年内大跌35％！焦煤期货创近9年新低，何时才能见底企稳｜大宗风云

Group 1 - The core viewpoint of the articles indicates that the prices of coking coal and coke have reached new lows due to supply and demand issues in the market [1][2][9] - Coking coal futures have dropped by 35.25% and coke futures by 26.84% since the beginning of the year, with a continuous downward trend starting from the fourth quarter of 2023 [2][8] - The increase in domestic coal production and imports has led to a surplus in supply, putting downward pressure on prices [3][7] Group 2 - The production of raw coal in China has increased significantly, with a reported 15.8 billion tons produced in the first four months of 2025, marking a 6.6% year-on-year growth [2][6] - The operating rate of coal mines was reported at 86.3% as of May 23, 2025, which is a slight decline compared to the previous year [6][8] - The import of coking coal has surged from 54.65 million tons in 2021 to 121.89 million tons in 2024, reflecting a 123% increase [7] Group 3 - Despite the decline in prices, the demand for coke remains relatively stable due to ongoing high demand for pig iron [3][5] - Steel mills have implemented multiple rounds of price reductions for coke, which has contributed to the continuous decline in coke prices [5][9] - The overall market sentiment remains complex, with potential for price recovery if favorable conditions arise [9]