煤焦：近月价格下行拖累成本支撑减弱

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report - The supply and demand of coking coal have both increased, and there is a phased trend of inventory increase. The futures market is dragged down by delivery games, and the overall coking coal and coke market will maintain a weak operation in the short term [3]. 3) Summary by Relevant Catalog - Market Performance: Yesterday, the coking coal near - month 2504 contract closed at the daily limit down, and continued to decline sharply at night, dragging down the main contract to a new low in nearly eight years [2]. - Market Policy: The Dalian Commodity Exchange has added China Aluminum International Trade Group Co., Ltd. and Pingdingshan Tianan Coal Mining Co., Ltd. as group delivery warehouses for coking coal, and set up sub - warehouses in corresponding regions, which puts pressure on the coking coal delivery price. The exchange has also added a "equilibrium moisture" indicator to the coke futures delivery quality standard, increasing the wet - quenched coke delivery cost by 110 yuan/ton, enriching the deliverable resources and weakening the short - term rebound sentiment [2]. - Fundamentals: Five major steel products have entered the inventory destocking cycle. The profitability of steel mills is acceptable. Last week, the blast furnace operating rate continued to rise but at a slower pace than the previous week. The daily average pig iron output increased to 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 rigid demand for coke to improve. For coking coal, the coal mine operating rate increased last week, with the daily average output of coking coal reaching 759,000 tons, a week - on - week increase of 22,000 tons. In terms of imports, the customs clearance volume of Mongolian coal rebounded in mid - March compared with early March, and the inventory in the port supervision area remained at a high level. The cumulative import volume of Mongolian coal in the first two months was 6.4426 million tons, with a significant year - on - year decrease of 17.03% [2].