钢材双焦：需求走弱，动力煤料偏弱

Group 1 - The core viewpoint of the article highlights a weakening demand for steel and a significant decline in thermal coal prices, leading to concerns about the peak of iron and steel production [1] - The central trading focus for coking coal and coke is on the trajectory of finished steel demand, changes in coking coal supply, and the ongoing drop in thermal coal prices [1][1] - The article notes that the domestic monetary policy has been adjusted with a 0.5 percentage point reduction in the reserve requirement ratio, expected to inject approximately 1 trillion yuan into the market [1][1] Group 2 - The article reports that in April, China's total goods trade value reached 3.84 trillion yuan, with exports of 2.27 trillion yuan, reflecting a growth of 9.3%, while imports grew by 0.8% to 1.57 trillion yuan [1][1] - It mentions that the supply of thermal coal is expected to remain weak due to increased inventory at coastal power plants and high stock levels at northern ports, leading to a continued downward pressure on prices [1][1] - The article expresses concerns that the demand for finished steel may have peaked, with the market increasingly worried about the risks associated with iron and steel production reaching its maximum capacity [1][1]