华宝期货晨报煤焦-20260211

1. Industry Investment Rating - No information provided 2. Core Viewpoint - The current supply - demand contradiction of coal and coke is general. The overall sentiment of the ferrous metal market is weak, and prices are running weakly. In the last week before the Spring Festival, attention should be paid to controlling position risks [3] 3. Summary by Related Content Market Performance - Yesterday, the futures prices of coal and coke fluctuated weakly, with a slight rebound in night - trading, and overall continued the weak oscillation. Recently, the overall trend of steel and ore has been weak, and the seasonal off - season has restricted the rebound height of coal and coke [3] Supply Side - Last week, domestic coal mines began to shut down for holidays one after another. Mines in Yunnan, Jinzhong of Shanxi and other places had earlier holidays, and the output decline was obvious. Around the 23rd day of the twelfth lunar month this week, private coal mines will enter the peak holiday period, with a sharp increase in shut - down mines and a significant output decline. Last week, the daily production of raw coal and clean coal was 1.925 million tons and 755,000 tons respectively, a week - on - week decrease of 53,000 tons and 16,000 tons [3] - The expected reduction in coal production has a certain support for coal prices, but the production cut basically follows the previous years' rules, and downstream has stocked up in advance, so there is no driving force for continuous increase [3] - Last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased slightly. According to the bilateral agreement between China and Mongolia, the three major ports will be closed during the Spring Festival in 2026, from the first to the fourth day of the first lunar month (February 17th to 20th), and will also be closed on February 15th and 22nd (Sundays) as usual [3] Demand Side - Steel mills' production is relatively stable, and the daily average pig iron output is maintained at around 2.28 million tons [3]