华宝期货晨报煤焦-20260225

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Overseas tariff policies are unpredictable, which still has a certain impact on market sentiment. The overall sentiment in the ferrous metal market is rather gloomy. Currently, the supply - demand contradiction of coal and coke is not significant, and prices move accordingly [3] Group 3: Summary According to the Directory Market Performance - On the first trading day after the holiday, the ferrous metal sector weakened as a whole, with coal and coke experiencing significant declines. Prices approached the lower limit of the recent oscillation range. During the night session, prices briefly rose and then fell [3] Fundamental Analysis - Supply Side: During the holiday, many domestic coal mines stopped production, leading to a sharp decrease in coal output. The market was inactive with few transactions. As of February 23, the daily output of raw coal and clean coal was 1.086 million tons and 459,000 tons respectively, a decrease of 722,000 tons and 284,000 tons compared to before the holiday. Coal mines are now in the resumption cycle, and output is expected to significantly rebound this week. The Ganqimaodu Port for Mongolian coal has resumed customs clearance, with a throughput of about 180,000 tons on February 23, and the inventory in the port supervision area is still at a relatively high level [3] - Demand Side: Currently, steel mills' profits are average, but molten iron production is generally in a slow resumption state, with a daily output of about 2.3 million tons [3] - Inventory Situation: During the Spring Festival, logistics and transportation were affected, and the turnover efficiency of goods decreased. Downstream enterprises mainly consumed their in - plant raw material inventories. Some coking enterprises faced restrictions on coke transportation, resulting in an increase in in - plant inventory [3]