煤焦：煤炭进口量下降，盘面震荡运行

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Short - term market sentiment is warming up, which provides some support for coal prices. However, fundamentally, both the supply and demand of coking coal and coke are slightly declining from high levels, and the inventory pressure remains high. Rebounds should be treated with caution [3] Group 3: Summary by Related Catalogs Market Performance - Yesterday, the rebound of coking coal and coke futures prices was weak, and they weakened again at night. On the spot side, the third round of coke price cuts by steel mills last week was officially implemented, with this round's decline increasing to 70 - 75 yuan/ton. Since mid - May, the three - round cumulative decline has been 170 - 185 yuan/ton. Coking coal prices also maintained a weak and stable operation [3] Import Data - In May, China imported 36.04 million tons of coal, a month - on - month decrease of 4.7% and a year - on - year decrease of 17.7%. From January to May, the cumulative import was 188.722 million tons, a year - on - year decrease of 7.9%. In May, the total customs clearance of Mongolian coal at the Ganqimaodu Port was 2.938 million tons, a year - on - year decrease of 16.5% [3] Domestic Coal Production - Domestic coal mine production continued a slight downward trend, but there was no large - scale shutdown or production reduction. The daily output of raw coal from 523 coking coal sample mines was 1.899 million tons, a month - on - month decrease of 18,000 tons and a year - on - year decrease of 78,000 tons. However, the inventory pressure at the coal mine end has not been relieved. The raw coal inventory at the coal mine end increased to 6.708 million tons, a month - on - month increase of 297,000 tons and a year - on - year increase of 3.357 million tons; the clean coal inventory was 4.807 million tons, a month - on - month increase of 77,000 tons and a year - on - year increase of 2.04 million tons [3] Demand Situation - The demand for coking coal and coke continued a slight downward trend, but the decline rate was slow. Last week, the average daily hot metal output of steel mills dropped to 2.418 million tons, a decrease of 110,000 tons from the previous week and an increase of 605,000 tons compared with the same period last year. The overall profitability of steel mills narrowed slightly, leading to a decline in production, which generally offset the recent production cuts of coal mines. Fundamentally, the driving force for coal price rebound was still insufficient [3]