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December 01: Various views on coke futures – GF Futures: Low coke inventory provides support, keeping prices strong; Spot market: The seventh round of price increases has taken effect. Currently, the prevailing price for quasi-first-class wet quenching coke in the Shanxi region is around 2,000–2,130 yuan per ton. On the port side, spot supplies remain tight, and the profits associated with goods arriving at the ports are low; as a result, traders are cautious in their operations. Currently, the prevailing spot price for grade A metallurgical coke at ports is around 2290–2300 yuan per ton. The cost of a quasi-first-class warehouse receipt in Rizhao is 2,380 yuan per ton, with the futures price being 87 yuan higher than the spot price. On the demand side: the operating rate of blast furnaces remained roughly unchanged on a week-on-week basis this week. November remains a peak period for demand in the downstream sector, and it is expected that blast furnace operations will remain at high levels. Inventory: Inventory levels at coking plants are declining more slowly, while inventories at steel mills and ports are rising. The inventory of coke for the 230 sample companies was 60.35, a decrease of 15,000 tons. The coke inventory at 110 sampled steel mills was 466, an increase of 0.47. Coke port inventory 236, down 3. Supply: The phase-out of coking capacity in key production areas is progressing gradually, and due to environmental regulations, the supply of coke remains tight. Currently, coking plant production remains high and stable, with almost no inventory in the plants. Weekly data show that the capacity utilization rate of the 230 sampled coking enterprises is 75.99%, up 0.59% compared to the previous week and 2.73% higher on a year-on-year basis ； Average daily output: 67.98, +0.35. Profit: The average profit per ton of coke produced by coke plants across the country is 530 yuan, with an increase of 5 yuan per ton compared to last week, as a result of the seventh round of price hikes. View: Based on the data, coke production and inventory have increased on a month-on-month basis, with profits remaining high. However, some coking capacity in North China has not yet been shut down, and the production of blast furnaces in the downstream sector has seen a ** decline on a month-on-month basis. The tight inventory of coke in Shanxi region remains unchanged. Pre-holiday stockpiling has shifted coke inventory from the production side to the demand side, leaving little room for spot prices to decline before steel mills reduce production on a seasonal basis. With the January contract approaching delivery, it is expected to move in a stronger, volatile manner as it enters the delivery month. The 1-5 price gap has narrowed significantly, with profits at high levels; this year’s Spring Festival falls in mid-February, just before the holiday