煤焦：钢厂第3轮调降，焦价盘面低位震荡

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand both decline slightly from high levels, inventory pressure remains high, and a short - term bearish view on the rebound is maintained [3] Group 3: Summary by Related Content Market Performance - Yesterday, the coal - coke futures market rebounded from a low level, with the main coking coal contract rising nearly 7%. Short - covering by bears and the fermentation of information such as the import resource tax on Mongolian coal and the domestic Mineral Resources Law helped coal prices rebound. Some steel mills in Hebei started the third round of coke price cuts, to be implemented on the 6th [2] Fundamental Analysis - Coal mine production continues a slight downward trend, but there is no large - scale production halt or reduction. This week, the daily output of raw coal from 523 coking coal sample mines is 189.9 million tons, a decrease of 1.8 million tons compared with the previous week and a decrease of 7.8 million tons year - on - year. Mines in Shanxi's Hejin, Lishi, and Qingxu have stopped production due to safety reasons for about 15 days. However, the inventory pressure at the coal mine end has not been relieved. The raw coal inventory at the coal mine end has increased to 670.8 million tons, an increase of 29.7 million tons compared with the previous week and an increase of 335.7 million tons year - on - year; the clean coal inventory is 480.7 million tons, an increase of 7.7 million tons compared with the previous week and an increase of 204 million tons year - on - year [2] - Coal - coke demand continues a slight downward trend. The average daily hot metal output of steel mills has dropped to 2.4191 billion tons, a decrease of 1.7 million tons compared with the previous week and an increase of 6.08 million tons year - on - year. The overall profitability of steel mills has slightly narrowed, leading to a decline in开工, which generally offsets the recent production cuts of coal mines, and the coal price rebound is still weak [2]