煤焦：基本面拖累盘面保持弱势运行

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The macro - disturbance has weakened and market sentiment has improved, but the overall supply - demand situation of coal and coke remains weak. With the continuous increase in coking coal supply and the peak - to - decline trend of hot metal production, the price is temporarily treated as a rebound with a bearish outlook [4] Group 3: Summary Based on Related Content Market Performance - Yesterday, the futures prices of coking coal and coke continued the weak and volatile trend, hitting new lows, and rebounded slightly at night; the first round of spot price cut of coke was implemented, and there is still an expectation of further cuts. Recently, the macro - disturbance to the market has weakened, but the supply - strong and demand - weak fundamentals of coal and coke have dragged down the price performance [3] Coking Enterprise Situation - After the first round of coke price cut, the profits of most coking enterprises in many regions have returned to the break - even point. Most coking enterprises in the region maintain the previous production restriction state, with normal production rhythm. Some coking enterprises have slightly increased production. The recent shipment situation has improved compared with before, and most coking plants keep their coke inventory at a low level [3] Downstream Demand - Last week, the average daily output of hot metal from steel mills was 244,770 tons, a week - on - week decrease of 8,700 tons. Recently, the hot metal output has shown a peak - to - decline trend. Some steel mills have plans for production reduction and maintenance. Affected by relevant policies, steel mills are more cautious in purchasing raw materials such as coke and mainly purchase on - demand [3] Mongolian Coal Import - After the port inventory pressure has been continuously relieved, the Mongolian coal import has quickly recovered to the level of the same period last year. Some Mongolian coal is piled up in the warehouse after import. Since there is no expectation of an increase in downstream demand, the recovery of Mongolian coal customs clearance has brought supply pressure to the market again [3]