煤焦：供需均下滑价格震荡运行

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Short - term domestic coal mine production has not recovered, supporting the market's confidence in price support; demand is in a slow decline trend, and attention should be paid to the transmission of pressure to the raw material end. The coking coal price should focus on the pressure at the 1320 yuan/ton level [3] Group 3: Summary Based on Related Catalogs Market Performance - Last week, the coking coal and coke futures prices fluctuated, generally performing stronger than steel and ore. The spot market was generally stable with a slight upward trend, domestic coal prices rose again, the third round of coke price increases was gradually implemented, and some coke enterprises in certain regions started the fourth round of price increases [3] Supply Side - Last week, coal mines in Shanxi further reduced production, with the most obvious reduction in the Lvliang area. State - owned large mines in the Liulin area began to control production independently, and the output decreased significantly. The daily average output of clean coal dropped to 73.8 tons, a decrease of 2000 tons from the previous week and 4600 tons year - on - year. The output decline stimulated the market's increasing bullish sentiment [3] Demand Side - The profit of steel mills continued to shrink, and the profitability rate dropped below 40%. The daily average hot metal output dropped to 2342200 tons, a decrease of 2140 tons from the previous week. The current profitability level will not lead to large - scale production cuts by steel mills for the time being, and attention should be paid to the change in profitability and steel mills' production cut actions in the future [3]