焦煤日报：冬储进程中，焦煤今日补涨-20260123

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint The coking coal market showed a pattern of opening high and rising during the day. Although the inventory replenishment process for winter storage has slowed down, the downstream hot metal production has increased slightly. With a mild macro - environment, coking coal made up for the price increase today. However, there is no fundamental positive factor, and the subsequent safety and environmental protection efforts at the coal mine end will affect the market trend [1]. 3) Summary by Relevant Catalogs a) Market Analysis - Coking coal opened high and rose during the day. The customs clearance volume of Mongolian coal has been high in recent days, reaching a high level in the same period in recent years. The utilization rate of the approved production capacity of 523 coking coal mines in China was 89.33%, a month - on - month increase of 0.86%. The daily average output of raw coal reached 1.9944 million tons. The inventory of coking coal mines has started to accumulate, with a week - on - week increase of 19,800 tons. The inventory replenishment process for winter storage has slowed down, especially the inventory accumulation rhythm of steel mills is slow. The downstream hot metal production increased by 0.04% month - on - month, with a daily average output of 228,100 tons. In the winter storage period, it is expected that the procurement of raw materials will still increase [1]. b) Spot Data - In the spot market, the mainstream price in the Shanxi market (Jiexiu) was quoted at 1,300 yuan/ton, an increase of 20 yuan/ton compared to the previous trading day. The self - pick - up price of Mongolian No. 5 main coking raw coal was 1,015 yuan/ton, a decrease of 3 yuan/ton compared to the previous trading day. The closing price of the main futures contract was 1,157 yuan/ton, and the basis in Jiexiu, Shanxi was 143 yuan/ton, a decrease of 5.5 yuan/ton compared to the previous trading day [2]. c) Fundamental Tracking - From January 17th to January 23rd, the coking coal operating rate of 523 domestic sample mines was 89.33%, a month - on - month increase of 0.86 percentage points; the daily average output of clean coking coal was 77,010 tons, a month - on - month increase of 1,600 tons. The daily average output of independent coking enterprises was 63,310 tons, a month - on - month decrease of 1,400 tons; the daily average output of coke from 247 steel mills was 46,900 tons, a month - on - month increase of 1,800 tons. The daily average output of hot metal from 247 steel mills was 228,100 tons, a month - on - month increase of 900 tons [3][5].