双焦周报：供应过剩难以扭转 煤焦市场继续探底

Group 1: Coking Coal - China officially reduced tariffs on U.S. imports starting April 14, but this macroeconomic positive has not reversed the weak trend in coking coal [1] - Spot prices for coking coal continue to decline slightly, with futures showing a significant backwardation structure due to pessimistic market expectations [1] - Domestic coal production remains high as mines continue to resume operations, while imported coal volumes are recovering from low levels, but profits from sea freight coal imports remain negative [1] - Coking plant operations have slightly increased, but downstream pig iron production shows signs of peaking, leading to cautious purchasing behavior among downstream users [1] - Coal inventory levels remain high, putting pressure on prices, with port inventories also accumulating [1] - The recommended strategy is to short coking coal futures at high prices and maintain an arbitrage position of long hot-rolled steel and short coking coal [1] Group 2: Coking Coke - After a brief price increase, major steel mills have reduced coking coke prices, leading to a weak market performance [2] - Coking enterprises are experiencing good orders due to high pig iron production, which has improved coking profits [2] - The inventory levels at coking plants are decreasing, while port inventories have slightly declined, but overall downstream replenishment demand remains cautious [2] - The recommended strategy is to short coking coke futures at high prices and maintain an arbitrage position of long hot-rolled steel and short coking coke [2]