煤焦：铁水产量止降，盘面震荡运行

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The recent market sentiment has slightly improved, and prices are experiencing a periodic rebound, but the fundamentals remain weak and lack support for the price rebound [4] Group 3: Summary According to the Directory Market Performance - Yesterday, the prices of coking coal and coke futures opened high and closed low, ending the session with a decline, and continued the weak and volatile trend at night with relatively sharp price fluctuations. Spot prices of coking coal in various regions remained stable for the time being. Steel mills completed the third round of price cuts for coke, and downstream may replenish raw materials after the price drop [3] Supply - This week, coal mines reduced production at the end of the year. Coking enterprises began to replenish stocks moderately, but overall market transactions remained weak. The long - term agreement of large mines had low cost - effectiveness, and downstream buyers were inactive. Mine - end inventories continued to accumulate. This week, the raw coal output of coking coal mines decreased by 5.4 tons week - on - week, and the daily output of clean coal decreased by 1.8 tons week - on - week. Raw coal and clean coal inventories increased by 4.2 tons and 10.1 tons respectively [3] Demand - Demand improved slightly this week. The molten iron output of steel mill blast furnaces stopped falling at 2.2658 million tons, a slight week - on - week increase of 0.03 tons and a year - on - year decrease of 1.29 tons, and it is expected to maintain this level in the short term [3] Import - Customs data showed that China's coking coal imports have generally remained at a relatively high level in recent months. In November, imports were 1.07315 million tons, a month - on - month increase of 1.31% and a year - on - year decrease of 12.72%. From January to November, cumulative imports were 105 million tons, a year - on - year decrease of 6.687 million tons, a decline of 5.99%. In November, imports of Mongolian coking coal were 624,410 tons, a month - on - month increase of 16.38% and a year - on - year increase of 19.65%. High - frequency data showed that Mongolian coal clearance remained high in December, and the inventory in the port supervision area mainly increased. According to the bilateral agreement between China and Mongolia, the three major ports will be closed for one day on December 29 (next Monday) for Mongolia's National Liberation and Independence Day and will resume clearance on December 30; on January 1 (next Thursday), the three major ports will be closed for New Year's Day and will resume clearance on January 2 [3]