煤焦：12月焦煤进口创新高，盘面弱势运行

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The overall supply of coking coal and coke has increased recently, the restocking pace of downstream enterprises is average, the spot market for coking coal and coke lacks rebound momentum, and some coal varieties have seen price declines. The futures market lacks upward drivers, and cautious operation is recommended. [3] 3) Summary by Relevant Catalog - Market Performance: This week, ferrous metals generally declined, with coking coal and coke futures prices leading the decline, and the weak trend continued in the night session yesterday. The spot market has stabilized after the increase, and the price of Meng 5 raw coal has turned down this week, with a decline of over 50 yuan/ton. Many coking enterprises plan to raise coke prices, but the price increase is still in the negotiation process and has not been fully implemented. [2] - Import Data: According to customs data, in December 2025, the import of coking coal was 13.7698 million tons, a month - on - month increase of 28.31% and a year - on - year increase of 28.57%, setting a new monthly import record. The annual import volume was 118.6257 million tons, a year - on - year decrease of 3.6269 million tons, a decline of 2.97%. [2] - Fundamentals - Supply: The overall coal supply is relatively strong. After the new year, coal mines have gradually resumed production. This week, the output of coking raw coal and clean coal increased to 1.994 million tons and 0.77 million tons respectively. The raw coal inventory at the mine end has increased, while the clean coal inventory has further decreased. The downstream coking and steel enterprises have also resumed production and maintained a certain procurement rhythm, but the overall rhythm is still slow. At the import end, 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 remains relatively high. [3] - Demand: The profitability rate of steel mills is acceptable, rising to about 40%. The blast furnace operating rate decreased slightly last week, mainly 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. [3]