煤焦：供需双增，盘面波动加剧

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The positive statements in the central bank meeting boosted market sentiment. After the start of the year, the production of coal, coke and steel enterprises has recovered. The pre - holiday replenishment of raw materials by downstream enterprises supports the price - holding confidence of upstream enterprises. The short - term futures price fluctuates sharply, and cautious operation is recommended [2][3] Group 3: Summary by Related Content Market Performance - Last week, the ferrous metal sector generally rose, with coking coal rising more than 7%. The central bank emphasized promoting high - quality economic development and reasonable price recovery, strengthening the expectation of loose monetary policy and stimulating the sentiment of the ferrous metal sector with relatively low valuation to warm up [3] Supply Side - After the start of the year, coal mines have gradually resumed production. Last week, the output of coking raw coal and clean coal rebounded to 1899000 tons and 734000 tons respectively. The raw coal inventory at the mine end increased, while the clean coal inventory decreased. The daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 164600 tons, 37400 tons higher than the same period last year, and the port inventory remained at a relatively high level [3] Demand Side - In the past two weeks, the profit rate of steel mills has slightly expanded. The daily average hot metal output of blast furnaces stopped falling and rebounded. In the week of January 9th, it was 2.295 million tons, an increase of 20700 tons compared with the previous week and 51300 tons compared with the same period last year. It is expected to show a steady and small increase in the short - term, and the raw material replenishment rhythm of steel mills is expected to accelerate later [3]