煤焦：需求延续回升，价格区间震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - Recent unexpected rebound in hot metal production drives coke inventory reduction and boosts market sentiment; coking coal inventory turns to increase, still dragging down the market, and coal and coke generally maintain low - level fluctuations [4] 3. Summary by Related Content Market Performance - Yesterday, coking coal and coke futures prices fluctuated, with coke slightly rebounding and coking coal remaining weak; on the spot side, port coke resource prices fluctuated slightly, and coal prices remained weakly stable [3] Fundamental Analysis - Five major steel products have entered the inventory depletion cycle, and current steel mill profitability is acceptable; this week, blast furnace operation continued to rise but the increase slowed compared to last week, with daily average hot metal production reaching 2.3728 million tons, a week - on - week increase of 10,200 tons and a year - on - year increase of 159,700 tons, driving the recovery of coke's rigid demand [3] - This week, coal mine operation rate increased, with daily average coking coal production at 759,000 tons, a week - on - week increase of 22,000 tons; in terms of imports, the Mongolian coal customs clearance volume in mid - March rebounded compared to early March, and the inventory in the port supervision area remained at a high level; monthly data shows that the cumulative Mongolian coal imports in the first two months were 6.4426 million tons, with a significant year - on - year decline of 17.03% [3]