煤焦：价格震荡运行，节前注意持仓风险

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The market sentiment has slightly improved recently, and prices have seen a phased rebound. However, the fundamentals are still weak, lacking support for price rebounds. Prices may fluctuate before the New Year's Day holiday, and attention should be paid to margin rule adjustments [2] Group 3: Summary by Relevant Catalogs Market Performance - Yesterday, the coking coal and coke futures prices fluctuated and closed higher, and the night session continued the fluctuating trend. In the spot market, coking coal prices in various regions were weakly stable. In the coke segment, steel mills in the Hebei region recently initiated the 4th round of price cuts for coke, to be implemented starting from January 1st [2] Fundamental Analysis - Supply: Last week, coal mines reduced production at the end of the year. Coke enterprises started to replenish stocks moderately, but overall market transactions remained weak, and mine inventories continued to accumulate. Last week, the raw coal production of coking coal mines decreased by 54,000 tons week - on - week, and the daily output of clean coal decreased by 18,000 tons week - on - week. Raw coal and clean coal inventories increased by 42,000 tons and 101,000 tons respectively. In the import aspect, the average daily customs clearance volume at Ganqimaodu last week was 194,400 tons, a decrease of 12,600 tons compared with the previous week and an increase of 137,800 tons year - on - year. The customs clearance volume declined significantly in the second half of the week, and the current inventory in the port supervision area is at a relatively high level. According to the bilateral agreement between China and Mongolia, the three major ports were closed on December 29th for Mongolia's National Liberation and Independence Day and resumed customs clearance on December 30th; they will be closed again on January 1st for New Year's Day and resume on January 2nd [2] - Demand: Last week, the average daily hot metal output of steel mill blast furnaces stopped falling at 2.2658 million tons, a slight increase of 300 tons week - on - week and a decrease of 12,900 tons year - on - year. It is expected to maintain this level in the short term [2]