[SMM Coke Oven Capacity Utilisation Rate] This week's coke oven capacity utilisation rate remained unchanged at 76.1%.

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According to the SMM survey, the coke oven capacity utilisation rate this week was 76.1%, up 0.0 percentage points WoW. In Shanxi, the coke oven capacity utilisation rate was 77.4%, up 0.1 percentage points WoW.
From a profitability perspective, most coke enterprises reported relatively good profits, hovering around 100 yuan/mt, which positively impacted their production. From an inventory perspective, coke enterprises experienced some inventory buildup as downstream steel mills showed low willingness for winter stockpiling, weighing on coke production. From an environmental protection perspective, only Shandong faced strict winter environmental protection inspections, leading some coke enterprises to increase production cuts, while other regions were relatively less affected.
Looking ahead, coke enterprises are expected to maintain profits, with moderate production willingness. Coke supply may remain stable or slightly increase before the Chinese New Year. However, the finished steel market has cooled, downstream steel mill profits continue to decline, and their outlook for the market remains pessimistic, resulting in low restocking willingness, which may lead to further inventory buildup for coke enterprises. In summary, the coke oven capacity utilisation rate of coke enterprises is likely to remain stable next week.