焦煤期货监管收紧，双焦期价冲高回落

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Last week, the coking coal supply decreased slightly while demand remained stable. The coking coal 2601 contract fell from a high due to the Dalian Commodity Exchange's adjustment of trading limits, and attention should be paid to the support of the 20 - day moving average [3][4] - Last week, the supply and demand of coke were both stable. The coke 2601 contract also fell from a high and stopped falling at the 20 - day moving average. Attention should be paid to the 1.25 - 1.45 range of the coking coal - coke ratio [6][7] Group 3: Summary According to the Directory 1. Futures and Spot Market Quotes - The coking coal 2601 contract closed at 1230 on Friday last week, with a weekly increase of 0.24%. The mainstream spot market prices remained stable [3] - The coke 2601 contract closed at 1729.5 on Friday last week, with a weekly decrease of 0.26%. The mainstream spot market prices increased by 50 - 55 yuan/ton [3] 2. Fundamental Analysis Coking Coal - Supply: The utilization rate of the approved production capacity of 523 coking coal mines in the country was 83.7%, a decrease of 0.2% from the previous week. The utilization rate of the production capacity of 314 independent coal washing plants was 36.5%, an increase of 0.3% from the previous week, and the daily output of clean coal was 264,000 tons, an increase of 4,000 tons from the previous week. There were continuous disturbances at the coal mine end, and the supply of some coal types was tight. The inventory pressure of coking coal mines was small, the raw coal inventory decreased, and the clean coal inventory of coal washing plants increased [3] - Demand: The sixth round of coke price increase was implemented last week. The blast furnace operating rate of steel mills remained high, supporting the strong rigid demand for coking coal. The profit of coking enterprises was repaired, and the operating rate increased slightly. Downstream enterprises mainly purchased on - demand, and the proportion of auction failures increased [4] Coke - Supply: The utilization rate of the production capacity of the national full - sample independent coking enterprises was 74.34%, an increase of 0.31% from the previous week, and the daily output was 653,800 tons, an increase of 28,000 tons from the previous week. The profit of coking enterprises was repaired, and the inventory decreased. However, some coking enterprises in some regions received production restriction notices, and the supply was expected to be restricted. The coke spot at ports was stable and slightly stronger, and the inventory decreased slightly [6] - Demand: The blast furnace operating rate of 247 steel mills was 83.58%, a decrease of 0.16% from the previous week, and the daily pig iron output was 2.4066 million tons, an increase of 3,400 tons from the previous week. The profitability of steel mills decreased slightly but remained good. The rigid demand for coke remained, but the demand was mainly on - demand in the short term [6] 3. Inventory - Coking Coal: The total inventory of coking coal was 20.3817 million tons, a decrease of 357,500 tons from the previous week, including a decrease of 218,500 tons at ports, 110,400 tons at full - sample independent coking plants, and 28,600 tons at 247 sample steel mills [8] - Coke: The total inventory of coke was 8.8742 million tons, a decrease of 197,400 tons from the previous week, including a decrease of 30,400 tons at ports, 72,200 tons at full - sample independent coking plants, and 94,800 tons at 247 sample steel mills [8]