煤焦：需求阶段性承压，价格震荡运行

Report Summary - Report Title: Morning Report - Coking Coal and Coke [1] - Report Date: February 26, 2026 - Report Industry: Coking coal and coke industry Industry Investment Rating - No relevant information provided Core Viewpoint - During the important national meeting, steel mills are expected to implement phased emission reduction controls, putting pressure on the rigid demand for coking coal and other furnace materials. The mining end is in the resumption stage, and the supply-demand mismatch may cause the prices of coking coal and coke to be weaker than those of finished products [3] Summary by Related Catalog Market Driving Factors - Shanghai issued the "Seven Measures for the Housing Market" to further reduce housing purchase restrictions, stimulating the sentiment of the real estate-related sectors and leading to the rise of coking coal, coke, and steel futures prices. Some steel enterprises in North China have received a notice of temporary independent emission reduction during the important national meeting from March 4th to March 11th, which has made the price rebound of coking coal and coke weak [3] Supply Side - This week, coal mines have officially entered the peak period of resumption of production, with most private coal mines starting to resume production. The daily production of raw coal and clean coal this week is 1.516 million tons and 0.649 million tons respectively, an increase of 0.43 million tons and 0.19 million tons compared with the previous week. At the import end, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port decreased before the Spring Festival, and the port was temporarily closed during the festival. It has now resumed customs clearance, with a customs clearance volume of about 0.18 million tons on February 23rd, and the inventory in the port supervision area is still at a high level [3] Demand Side - Currently, the average daily hot metal output of steel mills' blast furnaces is about 2.3 million tons. In the short term, affected by the environmental protection and emission reduction policy, the growth rhythm of hot metal output may slow down [3] Inventory Situation - During the Spring Festival, logistics and transportation were affected, and the turnover efficiency of goods decreased. Downstream enterprises mainly consumed the raw material inventory in the factory. Some coking enterprises were restricted in the outward transportation of coke, resulting in an increase in the inventory in the factory [3]