华泰期货：钢价博弈持续，双焦震荡运行

Market Analysis - Coking coal and coke prices are showing a steady upward trend alongside steel prices, with coking coal futures closing at 1129 CNY/ton and coke futures at 1683.5 CNY/ton [7] - Domestic coal production remains stable, but coking enterprises are slowing down their purchasing pace, leading to average transaction volumes [7] - The first round of price increases for coke has not yet materialized, as steel mills are reluctant to replenish raw materials due to poor profits and adequate inventory levels [7] Supply and Demand Dynamics - Steel mill profits are under pressure, resulting in a decline in blast furnace operating rates and pig iron production [7] - Recent declines in raw material prices have provided some recovery for steel profits, but steel mills remain cautious regarding coke price increases, leading to ongoing negotiations [7] - There is an expectation for steel mills to replenish inventory before the holiday, which may support coke demand in the short term [7] - Coking coal's short-term fundamentals do not show significant contradictions, and with the upcoming holiday, there is limited downside potential for coking coal prices [7] Strategy - Coking coal is expected to remain in a fluctuating state [7] - Coke is also anticipated to continue its fluctuating trend [7] - No cross-commodity or cross-period strategies are currently indicated [7]