卓创资讯：Supply and demand are easing, and coke prices' fluctuations reflect the rebalancing of steel and coke profits

After the spot increase in coke prices on January 30th, most coking plants have restored losses. Currently, coking enterprises in main producing areas such as Shanxi, Hebei, and Shandong are slightly profitable, while coking plants in other regions are generally at break-even levels. Overall, the operating rate of coking has stopped declining and is rebounding. As the Spring Festival approaches, steel mills’ coke inventories remain increasing, with the available days of coke inventory at mainstream steel mills in Hebei rising to about 8 days, approaching the highest level in 2025. Most steel mills are switching to just-in-time procurement of coke. Before the Spring Festival, coke supply and demand are moderate, and currently, steel and coke enterprises are slightly profitable with no obvious conflicts, so coke prices are mainly stable. Looking after the holiday, as temperatures rise, seasonal demand for coal weakens, and coke cost support is limited; meanwhile, during the Spring Festival, steel inventory pressure is high, and steel prices may face downward pressure after the holiday. Under the shrinking profits of steel mills, there is a higher likelihood of downward pressure on coke prices. (Zhuo Chuang Information)