煤焦：现货涨跌互现，盘面维持震荡运行

Group 1: Report Industry Investment Rating - No specific investment rating provided in the report Group 2: Core Viewpoints of the Report - The overall supply of coal and coke has increased recently, the downstream replenishment is approaching the end, and the upward driving force of coal prices is not strong. It is expected that the short - term market will fluctuate, and cautious operation is recommended [2] Group 3: Summary by Related Catalogs Market Performance - Yesterday, the futures prices of coal and coke closed slightly higher, but fell back again at night, maintaining a volatile trend overall. In the spot market, last week, the prices of domestic medium - and low - sulfur main coking coal rose by 20 - 100 yuan/ton, the price of imported Mongolian No. 5 raw coal fell by 50 yuan/ton, and the forward price of Australian coal rose by 18 US dollars/ton. The current round of coke price increase has not been fully implemented and is still in the negotiation process [2] Fundamental Analysis - Supply: Coal supply is relatively strong. This month, coal mines are resuming production one after another, which conforms to the seasonal pattern of previous years. Last week, the production of raw coal and clean coal in coking coal mines increased to 1.994 million tons and 770,000 tons respectively. The raw coal inventory at the mine end continued to increase, and the clean coal inventory changed from decreasing to a slight increase. The daily customs clearance volume of Mongolian coal at the Ganqimaodu Port last week was 158,800 tons, a decrease of 37,000 tons compared with the previous week and 32,400 tons compared with the same period last year, and the port inventory remained at a relatively high level. The overall arrival volume of seaborne coal in January decreased compared with December last year [2] - Demand: The profitability rate of steel mills is acceptable, currently about 40%. The blast furnace operating rate remained stable, and the daily average pig iron output was 2.281 million tons, a slight increase of 90 tons compared with the previous week and an increase of 26,500 tons compared with the same period last year [2]