煤焦：需求负反馈传导，盘面低位震荡

Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Iron water shows an obvious downward trend, and the pressure of negative demand feedback is transmitted to the raw material end; the volume of imported coal is at a relatively high level, causing coal and coke prices to bear pressure [3] Group 3: Summary Based on Related Catalogs Market Performance - Last week, coal and coke futures prices fluctuated downward, with coking coal falling more than 10%, and prices rebounded on Friday night. The spot market was generally weak, with imported Mongolian coal prices leading the decline and domestic coal prices following suit. Steel mills completed the second round of price cuts for coke [3] Fundamental Analysis - Coal mines continued to cut production and downstream replenishment gradually started. Last week, the inventory accumulation speed at the mine end slowed down, and sales improved after some coal mines cut prices. However, due to the still negative market sentiment, coal prices were under pressure, and the market needed to wait for the concentrated release of downstream replenishment demand to stop falling and stabilize [3] - The import of coking coal remained at a high level, continuing to suppress domestic coal prices. Last week, the average daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 188,000 tons, a decrease of 4,100 tons from the previous week and an increase of 84,000 tons year-on-year. In addition, the overall arrival volume of seaborne coal last week remained at a high level, reaching 9.4941 million tons [3] - In terms of demand, the pressure of the seasonal off-season will be further manifested. The profitability rate of steel mills was about 35%. The blast furnace hot metal output was still in a slow decline trend, falling to 2.292 million tons last week, a decrease of 31,000 tons from the previous week and a decrease of 32,700 tons year-on-year, continuously suppressing the rigid demand for raw materials [3] Future Focus - Pay attention to the change in the replenishment rhythm of steel mills for raw materials after the decline in coal and coke prices [3]