煤焦：焦煤降库，盘面震荡偏强

Group 1: Report Core View - The short - term coking coal and coke may continue the volatile and upward trend as recent coal mine production cuts and import volume reduction have alleviated the pressure of oversupply to some extent, and the upstream coal mines have seen an inventory inflection point [4] Group 2: Market Conditions Summary - Last week, coking coal and coke futures prices showed a volatile rebound trend. On the spot side, coke remained stable after four rounds of price cuts, and the coking coal market maintained a weak and stable operation [3] - Due to safety reasons, there were regional and group - based coal mine production cuts and shutdowns in coal mines in Changzhi Qinyuan and Linfen, Shanxi last week, leading to a significant decline in production and a shortage of resources such as lean coal and lean coking coal. The coal prices in the local area rebounded under the drive of the rigid replenishment demand of downstream coking and steel enterprises. In addition, environmental inspections in Wuhai, Inner Mongolia remained strict, and surrounding open - pit coal mines shut down voluntarily [3] - Steel mills maintained a high operating rate, and the rigid demand for raw materials was good [3] Group 3: Production and Inventory Data - Last week, the daily output of raw coal in coal mines was 1.85 million tons, a week - on - week decrease of 45,000 tons and a year - on - year decrease of 203,000 tons; the daily output of clean coal was 738,000 tons, a week - on - week decrease of 5,000 tons and a year - on - year decrease of 35,000 tons [4] - The raw coal inventory was 6.835 million tons, a month - on - month decrease of 179,000 tons; the clean coal inventory was 4.631 million tons, a month - on - month decrease of 361,000 tons [4]