Group 1: Report Overview - Report Date: May 7, 2025 [1] - Report Type: Coke Daily Report - Research Team: Black Team of the Research Center Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoints - No clear core viewpoints are presented in the report. It mainly provides various data on the coke industry. Group 4: Data Summary Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1376.08, with no daily or weekly change, a monthly increase of 54.19, and a year - on - year decrease of 32.33% [2] - The latest price of Hebei quasi - first wet quenching coke is 1655.00, with no daily or weekly change, a monthly increase of 180.00, and a year - on - year decrease of 28.04% [2] - The latest price of Shandong quasi - first dry quenching coke is 1570.00, with no daily or weekly change, a monthly increase of 55.00, and a year - on - year decrease of 32.91% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1610.00, with no daily or weekly change, a monthly increase of 55.00, and a year - on - year decrease of 32.35% [2] - The latest price of Inner Mongolia second - grade coke is 1100.00, with no daily or weekly change, a monthly increase of 50.00, and a year - on - year decrease of 35.29% [2] Production and Utilization - The blast furnace operating rate is 92.00, with a weekly increase of 0.40, a monthly increase of 2.37, and a year - on - year increase of 7.56% [2] - The average daily hot metal output is 245.42, with a weekly increase of 1.07, a monthly increase of 6.69, and a year - on - year increase of 6.39% [2] - The coking plant capacity utilization rate is 75.27, with a weekly increase of 1.86, a monthly increase of 3.68, and a year - on - year increase of 15.23% [2] - The average daily coke output is 49.53, with a weekly decrease of 0.76, a monthly decrease of 2.23, and a year - on - year increase of 1.70% [2] Inventory - The coking plant inventory is 67.06, with a weekly decrease of 1.76, a monthly increase of 0.69, and a year - on - year increase of 41.15% [2] - The port inventory is 238.12, with a weekly decrease of 5.46, a monthly increase of 20.99, and a year - on - year increase of 14.32% [2] - The steel mill inventory is 675.22, with a weekly increase of 8.87, a monthly increase of 2.35, and a year - on - year increase of 23.92% [2] - The steel mill inventory days are 12.17, with a weekly increase of 0.11, a monthly decrease of 0.39, and a year - on - year increase of 15.36% [2] Futures Market - The price of the 05 futures contract is 1568.5, with a daily decrease of 21.50, a weekly decrease of 16.50, a monthly decrease of 57.50, and a year - on - year decrease of 30.55% [2] - The price of the 09 futures contract is 1517, with a daily decrease of 29.50, a weekly decrease of 64.00, a monthly decrease of 155.50, and a year - on - year decrease of 35.80% [2] - The price of the 01 futures contract is 1559, with a daily decrease of 24.50, a weekly decrease of 50.00, a monthly decrease of 157.00, and a year - on - year decrease of 35.51% [2] - The 05 basis is 83.19, with a daily increase of 21.50, a weekly increase of 5.75, a monthly increase of 99.64, and a year - on - year increase of 64.08 [2] - The 09 basis is 134.69, with a daily increase of 29.50, a weekly increase of 53.25, a monthly increase of 197.64, and a year - on - year increase of 220.08 [2] - The 01 basis is 92.69, with a daily increase of 24.50, a weekly increase of 39.25, a monthly increase of 199.14, and a year - on - year increase of 232.58 [2] - The 5 - 9 spread is - 9.50, with a daily decrease of 3.00, a weekly decrease of 33.50, a monthly decrease of 99.50, and a year - on - year decrease of 168.50 [2] - The 9 - 1 spread is 51.50, with a daily increase of 8.00, a weekly increase of 47.50, a monthly increase of 98.00, and a year - on - year increase of 156.00 [2] - The 1 - 5 spread is - 42.00, with a daily decrease of 5.00, a weekly decrease of 14.00, a monthly increase of 1.50, and a year - on - year increase of 12.50 [2]

地区应急部门表示，俄罗斯远东地区一家煤炭加工厂发生爆炸，至少四人受伤。 ...

华电科工（601226）公告，近日，公司与伊泰伊犁能源有限公司签署了《伊泰伊犁能源有限公司100万 吨/年煤制油示范项目长距离输煤管带机系统EPC总承包合同协议书》，合同金额为21586.19万元人民币 (含税)。 ...

Core Viewpoint - The domestic coal tar market has experienced a significant decline after reaching a peak in early March, with prices dropping by approximately 24% by April 22, leading to a cautious atmosphere in the industry [1] Demand Weakening - The demand for coal tar has shifted from strong to weak as the peak consumption season comes to an end, resulting in lower purchasing enthusiasm from downstream companies [2] - Inventory digestion in the tire industry has been slow, contributing to a bearish outlook on future coal tar prices, with companies adopting a just-in-time purchasing strategy [2] - The decline in demand has also affected the prices of downstream products like carbon black and anthracene oil, leading to increased losses for carbon black manufacturers [2] Supply Expectations Increasing - As of April 17, the capacity utilization rate of independent coking enterprises in China was 73.51%, reflecting a 5% increase, with stable growth in coal tar production expected [3] - The profitability of coking plants has improved due to the first round of coking coal price increases, maintaining strong procurement demand from steel mills [3] - Companies are adopting a just-in-time sales strategy, with low-priced inventory clearance policies accelerating market adjustments [3] Downstream Inventory Accumulation - In the context of weak terminal demand, deep processing products like anthracene oil and washing oil are facing sales difficulties, leading to increased inventories [4] - The operating rate of coal tar deep processing increased to 46% as of April 17, but losses in the carbon black industry have led to a decrease in its operating rate to 61.79% [4] - The significant decline in the coal tar market has caused traders to adopt a wait-and-see approach, further negatively impacting the market as it enters the consumption off-season [4]

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: April 11, 2025 [1] Group 2: Price and Production Data - **Coke Prices**: - Shanxi quasi - first wet quenching: 1329.93, no daily change, no weekly change, monthly change - 54.61, year - on - year - 18.89% [2] - Hebei quasi - first wet quenching: 1310.00, no daily change, no weekly change, monthly change - 50.00, year - on - year - 21.08% [2] - Shandong quasi - first dry quenching: 1515.00, no daily change, no weekly change, monthly change - 55.00, year - on - year - 20.26% [2] - Jiangsu quasi - first dry quenching: 1555.00, no daily change, no weekly change, monthly change - 55.00, year - on - year - 19.85% [2] - Inner Mongolia second - grade: 1050.00, no daily change, no weekly change, monthly change - 50.00, year - on - year - 19.23% [2] - **Production and Utilization**: - Blast furnace operating rate: 89.63, weekly change 0.55, monthly change 3.09, year - on - year 8.30% [2] - Daily hot metal output: 240.22, weekly change 1.49, monthly change 9.63, year - on - year 6.88% [2] - Coking capacity utilization rate: 72.60, weekly change 1.01, monthly change 2.22, year - on - year 12.30% [2] - Daily coke output: 51.41, weekly change - 0.35, monthly change - 0.07, year - on - year 0.45% [2] Group 3: Inventory Data - **Inventory Volumes**: - Coking plant inventory: 65.90, weekly change - 0.47, monthly change - 14.66, year - on - year 14.19% [2] - Port inventory: 233.09, weekly change 15.96, monthly change 23.99, year - on - year 12.44% [2] - Steel mill inventory: 667.99, weekly change - 4.88, monthly change - 10.42, year - on - year 11.55% [2] - **Inventory Days**: - Steel mill inventory days: 12.41, weekly change - 0.15, monthly change - 1.22, year - on - year 5.53% [2] Group 4: Futures Market Data - **Futures Prices**: - Futures contract 05: 1544, daily change 22.50, weekly change - 86.00, monthly change - 80.00, year - on - year - 22.02% [2] - Futures contract 09: 1586.5, daily change 26.50, weekly change - 79.50, monthly change - 85.50, year - on - year - 23.89% [2] - Futures contract 01: 1636.5, daily change 27.00, weekly change - 68.00, monthly change - 93.00, year - on - year - 22.46% [2] - **Basis and Spreads**: - 05 basis: 68.83, daily change - 22.50, weekly change 86.00, monthly change 21.28, year - on - year 113.76 [2] - 09 basis: 26.33, daily change - 26.50, weekly change 79.50, monthly change 26.78, year - on - year 175.76 [2] - 01 basis: - 23.67, daily change - 27.00, weekly change 68.00, monthly change 34.28, year - on - year 151.76 [2] - 5 - 9 spread: 92.50, daily change 4.50, weekly change 18.00, monthly change - 13.00, year - on - year - 38.00 [2] - 9 - 1 spread: - 42.50, daily change - 4.00, weekly change - 6.50, monthly change 5.50, year - on - year 62.00 [2] - 1 - 5 spread: - 50.00, daily change - 0.50, weekly change - 11.50, monthly change 7.50, year - on - year - 24.00 [2]

Group 1: CPI Analysis - The CPI year-on-year growth rate decreased to -0.7% in February, down 1.2 percentage points from the previous month, primarily due to the impact of the Spring Festival timing [1][4] - Excluding the Spring Festival effect, the CPI year-on-year increased by 0.1% in February, indicating a moderate recovery in prices [1][4] - Food prices contributed over 80% to the total decline in CPI, with fresh vegetable prices dropping by 12.6% year-on-year [5][6] Group 2: PPI Analysis - The PPI year-on-year decline narrowed to 2.2% in February, with the average for January-February also showing a 2.2% decrease compared to the previous year [2][7] - The main reasons for the PPI decline include the off-peak industrial production season and weak demand for construction materials [2][7] - The prices of production materials fell by 2.5%, while living materials prices decreased by 1.2%, with specific industries like coal processing seeing significant price drops [7][8] Group 3: Market Sentiment and Future Outlook - The PMI data indicated an increase in raw material and finished product price indices, but the PPI only slightly narrowed, suggesting a discrepancy between perceived and actual market conditions [3] - The current policy uncertainty may lead to a cautious approach from enterprises, affecting production enthusiasm [3] - Positive signals from the upcoming Two Sessions may help restore market demand and improve production and demand dynamics [3]