Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View No explicit core view is presented in the report. The data mainly shows the price, inventory, and production - related indicators of coke and related products, as well as their changes over different time periods. 3. Content Summary by Category Price Information - The latest price of Shanxi quasi - first wet - quenched coke is 1321.88, with no daily change, a weekly decrease of 5.27, a monthly decrease of 54.19, and a year - on - year decrease of 31.54% [2]. - The latest price of Hebei quasi - first wet - quenched coke is 1580.00, with no daily change, a weekly decrease of 20.00, a monthly decrease of 75.00, and a year - on - year decrease of 27.85% [2]. - The latest price of Shandong quasi - first dry - quenched coke is 1515.00, with no daily or weekly change, a monthly decrease of 55.00, and a year - on - year decrease of 32.06% [2]. - The latest price of Jiangsu quasi - first dry - quenched coke is 1555.00, with no daily or weekly change, a monthly decrease of 55.00, and a year - on - year decrease of 31.50% [2]. - The latest price of Inner Mongolia second - grade coke is 1050.00, with no daily or weekly change, a monthly decrease of 50.00, and a year - on - year decrease of 34.38% [2]. Production and Utilization Rate - The blast furnace operating rate is 91.32, with a weekly decrease of 0.44, a monthly decrease of 0.28, and a year - on - year increase of 3.10% [2]. - The daily average iron water output is 243.60, with a weekly decrease of 1.17, a monthly decrease of 0.75, and a year - on - year increase of 2.87% [2]. - The coking capacity utilization rate is 75.23, with a weekly increase of 0.18, a monthly increase of 1.82, and a year - on - year increase of 3.48% [2]. - The daily average coke output is 51.88, with a weekly increase of 0.73, a monthly increase of 1.59, and a year - on - year increase of 9.45% [2]. Inventory Information - The coking plant inventory is 73.10, with a weekly increase of 7.64, a monthly increase of 4.28, and a year - on - year increase of 58.19% [2]. - The port inventory is 223.10, with a weekly decrease of 2.02, a monthly decrease of 20.49, and a year - on - year increase of 5.09% [2]. - The steel mill inventory is 660.59, with a weekly decrease of 3.21, a monthly decrease of 5.76, and a year - on - year increase of 18.26% [2]. - The steel mill inventory days are 11.89, with a weekly decrease of 0.12, a monthly decrease of 0.17, and a year - on - year increase of 11.02% [2]. Futures Market Information - The price of futures contract 05 is 1410.5, with a daily decrease of 39.50, a weekly decrease of 65.00, a monthly decrease of 145.00, and a year - on - year decrease of 40.54% [2]. - The price of futures contract 09 is 1377, with a daily decrease of 22.00, a weekly decrease of 42.50, a monthly decrease of 169.50, and a year - on - year decrease of 41.20% [2]. - The price of futures contract 01 is 1398, with a daily decrease of 22.00, a weekly decrease of 48.50, a monthly decrease of 171.00, and a year - on - year decrease of 42.03% [2]. - The basis of futures contract 05 is 177.54, with a daily increase of 39.50, a weekly increase of 59.62, a monthly increase of 70.60, and a significant year - on - year increase [2]. - The basis of futures contract 09 is 211.04, with a daily increase of 22.00, a weekly increase of 37.12, a monthly increase of 95.10, and a significant year - on - year increase [2]. - The basis of futures contract 01 is 190.04, with a daily increase of 22.00, a weekly increase of 43.12, a monthly increase of 96.60, and a significant year - on - year increase [2]. - The 5 - 9 spread is - 12.50, with a daily increase of 17.50, a weekly increase of 16.50, a monthly decrease of 26.00, and a year - on - year decrease of 52.00 [2]. - The 9 - 1 spread is 33.50, with a daily decrease of 17.50, a weekly decrease of 22.50, a monthly increase of 24.50, and a year - on - year increase of 3.50 [2]. - The 1 - 5 spread is - 21.00, with no daily change, a weekly increase of 6.00, a monthly increase of 1.50, and a year - on - year increase of 48.50 [2].

焦炭日报 研究中心黑色团队 1300.00 1500.00 1700.00 1900.00 2100.00 2300.00 2500.00 2700.00 2900.00 3100.00 3300.00 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 免责声明 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司 授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏 ...

焦炭日报 研究中心黑色团队 2025/5/19 建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司 授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 | | 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 | 1327.15 | -48.92 | -48.92 | -48.92 | -34.82% 高炉开工率 | 91.76 | | -0.33 | 1.61 | 4.67% | | 河北准一湿熄 | 1655.00 | 0.00 | 0.00 | 25.00 | ...

Group 1 - On May 16, major steel mills in Shandong reduced the procurement price of coke by 50 CNY/ton for wet quenching and 55 CNY/ton for dry quenching [1] - The national average price for first-grade coke is reported at 980 CNY/ton, while second-grade coke is at 1100 CNY/ton [2] - The futures market saw the main contract for coke close at 1445.5 CNY/ton, with a decline of 1.93% [2] Group 2 - As of May 15, the average daily production of coke from independent coking plants was 671,000 tons, with a week-on-week increase of 0.2% [3] - The total coke inventory across various sectors decreased to 1,039,490 tons, marking a 0.92% reduction and the lowest level in four months [3] - The overall inventory increase year-on-year is 17.41%, indicating a narrowing growth rate [3] Group 3 - Supply remains stable in major production areas, although some regions are experiencing production limits due to ongoing profit pressures [4] - Steel mills are managing low inventory levels, primarily replenishing based on immediate needs, while seasonal demand is expected to weaken [4] - The market is currently in a weak balance state with strong supply and weak demand, suggesting that coke prices may continue to fluctuate within a range [4]

900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 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 吕梁出厂价 2021 2022 2023 2024 2025 2900.00 3100.00 3300.00 1300.00 1500.00 1700.00 1900.00 2100.00 2300.00 2500.00 2700.00 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 2200.00 2700.00 3200.00 3700.00 4200.00 4700.00 青岛港准一平仓 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 天津港准一平仓 2021 2022 2023 2024 2025 1200.00 1700.00 2200.00 2700.00 3200.00 3700.00 4200.00 4700.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 ...

焦炭日报 研究中心黑色团队 2025/5/14 | | 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 | 1376.08 | 0.00 | 0.00 | 54.19 | -32.33% 高炉开工率 | 92.09 | | 0.09 | 1.90 | 6.78% | | 河北准一湿熄 | 1655.00 | 0.00 | 0.00 | 180.00 | -28.04% 铁水日均产量 | 245.64 | | 0.22 | 5.42 | 4.75% | | 山东准一干熄 | 1570.00 | 0.00 | 0.00 | 55.00 | -32.91% 盘面05 | 1564 | -15.00 | 14.00 | 42.50 | -29.42% | | 江苏准一干熄 | 1610.00 | 0.00 | 0.00 | 55.00 | -32.35% 盘面09 | 1459 | 2.00 | -53 ...

| | 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 | 1376.08 | 0.00 | 0.00 | 54.19 | -32.33% 高炉开工率 | 92.09 | | 0.09 | 1.90 | 6.78% | | 河北准一湿熄 | 1655.00 | 0.00 | 0.00 | 180.00 | -28.04% 铁水日均产量 | 245.64 | | 0.22 | 5.42 | 4.75% | | 山东准一干熄 | 1570.00 | 0.00 | 0.00 | 55.00 | -32.91% 盘面05 | 1579 | 9.00 | 10.50 | 4.50 | -28.75% | | 江苏准一干熄 | 1610.00 | 0.00 | 0.00 | 55.00 | -32.35% 盘面09 | 1457 | -3.50 | -60.00 | -154.00 | -36.72% | ...

900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 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 吕梁出厂价 2021 2022 2023 2024 2025 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 天津港准一平仓 2021 2022 2023 2024 2025 1200.00 1700.00 2200.00 2700.00 3200.00 3700.00 4200.00 4700.00 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 1200.00 1700.00 2200.00 2700.00 3200.00 3700.00 4200.00 4700.00 焦炭日报 研究中心黑色团队 2025/5/12 | | 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 | | | --- | --- | ...

Core Viewpoint - The company is set to implement a large-scale coal conversion project in Xinjiang, utilizing a new technology called coal hydrogenation pyrolysis to achieve clean and efficient utilization of abundant coal resources in the region [2][3]. Group 1: Technology Overview - The coal hydrogenation pyrolysis technology integrates the advantages of coal-to-gas and coal-to-oil processes, producing high-value light aromatics and methane as by-products [2]. - The process operates under medium temperature (800℃~1000℃) and high pressure (5~10 MPa), involving rapid hydrogenation pyrolysis reactions and secondary cracking of volatile components [2][3]. - The technology is suitable for high-volatile coal, producing high-quality aromatics with benzene and naphthalene accounting for up to 80% of the aromatic products [2][3]. Group 2: Project Development - The company has established a 400 tons/day industrial demonstration unit in Inner Mongolia and plans to optimize it in 2024, upgrading core systems [3]. - Multiple million-ton-level coal conversion projects are planned in Xinjiang, aiming to create a closed-loop industry of "clean coal conversion—high-end material manufacturing" [3][4]. - The projects have passed feasibility assessments and are currently advancing through environmental impact report approvals [3]. Group 3: Industry Impact - The technology is expected to facilitate the transformation and upgrading of coal resources, aligning with the national "dual carbon" strategy goals [4]. - By integrating with green electricity, green hydrogen, and steel metallurgy industries, the technology aims to enhance resource efficiency and sustainability in traditional energy sectors [4].

Group 1: CPI and PPI Trends - In April, the Consumer Price Index (CPI) shifted from a month-on-month decline of 0.4% to an increase of 0.1%, while the year-on-year CPI decreased by 0.1%, maintaining the same decline as the previous month [1] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, indicating stable growth [1][2] - The Producer Price Index (PPI) fell by 0.4% month-on-month and decreased by 2.7% year-on-year, with the decline expanding by 0.2 percentage points compared to the previous month [1][4] Group 2: Influencing Factors on Prices - The rise in CPI was primarily driven by increases in food and travel service prices, with food prices up by 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points [2] - International commodity price declines, particularly in oil and gas, have negatively impacted domestic prices, contributing to the PPI's downward trend [1][4] - The impact of U.S. tariff policies has led to a decrease in international crude oil and metal prices, which has been transmitted to domestic industries [4][5] Group 3: Future Outlook - Analysts expect PPI to remain under pressure due to tariff issues, while CPI may experience a mild recovery driven by demand rebound and seasonal food price stabilization [1][5] - The implementation of macroeconomic policies aimed at boosting consumption and investment is anticipated to positively influence certain sectors, leading to price increases in high-tech industries [5] - Despite external pressures, domestic policies are expected to support a reasonable price level, with a slight narrowing of PPI's year-on-year decline projected for the second quarter [5]