煤焦：蒙煤通关保持高位，盘面延续震荡

Group 1 - The investment rating of the report is not mentioned [1][2][3] Group 2 - The core view of the report is that after the new year, the productivity of coal, coke and steel enterprises has increased, and the upstream's confidence in price support is supported by the downstream's inventory replenishment of raw materials before the festival. The short - term price increase of the futures market is weak, and cautious operation is recommended [3] Group 3 - Market performance: Last week, the futures prices of coal and coke fluctuated weakly, while the spot market was generally strong. Domestic low - sulfur coking coal rose by 110 yuan/ton, and Mongolian raw coal rose by 112 yuan/ton in total. After individual coking plants in Inner Mongolia raised coke prices last week, coking enterprises in Hebei and Shanxi issued price increase letters, planning to implement them this week [2] - Fundamentals - Supply: After the new year, coal mines have resumed production one after another. Last week, the output of coking raw coal and clean coal increased to 1.978 million tons and 768,000 tons respectively. The raw coal inventory at the mine end continued to increase, while the clean coal inventory further decreased. The daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 195,800 tons, a week - on - week increase of 31,200 tons and a year - on - year increase of 48,800 tons. The port inventory remained at a relatively high level [3] - Demand: The profitability rate of steel mills has recovered to about 40%. The blast furnace operating rate decreased slightly last week due to maintenance. The daily average pig iron output was 2.2801 million tons, a week - on - week decrease of 14,900 tons and a year - on - year increase of 35,300 tons. Steel mills continued to replenish raw material inventories, and the available days of in - plant inventory increased steadily [3]