - **焦煤**: - **基本面**: Supply is tight, and the price of high - quality coking coal is rising. The online auction of most coal types is still rising, and the auction failure rate is low [2]. - **基差**: The spot price is 1430, and the basis is 158.5, with the spot at a premium to the futures [2]. - **库存**: The total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week [2]. - **盘面**: The 20 - day line is upward, and the price is above the 20 - day line [2]. - **主力持仓**: The main force of coking coal has a net long position, and the long position is decreasing [2]. - **预期**: The short - term price is expected to remain stable [2]. - **焦炭**: - **基本面**: The profit of coke enterprises has slightly recovered, but the rise in coking coal prices has affected production. The market inquiry and trading atmosphere is good [7]. - **基差**: The spot price is 1720, and the basis is - 33, with the spot at a discount to the futures [7]. - **库存**: The total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week [7]. - **盘面**: The 20 - day line is upward, and the price is above the 20 - day line [7]. - **主力持仓**: The main force of coke has a net short position, and the short position is decreasing [7]. - **预期**: The short - term price is expected to remain stable [6]. Price - **焦煤**: The prices of imported Russian and Australian coking coal are provided, with some price increases [10]. - **焦炭**: The prices of port metallurgical coke are provided, with some price increases [11]. Inventory - **港口库存**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [19]. - **独立焦企库存**: Independent coke enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [23]. - **钢厂库存**: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [28]. Other Data - **焦炉产能利用率**: The capacity utilization rate of 230 independent coke enterprises is 74.48% [41]. - **吨焦平均盈利**: The average profit per ton of coke for 30 independent coking plants is 25 yuan [45].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For coking coal, the supply has not been significantly alleviated due to the slower - than - expected resumption of coal mines and some local mines still being shut down. The downstream demand is good, the market trading atmosphere is active, and the online auction results of coal mines are good, supporting the coal price to remain stable and slightly strong. However, some coke enterprises have limited production due to poor profitability, and the purchase of raw coal is relatively cautious. It is expected that the coking coal price will remain stable in the short term [3]. - For coke, coke enterprises are shipping smoothly, and the inventory is at a low level. Affected by the rising price of raw coal, the loss of coke enterprises has increased, resulting in insufficient willingness to start production. The supply of coke continues to be tight. With strong cost support, it is expected that the coke price will remain stable in the short term [7]. Summary by Relevant Catalogs Daily Viewpoints Coking Coal - Fundamental: Supply is tight, demand is good, and the market trading atmosphere is active, supporting the coal price; bullish [3]. - Basis: The spot price is 1420, and the basis is 135.5, with the spot at a premium to the futures; bullish [3]. - Inventory: The total sample inventory is 1895.4 tons, a decrease of 76.2 tons from last week; bullish [3]. - Disk: The 20 - day line is upward, and the price is above the 20 - day line; bullish [4]. - Main position: The main net position of coking coal is long, with more long positions decreasing and short positions increasing; bullish [4]. - Expectation: Some coke enterprises have limited production, but the demand for replenishing raw coal inventory still exists. Considering the poor profit, the purchase of raw materials is cautious. It is expected that the price will remain stable in the short term [3]. Coke - Fundamental: Coke enterprises are shipping smoothly, inventory is low, and the loss has increased due to the rising price of raw coal, resulting in insufficient willingness to start production. The supply is tight; bullish [7]. - Basis: The spot price is 1710, and the basis is - 61.5, with the spot at a discount to the futures; bearish [7]. - Inventory: The total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week; bullish [7]. - Disk: The 20 - day line is upward, and the price is above the 20 - day line; bullish [8]. - Main position: The main net position of coke has changed from short to long; bullish [8]. - Expectation: Some coke enterprises have increased production restrictions due to losses, while some steel mills are actively purchasing coke. The supply - demand pattern is tight, and it is expected that the price will remain stable in the short term [7]. Factors Affecting Prices Coking Coal - Bullish factors: Rising hot metal production and difficult supply increase [6]. - Bearish factors: Slower procurement of raw coal by coke and steel enterprises and weak steel prices [6]. Coke - Bullish factors: Rising hot metal production and synchronous increase in blast furnace operating rate [10]. - Bearish factors: Squeezed profit margins of steel mills and partial over - consumption of replenishment demand [10]. Prices - On November 3 (17:30), the prices of imported Russian and Australian coking coal at different ports are provided, with some prices rising [11]. - On November 3 (17:30), the price indices of port metallurgical coke at different ports and of different grades are provided, with some prices rising [12]. Inventory Port Inventory - Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [20]. Independent Coke Enterprise Inventory - Independent coke enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [24]. Steel Mill Inventory - Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [29]. Other Indicators - The capacity utilization rate of 230 independent coke enterprises nationwide is 74.48% [42]. - The average profit per ton of coke of 30 independent coking plants nationwide is 25 yuan [46].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - **Coking Coal**: Although hot metal production has slightly declined recently, it remains at a high level, providing support for rigid demand. Downstream inventories are currently at a safe level. Considering the expected tightening of coking coal supply, some procurement plans are expected to increase. However, due to the generally poor profitability of coking and steel enterprises, most still maintain on - demand procurement. It is expected that the coking coal price will remain stable in the short term [2] - **Coke**: Coke supply is expected to further shrink. Although steel mills are undergoing maintenance, overall demand is still acceptable, and some steel mills' inventories are still low, so they are actively replenishing in the short term, which strongly supports coke prices. However, due to the weak terminal steel prices under the pressure of inventory accumulation, the positive impact of steel mills' replenishment demand for coke is diluted. It is expected that coke prices will remain stable in the short term [7] 3. Summary by Relevant Catalogs Coking Coal Analysis Fundamental Analysis - Some coal mines have shut down due to stricter environmental protection and safety inspections, and sporadic accidents in coal mines have led to a reduction in regional supply. Traders' inquiries and actual成交 orders have slightly increased, coal mines' shipments are smooth, and coal enterprises' coking coal inventories have declined to varying degrees. Considering the low in - plant coking coal inventories in coal mines and the continuous strong procurement of some high - quality resources by coking and steel enterprises, some coal types have seen significant price increases; the situation is neutral [3] Basis Analysis - The spot market price is 1300, and the basis is 90.5; the spot price is at a premium to the futures price; it is bullish [3] Inventory Analysis - Steel mills' inventory is 781.1 tons, port inventory is 295 tons, independent coking enterprises' inventory is 819.3 tons, and the total sample inventory is 1895.4 tons, a decrease of 76.2 tons compared with last week; it is bullish [3] Disk Analysis - The 20 - day line is downward, and the price is above the 20 - day line; the situation is neutral [3] Main Position Analysis - The main coking coal position is net long, with a decrease in long positions; it is bullish [3] Factors Analysis - **Bullish factors**: An increase in hot metal production and limited supply growth [5] - **Bearish factors**: Slower procurement of raw coal by coking and steel enterprises and weak steel prices [5] Coke Analysis Fundamental Analysis - Currently, the overall production level of coking enterprises is relatively stable, and most are actively shipping. However, recently, the price of raw coking coal has continued to rise, squeezing the profit margin of coking enterprises. Some coking enterprises have reduced production, and the overall start - up rate has decreased steadily; the situation is neutral [8] Basis Analysis - The spot market price is 1620, and the basis is - 89.5; the spot price is at a discount to the futures price; it is bearish [8] Inventory Analysis - Steel mills' inventory is 650.8 tons, port inventory is 195.1 tons, independent coking enterprises' inventory is 42.5 tons, and the total sample inventory is 888.4 tons, a decrease of 8.1 tons compared with last week; it is bullish [8] Disk Analysis - The 20 - day line is downward, and the price is above the 20 - day line; the situation is neutral [8] Main Position Analysis - The main coke position is net short, with an increase in short positions; it is bearish [8] Factors Analysis - **Bullish factors**: An increase in hot metal production and a simultaneous rise in blast furnace operating rate [10] - **Bearish factors**: Squeezed profit margins of steel mills and partial over - consumption of replenishment demand [10] Price Information Coking Coal Price - On October 22, 2017:30, the price of imported Russian coking coal at various ports ranged from 1000 to 1620, and the price of imported Australian coking coal at various ports ranged from 1230 to 1620 [12] Coke Price - On October 22, 2017:30, the price of port metallurgical coke at various ports ranged from 1420 to 1940, with some prices rising by 20 [11] Inventory Information Port Inventory - Coking coal port inventory is 295 tons, a decrease of 0.1 tons compared with last week; coke port inventory is 195.1 tons, an increase of 1 ton compared with last week [20] Independent Coking Enterprises' Inventory - Independent coking enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons compared with last week; coke inventory is 42.5 tons, an increase of 3.5 tons compared with last week [24] Steel Mills' Inventory - Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons compared with last week; coke inventory is 626.7 tons, a decrease of 13.3 tons compared with last week [29] Other Information - **Coking Oven Capacity Utilization Rate**: The capacity utilization rate of 230 independent coking enterprise samples 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]