双焦周报：供需略显宽松，盘面震荡偏强-20260112

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - This week, domestic coking coal and coke prices fluctuated. On the 31st, leading steel mills in Hebei, Shandong and other places lowered the tender price of coke by 50 - 55 yuan/ton, and the fourth round of coke price cut was implemented at 0:00 on the 1st. Recently, the rise of the double - coking futures market has repaired market sentiment, with mixed results in online auctions, improved trading volume, and prices stabilizing and rebounding slightly. Looking ahead, the impulse behavior of Mongolian coal imports has improved. Coupled with the Spring Festival holiday of domestic coal mines, the overall supply pressure will be relieved. The demand side is expected to further improve during the downstream replenishment. The fundamentals of coking coal will continue to improve marginally, and there is still upward momentum in both futures and spot prices [2] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - This week, domestic coking coal and coke prices fluctuated. Steel mills in Hebei and Shandong lowered the tender price of coke by 50 - 55 yuan/ton, and the fourth round of coke price cut was implemented. The rise of the double - coking futures market repaired market sentiment, with improved trading volume and prices stabilizing and rebounding slightly. The impulse behavior of Mongolian coal imports has improved, and the supply pressure will be relieved. The demand side is expected to improve during downstream replenishment, and coking coal fundamentals will improve marginally with upward price momentum [2] 3.2 Weekly Changes in Fundamental Data - Coking coal total inventory was 2169.21 million tons, up 10.13 million tons or 0.47% week - on - week. Coke total inventory was 915.9 million tons, up 3.04 million tons or 0.33% week - on - week. Steel mills' daily average hot metal output was 229.5 million tons, up 2.07 million tons or 0.91% week - on - week. Independent coking enterprises' profit per ton of coke was - 45 yuan/ton, down 4 yuan/ton or 28.57% week - on - week [4] 3.3 Futures Market Review - The report provides a 5 - day intraday chart of coking coal and coke's main contracts, with data from Steel Union Terminal and Ningzheng Futures [6] 3.4 Spot Market Review - The report shows charts of the average price of various coking coal types, the self - pick - up price of Mongolian main coking coal, the aggregated price of quasi - first - grade metallurgical coke, the first - grade arrival price of Hebei Iron and Steel's metallurgical coke, coking coal basis, and coke basis, with data from Steel Union Terminal and Ningzheng Futures [8][11][14] 3.5 Fundamental Data - The report presents charts of the daily average output of clean coal from mines and coal washing plants, the customs clearance volume of Mongolian coal at Ganqimaodu Port, the inventory of coking coal in steel mills, independent coking enterprises and ports, the available days of coking coal inventory in steel mills and independent coking enterprises, the daily average output of coke from steel mills and independent coking enterprises, the daily average hot metal output of 247 steel mills, the inventory of coke in steel mills, independent coking enterprises and ports, the available days of coke inventory in steel mills, the profit per ton of coke of independent coking enterprises, and the profitability rate of 247 steel mills, with data from Steel Union Terminal and Ningzheng Futures [18][20][23]