供需偏弱，双焦持续走弱

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The coking coal market last week saw slow supply growth, continuous decline in demand, and weak purchasing sentiment. The domestic supply was affected by factors such as production cuts in individual coal mines, with the main - producing area mine operating rate dropping to 85.31%, and overall supply recovery was slow. Imported Mongolian coal clearance decreased slightly but remained at a high level. On the demand side, the daily hot metal output continued to decline, and with the deepening of the off - season for terminal demand, there was more room for the decline of hot metal output. Affected by the second round of coke price cuts, downstream purchasing sentiment was low. The inventory structure was differentiated, with upstream mines and coal - washing plants accumulating inventory, coking plants also accumulating inventory, and steel mills' inventory slightly decreasing. Overall, the coking coal supply was stable while demand was weak, with poor downstream purchasing sentiment, maintaining a weak operation. However, due to the large short - term decline, there was a demand for a technical rebound, and later attention should be paid to the winter storage and replenishment demand [4]. - For coke, the second round of price cuts was implemented, squeezing the profits of coke enterprises. Recently, many places launched emergency response measures for heavy pollution weather, and some coke enterprises increased production cuts. On the demand side, steel mills' inventories were relatively reasonable, but there were more blast furnace overhauls, and steel prices were weak, reducing the rigid demand for coke. Currently, the coke supply - demand structure was weak, inventory was at a medium level, and the weakening of finished product prices reduced the demand for raw material replenishment. The coke price was running weakly. Similar to coking coal, due to the large short - term decline, there was a demand for a technical rebound, and attention should be paid to the winter storage and replenishment demand [5]. 3. Summary by Directory Part One: Market Views Coking Coal - Supply: The operating rate of 523 sample mines was 85.31% (-0.28%), and the daily average output of clean coal was 750,000 tons (-3700). The capacity utilization rate of 314 coal - washing plants was 38.21% (+1.68%), and the daily average output of clean coal was 279,200 tons (+8000). The operating rate and daily output of mines continued to decline, while the capacity utilization rate and output of coal - washing plants increased slightly. The clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly last week but remained at a high level, and overall supply recovery was slow [4]. - Demand: The daily hot metal output of 247 steel mills was 2.292 million tons (-31,000), the blast furnace operating rate was 78.63% (-1.53%), the available days of coking coal in steel mills were 12.82 days (-0.06), and the available days of coking coal in 230 independent coking plants were 13.2 days (+0.52). The blast furnace operating rate and daily hot metal output of steel mills continued to decline, the available days of coking coal in steel mills slightly decreased, and the available days of coking coal in coking plants increased. Demand continued to weaken, and downstream purchasing willingness was low [4]. - Inventory: The clean coal inventory of 523 sample mines was 2553,100 tons (+83,000), the inventory of all - sample independent coking plants was 1.0373 billion tons (+28.1 million), the steel mill inventory was 794.65 million tons (-3.62 million), the clean coal inventory of 314 sample coal - washing plants was 322.37 million tons (+0.97 million), and the inventory of major ports was 307.5 million tons (+11 million). Upstream mines and coal - washing plants accumulated inventory, downstream steel mills slightly reduced inventory, coking plants accumulated inventory, purchasing sentiment weakened, and the inventory of major ports continued to rise [4]. Coke - Supply: The average profit per ton of coke in coking plants was 44 yuan/ton (+14). The capacity utilization rate of all - sample independent coking plants was 73.16% (-0.68%), the daily average output was 639,800 tons (-5500), and the daily average output of coke in 247 steel mills was 466,100 tons (-1000). Although the average profit per ton of coke in coking plants rebounded, the second - round price cut of coke was implemented, profit expectations shrank, and many places launched emergency response measures for heavy pollution weather, with some coke enterprises increasing production cuts. The capacity utilization rate and output decreased slightly, and the coke output of steel mills decreased slightly [5]. - Demand: The daily hot metal output of 247 steel mills was 2.292 million tons (-31,000), the blast furnace operating rate was 78.63% (-1.53%), and the available days of coke in 247 steel mills were 11.66 days (+0.37). The daily hot metal output and blast furnace operating rate continued to decline, the inventory usage cycle of steel mills for coke increased, and the rigid demand for coke weakened [5]. - Inventory: The inventory of all - sample independent coking plants was 873,200 tons (+108,800), the inventory of major ports was 1.812 billion tons (-0.1 million), and the inventory of 247 steel mills was 635.28 million tons (+10.03 million). The inventory of coking plants and steel mills increased month - on - month, the port inventory decreased slightly, and the overall social inventory of coke increased [5]. Part Two: Macroeconomic and Real Estate Tracking - The report presents data on the cumulative year - on - year growth rate of national fixed asset investment, the cumulative year - on - year growth rate of new construction, construction, completion, and sales areas of national real estate, the weekly commercial housing transaction area in 30 large - and medium - sized cities, and the purchasing managers' index (PMI) of the steel industry and the manufacturing industry, but no specific analysis is provided [7][11][14][18]. Part Three: Coking Coal Supply - Demand Tracking - It includes data on the purchase price of medium - sulfur main coking coal in Jiexiu, Jinzhong, Shanxi, the comparison of mainstream coking coal spot prices nationwide, the basis tracking of coking coal contracts, the daily average output and operating rate of 523 sample coal mines, the daily average output and capacity utilization rate of 314 sample coal - washing plants, the daily hot metal output and blast furnace operating rate of 247 steel mills nationwide, the inventory of 314 sample coal - washing plants and 523 sample mines, the coking coal inventory of 247 steel mills and all - sample independent coking plants nationwide, the inventory of imported coking coal at ports, the available days of coking coal inventory in 247 steel mills and 230 independent coking plants nationwide, and the number of Mongolian coal clearance vehicles at the Ganqimaodu Port, but no specific analysis is provided [21][25][31][36][38][41][43][46][50][53]. Part Four: Coke Supply - Demand Tracking - It contains data on the ex - factory price of quasi - first - grade metallurgical coke in Lvliang, the price adjustment schedule of coke spot, the comparison of coke spot prices, the basis tracking of coke contracts, the profit per ton of independent coking enterprises, the daily average output and capacity utilization rate of all - sample independent coking enterprises and 247 steel mills, the coke inventory of all - sample independent coking enterprises, 247 steel mills, and ports, and the available days of coke inventory in 247 steel mills, but no specific analysis is provided [57][59][61][64][71][74][77][82][86].