煤焦：盘面弱势运行，关注需求变化

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Short - term domestic coal mine production is slightly repaired, and the Mongolian coal customs clearance volume has increased significantly; demand fluctuates slightly, and attention should be paid to the transmission of off - season pressure to the raw material end. The price of the main coking coal contract is approaching the lower limit of the oscillation range, testing the support below [3] Group 3: Summary by Related Catalogs Market Performance - The coking coal and coke futures prices continued the downward trend of oscillation yesterday, trading at a discount to the spot, and the weak delivery logic dragged down the near - month prices. The spot market was generally weak and stable, and the price of the main coking coal in the main producing areas decreased by 40 - 50 yuan/ton [3] Supply Side - This week, many coal mines in Luliang, Shanxi continued to return to full production, and the raw coal output increased significantly. In Zichang, Yan'an, Shaanxi, local transportation was restored, and the coal mines involved resumed production, driving up the overall output data. The daily average output of clean coal this week was 75.8 million tons, a slight increase of 0.1 million tons compared with the previous week and a decrease of 3.8 million tons year - on - year. In the import aspect, from November 10th to 15th, the daily average customs clearance volume of Mongolian coal at the Ganqimaodu Port was 17.45 million tons, a decrease of 2.07 million tons compared with the previous week, but it still remained at a relatively high level, and the inventory in the port supervision area showed an increasing trend [3] Demand Side - The profit of steel mills continued to shrink, and the profitability rate dropped below 40%. Recently, the phased production restriction policy in the Tangshan area was lifted, which promoted the recovery of molten iron production. The daily average molten iron output last week rebounded to 2.3688 billion tons, an increase of 266,000 tons compared with the previous week. Attention should be paid to the profitability of steel mills and the changes in the production rhythm of steel mills in the later stage [3]