煤焦：焦价三轮调降落地盘面反弹表现乏力

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - After the rapid decline in the previous period, the pessimistic sentiment in the market has been released, and with a slight improvement in market expectations, prices are experiencing a phased rebound. However, the fundamentals remain weak, resulting in a lackluster price rebound [3] Group 3: Summary by Relevant Catalog 1. Market Performance - Yesterday, the prices of coal and coke futures first declined and then rose, with a sharp rise and fall during the night session, showing relatively intense price fluctuations [2] 2. Spot Market - In the spot market, the price of high - quality primary coking coal in Shanxi region remained stable with a slight increase. For coke, steel mills completed the third round of price cuts, and there may be restocking actions for raw materials by downstream enterprises after the price drop [2] 3. Policy Adjustment - The Dalian Commodity Exchange issued a new delivery quality standard for coking coal last week. The main changes include increasing the strength requirements for the delivery product, reducing the premium and discount range for sulfur content, and lowering the premium range for designated delivery warehouses in Tangshan and Tianjin. After the adjustment, the coking coal futures target will be further aligned with medium - sulfur, high - strength primary coking coal, especially the mainstream coking coal in Shanxi. These adjustments will be implemented starting from the JM2701 contract [2] 4. Supply - In the short term, the fundamentals have not changed significantly. Last week, the output of individual coal mines in the main production areas increased slightly after the completion of face - changing and in an effort to catch up with the annual production capacity target. However, as it is currently the high - incidence period for year - end maintenance of coal mines, the increase in output may be limited. With the downstream coke and steel enterprises gradually starting to restock, the trading of coking coal has improved [3] 5. Import - The daily customs clearance volume of Mongolian coal at the Ganqimaodu Port is 207,000 tons, a week - on - week increase of 19,000 tons and a year - on - year increase of 139,000 tons. The high customs clearance volume continues, and the inventory in the port supervision area keeps increasing [3] 6. Demand - Last week, the blast furnace hot metal output decreased to 2.2655 million tons, a week - on - week decrease of 26,500 tons and a year - on - year decrease of 28,600 tons, continuously suppressing the rigid demand for raw materials [3] 7. Future Focus - Pay attention to the changes in the blast furnace operation rate of steel mills and the resumption of production in coal mines [3]