煤焦：供需双弱，盘面震荡运行

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current supply - demand contradiction in the coking coal and coke market is general, with little inventory pressure, providing some support for prices. However, due to the off - season, demand is weak and stable, lacking a continuous upward drive, and prices are also affected by market sentiment [3] Group 3: Summary by Relevant Catalogs Market Performance - Recently, the prices of steel and ore futures have been weak, while coking coal and coke have been relatively firm, showing a volatile operation. In the spot market, the price of coke has completed the first round of increase, and the price of coking coal has been generally weak and stable [3] Supply Side - Near the Spring Festival, some coal mines in certain regions have reduced production due to safety inspections and underground conditions. Last week, the output of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively. It is expected that coal mines will start to have holidays on February 5, with the holiday duration ranging from 2 to 62 days and an average of 10.1 days, similar to last year. The planned production cuts and shutdowns of coal mines involve a capacity of about 7.44 billion tons, affecting raw coal production by 1.868 million tons. The expected reduction in coal supply supports the relatively strong operation of coal prices, but the production cuts are basically in line with past years' patterns, and downstream has stocked up in advance [3] Demand Side - Steel mills' production is relatively stable, with the daily average hot metal output maintained at around 2.28 million tons [3]