煤焦：矿端保持增库价格承压运行

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The fundamental performance remains weak, lacking support for price rebound, and the price is under overall pressure [3] Group 3 Market performance - Before the New Year's Day holiday, the coking coal and coke futures prices first declined and then rose, maintaining an overall volatile trend [3] - Last week, steel mills completed the fourth round of price cuts for coke prices. Since the end of November, the coke price has cumulatively dropped by 200 - 220 yuan/ton. Coke enterprises' profits have been continuously compressed, and some coke enterprises in certain regions have plans to raise prices [3] Supply side - In the last week of the year, major coal - producing areas began to conduct centralized year - end production reduction and maintenance. The reduction in coal mines was obvious. The daily production of raw coal was 1.772 million tons, and the daily production of clean coal was 690,000 tons, a decrease of 102,000 tons and 49,000 tons respectively compared with the previous week [3] - The market transactions were still sluggish, and the inventory at the mine end further accumulated [3] - On December 29th and January 1st, the three major ports were closed and resumed customs clearance on January 2nd. At the beginning of the month, the average daily customs clearance volume at Ganqimao Port was 156,200 tons, an increase of 37,600 tons year - on - year, remaining at a relatively high level [3] Demand side - In the past two weeks, the average daily hot metal output of steel mills' blast furnaces stopped falling and rebounded. In the week of January 2nd, it was 2.2743 million tons, an increase of 8,500 tons compared with the previous week and an increase of 22,300 tons year - on - year. It is expected to maintain this level in the short term [3]