煤焦：市场情绪多变，盘面震荡运行

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The coal and coke market sentiment is changeable, and the futures prices are oscillating. The overall weak trend of steel and ore recently, combined with the seasonal off - season, restrains the rebound height of coal and coke [2][3]. - The expected reduction in coal production supports the coal price to run strongly, but the production reduction basically conforms to the previous years' rules, and the downstream has stocked up in advance, so there is no continuous upward driving force [3]. - The suspension of exports by Indonesia and the fact that the US and India regard coking coal as strategic minerals have led to a stage - strong coking coal futures price, but the actual impact on China's supply is very limited, mainly affecting the market sentiment. Currently, the supply - demand contradiction in the coal and coke market is general, and prices are mainly affected by market sentiment changes [3]. 3. Summary by Related Content - Market Sentiment and Price Movement: Yesterday, the market sentiment weakened, and the coal and coke futures prices oscillated and declined. The weak trend of steel and ore and the seasonal off - season limit the rebound of coal and coke prices [3]. - Supply Side: This week, domestic coal mines have gradually started to stop production for holidays. Mines in Yunnan, Jinzhong of Shanxi and other places have early holidays, with a significant decline in production. Around the 23rd day of the 12th lunar month next week, private coal mines will enter the peak holiday period, and production will drop sharply. This week, the daily production of raw coal and clean coal was 1.925 million tons and 755,000 tons respectively, a decrease of 53,000 tons and 16,000 tons respectively compared with the previous week [3]. - Demand Side: Steel mills' production is relatively stable, with the average daily hot metal output maintained at around 2.28 million tons [3].