Dongxing Futures: coke demand down face price adjustment clients view the latest market this year, coke index has risen more than 80%, or none in all varieties of black chain, coke supply remained tight pattern. However, the downstream demand growth declined or has indicated that the traditional "expected golden nine silver ten" consumption season is not as optimistic imagination, at the same time in mills because of raw materials and finished goods or not, due to the shrinking profits but also restricts the production and operating rate to further improve. With real estate, infrastructure double engine stall, coke prices will adjust. Although the local coke supply is tight, but the yield decline is not obvious since the beginning of this year, coke continued tight supply, leading to rising prices, the profits of steel smelting coking plant can be, to accept a higher degree of price. The yield, 1-7 months of this year, cumulative production of 253 million 220 thousand tons of coke, down 3.8%, iron total production was 403 million 245 thousand tons, down 1.4%, from the point of view of coking production efforts, significantly greater than the end of the blast furnace. But the two yield ratio is 0.63, assuming 90% coke used to blast furnace, the two yield ratio is still higher than 0.5 (coke experience), from this point of view, coke supply may not think so nervous. Figure 1: the yield and growth of coke; Figure 2: pig iron production and the growth of source: WIND, the Dongxing Futures Research Center coke mills the inventory is low, but high port stocks from the stock point of view, coke steel inventory levels remain low, August 26th large and medium-sized domestic mills coke inventory for only 7 days, at the lowest level of the year. However, when Zhou port inventory of 2 million 645 thousand tons, the highest point for the year. As there are doubts about the future price of coke, steel mills are not willing to hoard too much inventory at this price, but with the use of mining. Relatively high inventory in the port, in the future when coke demand is weak, or become one of the main factors of coke prices fell. Figure 3: coke steel stock &nb.