薛鹤翔：供需双增叠加政策预期，盘面走势极强-焦煤期货

Group 1 - The main contracts for coking coal and coke showed weak performance, with coking coal closing at 1187.5 CNY/ton and coke at 1688.5 CNY/ton, both experiencing daily increases of over 4% [1] - Supply side indicators show a significant recovery in production, with premium coal and raw coal output at 728,400 tons and 1,856,200 tons respectively, both increasing week-on-week. The operating rate of coal mines rose by 6.93% to 82.71% [2] - Demand from steel mills has increased significantly, with average daily pig iron output rising by 117,100 tons to 2,405,500 tons, which is notably higher than the same period last year [2] Group 2 - Inventory levels for premium coal at sample mines decreased by 135,600 tons to 2,545,200 tons, marking two consecutive weeks of decline. Independent coking plants also saw a reduction in coking coal inventory and available days [2] - The profit margin for coking plants decreased to 35 CNY/ton, although it remains higher than the same period last year. The market fundamentals have improved with increased supply and demand, alongside a decrease in inventory [3] - Overall, the current supply of premium coal is lower than last year, while pig iron production is higher, supported by positive policy expectations. However, there are concerns regarding steel inventory and potential supply pressures from imports [5]