20251107-东亚期货-黑色系周报—双焦_17页_936kb

Black Metal Weekly Report Summary – Dual Coke (2025-11-07)

This report analyzes the dual coke segment (coking coal and coke) based on fundamental data. Key dynamics include a continued decline in iron water, with the third round of coke price hikes fully implemented. Inventory levels show mixed trends: coking coal total inventory increased, while coal coke and other inventories decreased. Demand remains stable with iron water down, but profitability faces pressure. Views from the report highlight an expectation for coking coal and coke futures (e.g., 2601合约) to remain range-bound due to environmental checks and inventory adjustments. Imports of coking coal have decreased by 6.45% year-to-date, while coke exports fell by 18.66%, indicating reduced international activity. Overall, the market is influenced by domestic supply constraints and policy impacts, with recommendations for cautious trading.