煤焦：盘面震荡运行，关注焦煤期权上市

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The central bank's positive statements in the meeting boosted market sentiment. After the new year, the production of coal, coking, and steel enterprises has recovered. The downstream's pre - holiday replenishment of raw materials supports the upstream's confidence in maintaining prices. The short - term price of the futures market fluctuates sharply, so cautious operation is recommended [3] 3. Summary by Relevant Content Market Performance - Yesterday, the coal and coking futures prices oscillated with high volatility. On the spot market, the quoted price of Mongolian No. 5 raw coal at the port increased by over 100 yuan/ton. Some coking plants in Inner Mongolia started to raise the coke price, with the price of dry - quenched coke increased by 55 yuan/ton, but the mainstream coking enterprises have not issued official letters yet. On January 16, coking coal options were officially listed on the Dalian Commodity Exchange [2] Fundamental Analysis - After the new year, coal mines have gradually resumed production. This week, the production of coking raw coal and clean coal increased to 1.978 million tons and 768,000 tons respectively (due to the increase in the statistical sample this week). The raw coal inventory at mines continued to increase, while the clean coal inventory further decreased. This is mainly because downstream coking and steel enterprises have also resumed production and maintained a certain purchasing rhythm for raw materials. Last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 164,600 tons, 37,400 tons higher than the same period last year, and the port inventory remained at a relatively high level. This week, the blast furnace operating rate decreased slightly. The daily average pig iron output was 2.2801 million tons, a decrease of 14,900 tons compared with last week and an increase of 35,300 tons compared with last year. This week, the purchasing rhythm of steel mills has slowed down [3]