Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The utilization rate of independent coking enterprises continues to rise, while the inventory of coking coal at steel mills has decreased [1][3] - The price index for coking coal in China has increased, while futures prices have shown a decline [1][3] - The overall inventory of coking coal at three major ports has increased, while the inventory at steel mills has decreased [1][2][3] Summary by Sections Coking Coal Prices - As of September 29, 2025, the comprehensive coking coal price index in China was reported at 1424.51 CNY/ton, an increase of 63.13 CNY/ton or 4.64% month-on-month [1][9] - The price of main coking coal at Jing Tang Port was 1520.00 CNY/ton, a decrease of 60.00 CNY/ton or 3.80% month-on-month [1][9] - The price index for Peak Scenic hard coking coal was 204.95 USD/ton, an increase of 4.60 USD/ton or 2.30% month-on-month [1][11] Coking Coal Inventory - The total coking coal inventory at three ports (Qinhuangdao, Huanghua, Caofeidian) was 288.49 million tons as of September 26, 2025, an increase of 19.64 million tons or 7.31% month-on-month [1][15] - The inventory of coking coal at 247 steel mills was 788.06 million tons, a decrease of 23.79 million tons or 2.93% month-on-month [1][18] Independent Coking Enterprises - The inventory of coking coal at 230 independent coking plants was 888.47 million tons as of September 26, 2025, an increase of 68.60 million tons or 8.37% month-on-month [2][19] - The average available days of coking coal at these plants was 12.60 days, an increase of 0.60 days or 5% month-on-month [2][19] - The capacity utilization rate of independent coking enterprises was 75.43%, an increase of 2.07 percentage points month-on-month and 5.78 percentage points year-on-year [2][19] Production Data - In August, the monthly production of coke reached 42.597 million tons, an increase of 74.2 thousand tons or 1.77% month-on-month [3][27] - The monthly production of pig iron was 69.793 million tons, a decrease of 100.41 thousand tons or 1.42% month-on-month [3][32] - The monthly production of crude steel was 77.369 million tons, a decrease of 228.96 thousand tons or 2.87% month-on-month [3][32]