煤焦：钢厂第4轮提降，焦价盘面低位震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Short - term market sentiment warms up, and coal prices stop falling periodically However, fundamentally, coking coal still has a large structural inventory pressure, and the steel mills' price cut of coke again creates resistance to the overall rebound of the futures market [2] Group 3: Summary by Related Catalogs - Market Logic: On June 20, Hebei steel mills started the 4th round of coke price cut, with a reduction of 50 - 55 yuan/ton to be implemented on the 23rd; coking coal spot remained weakly stable without a rebound Some coal mines in Shanxi resumed production this week, and coal production increased The decline of spot coal prices narrowed this week, market transactions improved, but coal mine inventories continued to increase The profitability of steel mills decreased slightly, leading to a decline in steel mill starts, and the fundamentals lack the driving force for coal price rebound [2] - Inventory Data: This week, the clean coal inventory at coal mines was 4.99 million tons, a week - on - week increase of 130,000 tons and a year - on - year increase of 2.13 million tons; the raw coal inventory was 7.01 million tons, a week - on - week increase of 165,000 tons and a year - on - year increase of 3.7 million tons [2]