煤焦：本周供增需稳，盘面震荡运行

1. Report Industry Investment Rating - No specific investment rating provided in the report 2. Core Viewpoint - Recently, the overall supply of coking coal and coke has increased month - on - month, the downstream replenishment intensity is average, the spot market for coking coal and coke has a weak rebound, and individual coal types have turned down. The futures price lacks upward drivers, so cautious operation is recommended [4] 3. Summary by Related Contents Market Performance - The decline of coking coal and coke futures prices has slowed down, with prices fluctuating slightly. The spot market has stabilized after the increase. This week, the price of Meng 5 raw coal has turned down, with a decline of over 50 yuan/ton. Coking enterprises in many places plan to raise coke prices, but it's still in the negotiation process and not fully implemented [3] Import 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%, reaching a record high for a single - month import volume. The annual import volume was 118.6257 million tons, a year - on - year decrease of 3.6269 million tons, a decline of 2.97%. Among them, the import of Mongolian coal in December was 6.7175 million tons, and the cumulative annual import was 60.0739 million tons, a year - on - year increase of 3.2816 million tons, an increase of 5.8% [3] Fundamental Situation - Supply: The overall supply of coal is relatively strong. After the start of the new year, coal mines have gradually resumed production. This week, the output of coking raw coal and clean coal has increased to 1.994 million tons and 0.77 million tons respectively. The raw coal at the mine end has continued to increase in inventory, and the clean coal has changed from inventory reduction to a slight inventory increase. The downstream coking and steel enterprises have a slow procurement rhythm for raw materials. At the import end, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal last week was 0.1958 million tons, a week - on - week increase of 0.0312 million tons and an increase of 0.0488 million tons compared with the same period last year. The port inventory remains at a relatively high level [4] - Demand: The profitability rate of steel mills is acceptable, rising to about 40%. This week, the blast furnace operating rate remained stable, and the daily average pig iron output was 2.281 million tons, a week - on - week slight increase of 0.0009 million tons and an increase of 0.0265 million tons compared with the same period last year [4]