Group 1 - The core viewpoint of the articles highlights the persistent low inflation in China as a significant challenge for the economy, affecting both macroeconomic stability and microeconomic sentiment [1][8][9] - The Consumer Price Index (CPI) has shown a positive trend, with the core CPI rising by 0.9% year-on-year in August, marking the highest level since February 2024, indicating potential recovery in prices [1][4][3] - The industrial producer price index (PPI) has also shown signs of improvement, with a year-on-year decline of 2.9% in August, a narrowing of the decline by 0.7 percentage points from the previous month [6][8] Group 2 - Experts emphasize the need for a combination of short-term policies and long-term reforms to stabilize prices, suggesting a target CPI growth of 2% as a long-term goal for the 14th Five-Year Plan [11][12] - The "anti-involution" policy is seen as a crucial measure for structural adjustment in the economy, aimed at reducing excess capacity and optimizing supply structures [12][10] - The current economic environment is characterized by insufficient demand, which is expected to continue influencing price trends during the 14th Five-Year Plan period [9][8]

Group 1: Daily Data Overview - Latest price of Shanxi quasi - first wet quenching coke is 1427.78, with no daily change, a weekly decrease of 54.61, a monthly decrease of 53.55, and a year - on - year decrease of 11.51% [2] - Latest price of Hebei quasi - first dry quenching coke is 1680.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year increase of 7.69% [2] - Latest price of Shandong quasi - first dry quenching coke is 1605.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.34% [2] - Latest price of Jiangsu quasi - first dry quenching coke is 1645.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.11% [2] - Latest price of Inner Mongolia second - grade coke is 1080.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 10.00% [2] Group 2: Production and Inventory Data - Blast furnace operating rate is 90.35, with a weekly increase of 0.17, a monthly increase of 0.10, and a year - on - year increase of 7.70% [2] - Average daily molten iron output is 241.02, with a weekly increase of 0.47, a monthly increase of 0.27, and a year - on - year increase of 7.68% [2] - Coking plant inventory is 42.21, with a weekly decrease of 1.70, a monthly increase of 2.74, and a year - on - year decrease of 4.24% [2] - Port inventory is 204.10, with a weekly decrease of 1.01, a monthly decrease of 10.52, and a year - on - year increase of 7.34% [2] - Steel mill inventory is 644.67, with a weekly increase of 11.38, a monthly increase of 35.08, and a year - on - year increase of 18.79% [2] - Steel mill inventory days are 11.42, with a weekly increase of 0.13, a monthly increase of 0.66, and a year - on - year increase of 5.94% [2] - Coking capacity utilization rate is 75.58, with a weekly increase of 2.97, a monthly increase of 1.45, and a year - on - year increase of 9.46% [2] - Average daily coke output is 51.83, with a weekly decrease of 0.09, a monthly increase of 0.20, and a year - on - year decrease of 3.63% [2] Group 3: Futures Market Data - Futures price of contract 05 is 1866.5, with a daily increase of 13.00, a weekly increase of 57.50, a monthly increase of 94.50, and a year - on - year decrease of 2.89% [2] - Futures price of contract 09 is 1923.5, with a daily increase of 21.50, a weekly increase of 78.50, a monthly increase of 299.50, and a year - on - year decrease of 1.46% [2] - Futures price of contract 01 is 1725.5, with no daily change, a weekly increase of 61.00, a monthly increase of 46.50, and a year - on - year decrease of 8.94% [2] - Basis of contract 05 is - 137.70, with a daily decrease of 13.00, a weekly decrease of 57.50, a monthly decrease of 146.70, and a year - on - year decrease of 197.58 [2] - Basis of contract 09 is - 194.70, with a daily decrease of 21.50, a weekly decrease of 78.50, a monthly decrease of 351.70, and a year - on - year decrease of 224.58 [2] - Basis of contract 01 is 3.30, with no daily change, a weekly decrease of 61.00, a monthly decrease of 98.70, and a year - on - year decrease of 83.58 [2] - Spread between contract 05 and 09 is - 141.00, with a daily decrease of 13.00, a weekly increase of 3.50, a monthly decrease of 48.00, and a year - on - year decrease of 114.00 [2] - Spread between contract 09 and 01 is - 57.00, with a daily decrease of 8.50, a weekly decrease of 21.00, a monthly decrease of 205.00, and a year - on - year decrease of 27.00 [2] - Spread between contract 01 and 05 is 198.00, with a daily increase of 21.50, a weekly increase of 17.50, a monthly increase of 253.00, and a year - on - year increase of 141.00 [2] Group 4: Historical Price Charts - Include historical price charts of Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, Tianjin Port, etc., from 2021 to 2025 [3][4][5][6][9] - Also include historical data charts of 247 - blast furnace capacity utilization, molten iron output, 110 - steel mill coke inventory, Mongolian port pick - up price, Liulin main coking coal, coke main contract basis rate, 230 - coking capacity utilization, 230 - coking output, port total inventory, weighted total coke inventory, coking profit, and full - sample coking coke inventory from 2021 to 2025 [7]

Core Viewpoint - The Shanxi Coking Tar Processing Plant is implementing various measures to reduce costs and enhance high-quality development through external benchmarking, internal potential tapping, and refined management [1] Group 1: Cost Control Measures - The plant is conducting comprehensive benchmarking with industry-leading companies through both telephone communication and on-site investigations, focusing on process operation and cost control [1] - A "monthly reporting and weekly scheduling" mechanism has been established, where core cost elements such as water, electricity, and maintenance fees are analyzed monthly, leading to targeted actions to improve product recovery rates [1] - The plant has developed a three-tier cost control system at the factory, workshop, and team levels, promoting "zero-based project" management and incorporating performance assessments related to material recycling and technical breakthroughs [1] Group 2: Efficiency and Production Management - The plant strictly implements a production strategy based on sales, efficiency, and current conditions, with daily tracking and coordination of production and sales dynamics [1] - Lean production and sales guidance are emphasized, with daily proactive and focused scheduling to accurately monitor production anomalies and address issues in the production and sales process [1]

Report Information - Report Title: Coke Daily Report - Report Date: September 19, 2025 - Report Team: Black Team of the Research Center [1] Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - No core viewpoints are provided in the report. Summary by Relevant Catalogs Price Information - The latest price of Shanxi quasi - first wet - quenched coke is 1427.78, with no daily change, a weekly decrease of 54.61, a monthly decrease of 53.55, and a year - on - year decrease of 11.51% [2]. - The latest price of Hebei quasi - first dry - quenched coke is 1680.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year increase of 7.69% [2]. - The latest price of Shandong quasi - first dry - quenched coke is 1605.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.34% [2]. - The latest price of Jiangsu quasi - first dry - quenched coke is 1645.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.11% [2]. - The latest price of Inner Mongolia second - grade coke is 1080.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 10.00% [2]. Production and Utilization Information - The blast furnace开工率 (blast furnace operating rate) is 90.18, with a weekly increase of 4.39, a monthly decrease of 0.04, and a year - on - year increase of 7.87% [2]. - The daily average iron water output is 241.02, with a weekly increase of 0.47, a monthly increase of 0.27, and a year - on - year increase of 7.68% [2]. - The coking capacity utilization rate is 75.58, with a weekly increase of 2.97, a monthly increase of 1.45, and a year - on - year increase of 9.46% [2]. - The daily average coke output is 51.83, with a weekly decrease of 0.09, a monthly increase of 0.20, and a year - on - year decrease of 3.63% [2]. Inventory Information - The coking plant inventory is 42.21, with a weekly decrease of 1.70, a monthly increase of 2.74, and a year - on - year decrease of 4.24% [2]. - The port inventory is 204.10, with a weekly decrease of 1.01, a monthly decrease of 10.52, and a year - on - year increase of 7.34% [2]. - The steel mill inventory is 644.67, with a weekly increase of 11.38, a monthly increase of 35.08, and a year - on - year increase of 18.79% [2]. - The steel mill inventory days are 11.42, with a weekly increase of 0.13, a monthly increase of 0.66, and a year - on - year increase of 5.94% [2]. Futures Information - The price of futures contract 05 is 1853.5, with a daily decrease of 3.50, a weekly increase of 104.00, a monthly increase of 85.50, and a year - on - year decrease of 2.58% [2]. - The price of futures contract 09 is 1902, with a daily increase of 7.00, a weekly increase of 402.00, a monthly increase of 283.00, and a year - on - year increase of 1.12% [2]. - The price of futures contract 01 is 1725.5, with a daily decrease of 2.50, a weekly increase of 111.50, a monthly increase of 45.50, and a year - on - year decrease of 7.92% [2]. - The 05 basis is - 124.70, with a daily increase of 3.50, a weekly decrease of 146.59, a monthly decrease of 137.70, and a year - on - year decrease of 198.70 [2]. - The 09 basis is - 173.20, with a daily decrease of 7.00, a weekly decrease of 444.59, a monthly decrease of 335.20, and a year - on - year decrease of 268.70 [2]. - The 01 basis is 3.30, with a daily increase of 2.50, a weekly decrease of 154.09, a monthly decrease of 97.70, and a year - on - year decrease of 99.20 [2]. - The 5 - 9 spread is - 128.00, with a daily increase of 1.00, a weekly increase of 7.50, a monthly decrease of 40.00, and a year - on - year decrease of 99.50 [2]. - The 9 - 1 spread is - 48.50, with a daily decrease of 10.50, a weekly decrease of 298.00, a monthly decrease of 197.50, and a year - on - year decrease of 70.00 [2]. - The 1 - 5 spread is 176.50, with a daily increase of 9.50, a weekly increase of 290.50, a monthly increase of 237.50, and a year - on - year increase of 169.50 [2].

焦炭日报 研究中心黑色团队 2025/9/18 | | 最新 | 日变化 | 周变化 | 月变化 | 同比 | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1427.78 | 0.00 | -54.61 | -53.55 | -11.51% 高炉开工率 | 90.18 | | 4.39 | -0.04 | 7.87% | | 河北准一干熄 | 1680.00 | 0.00 | -55.00 | -55.00 | 7.69% 铁水日均产量 | 240.55 | | 11.71 | -0.11 | 7.69% | | 山东准一干熄 | 1605.00 | 0.00 | -55.00 | -55.00 | -10.34% 盘面05 | 1857 | -11.50 | 108.50 | 49.00 | -1.88% | | 江苏准一干熄 | 1645.00 | 0.00 | -55.00 | -55.00 | -10.11% 盘面09 | 1895 ...

Group 1 - Hebei market steel mills have reduced the procurement price of coking coal by 50/55 yuan per ton, with the adjusted prices being 1540 yuan per ton for first-grade wet quenching coke and 1900 yuan per ton for first-grade dry quenching coke, effective from September 15 [1] - As of September 17, the main contract for coking coal futures closed at 1734.5 yuan per ton, with a daily increase of 0.46%, reaching a high of 1748.0 yuan and a low of 1710.0 yuan, with a trading volume of 24,917 lots [2] - The National Bureau of Statistics reported that China's coking coal production in August 2025 was 42.597 million tons, a year-on-year increase of 3.9%, with a cumulative production of 334.058 million tons from January to August, up 2.8% year-on-year [3] Group 2 - As of September 16, the Dalian Commodity Exchange had 1,550 coking coal futures warehouse receipts, an increase of 30 receipts compared to the previous trading day [4] - According to Zhonghui Futures research report, the energy bureau's inspection of coal overproduction issues has begun to take effect, leading to the suspension of operations at some coal mines for rectification. The second round of coking coal price reductions has been implemented, resulting in a decrease in coking profits, while coking enterprises maintain stable production. The output of pig iron has significantly rebounded, indicating high raw material demand. The supply and demand for coking coal are relatively balanced, following the strong performance of coking coal [5]

1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2021 2022 2023 2024 2025 焦炭日报 研究中心黑色团队 2025/9/17 | | 最新 | 日变化 | 周变化 | 月变化 | 同比 | 最新 | 日变化 | 周变化 ...

Report Overview - **Report Date**: September 16, 2025 [1] - **Report Type**: Coke Daily Report - **Research Team**: Black Team of the Research Center Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The report presents a comprehensive overview of the coke market, including prices, production, inventory, and market trends. It provides data on various coke types, regions, and market indicators to help investors understand the current state of the coke industry. Detailed Summary Coke Prices - **Regional Prices**: The prices of different types of coke vary by region. For example, the latest price of Shanxi quasi - first wet quenching coke is 1427.78 yuan, with a daily change of - 54.61 yuan, a weekly change of - 108.16 yuan, and a monthly change of - 53.55 yuan, showing a year - on - year decrease of 11.51%. Other regions like Hebei, Shandong, Jiangsu, and Inner Mongolia also have their own price levels and changes [2]. - **Futures Prices**: The futures prices of coke also show different trends. The latest price of the 05 contract is 1809 yuan, with a daily increase of 59.50 yuan, a weekly increase of 65.00 yuan, and a monthly decrease of 8.50 yuan, showing a year - on - year decrease of 4.69%. The 09 contract has a significant increase, with a daily increase of 345.00 yuan [2]. Production and Capacity Utilization - **Blast Furnace and Iron Water**: The blast furnace operating rate is 90.18%, with a weekly increase of 4.39 and a year - on - year increase of 7.87%. The average daily iron water output is 240.55 thousand tons, with a weekly increase of 11.71 thousand tons and a year - on - year increase of 7.69% [2]. - **Coke Production**: The coke daily output is 51.92 thousand tons, with a weekly increase of 0.51 thousand tons and a year - on - year decrease of 3.96%. The coking capacity utilization rate is 72.61%, with a weekly decrease of 0.09 and a year - on - year increase of 4.43% [2]. Inventory - **Coke Inventories**: Coking plant inventory is 43.91 thousand tons, with a weekly increase of 3.20 thousand tons and a year - on - year increase of 0.99%. Port inventory is 205.11 thousand tons, with a weekly increase of 0.05 thousand tons and a year - on - year increase of 8.43%. Steel mill inventory is 633.29 thousand tons, with a weekly increase of 9.58 thousand tons and a year - on - year increase of 16.50%. The steel mill inventory days are 11.29 days, with a weekly decrease of 0.42 days and a year - on - year increase of 4.34% [2]. Market Spreads - **Futures Spreads**: The 5 - 9 spread is - 144.50 yuan, with a daily decrease of 9.00 yuan, a weekly decrease of 16.00 yuan, and a year - on - year decrease of 87.00 yuan. The 9 - 1 spread is - 36.00 yuan, with a significant daily decrease of 285.50 yuan [2]. - **Basis**: The 05 basis is - 80.20 yuan, with a daily decrease of 102.09 yuan, a weekly decrease of 107.59 yuan, and a year - on - year decrease of 105.35 yuan. The 09 basis is - 116.20 yuan, with a large daily decrease of 387.59 yuan [2].

Core Viewpoint - The National Bureau of Statistics spokesperson, Fu Linghui, announced that recent efforts to promote industry self-discipline and resist disorderly competition have shown gradual effects, particularly in key industries [1] Group 1: Industry Price Changes - In August, the ex-factory prices in coal processing, black metal smelting and rolling industries, and coal mining and washing industries narrowed by 3.2% to 10.3% compared to the previous month [1] - The price decline in photovoltaic equipment and components manufacturing, as well as new energy vehicle manufacturing, saw year-on-year reductions narrow by 2.8% and 0.6% respectively [1] - The downward impact of these five industries on the year-on-year Producer Price Index (PPI) decreased by approximately 0.5 percentage points compared to the previous month [1]

Core Insights - The National Bureau of Statistics reported that recent industry self-regulation measures have shown positive effects, leading to a reduction in price declines in certain sectors [1] Group 1: Industry Performance - In August, the ex-factory prices in coal processing, black metal smelting and rolling, and coal mining and washing industries narrowed their decline by 3.2% to 10.3% compared to the previous month [1] - The price decline in photovoltaic equipment and components manufacturing, as well as in new energy vehicle manufacturing, decreased year-on-year by 2.8% and 0.6% respectively [1] - The impact of these five industries on the year-on-year Producer Price Index (PPI) has reduced by approximately 0.5 percentage points compared to the previous month [1]