焦煤短期低位区间整理，后市关注政策端释放的信号

Core Viewpoint - The recent decline in coking coal futures is attributed to a lack of supportive policies and a weak fundamental outlook, with prices fluctuating between 1100 and 1250 yuan per ton since mid-January [1] Supply Side - Domestic coal mines are maintaining stable production ahead of the Spring Festival, with an increase in imported Mongolian coal compared to early January [1] - As of January 23, the average daily production of coking coal from 523 coal mines in China was 770,000 tons, showing a slight increase of 1,000 tons compared to the previous week, but still 36,000 tons higher than the same period last year [2] - The total inventory of coking coal was reported at 25.4473 million tons, reflecting a supply surplus [3] Demand Side - The demand for coking coal remains weak, with multiple price increase attempts for coke failing to materialize, leading to significant losses for coking enterprises [3] - Despite the current reasonable profit margins for downstream steel mills and ongoing winter stockpiling, the overall demand remains subdued [1][2] Price Trends - As of January 23, the prices for major coal types showed no significant downward trend, with low-sulfur coking coal in Shanxi priced at 1660 yuan per ton, up 50 yuan from the previous month [2] - The expectation is that coking coal futures will continue to experience range-bound fluctuations leading up to the Spring Festival, with a focus on potential supportive policy signals [1][3]