煤焦：价格延续震荡，关注宏观预期变化

1. Report Industry Investment Rating - Not provided 2. Core Viewpoint of the Report - During the important national meetings, steel mills have expectations of phased emission reduction and control, 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 rhythm may cause the price of coking coal to perform weaker than that of finished products [3] 3. Summary According to Relevant Contents Market Performance - Last week, the coking coal futures prices fluctuated weakly, performing weaker than finished products. The spot prices in the production areas remained stable, and the prices of port resources fluctuated slightly. The intensification of overseas geopolitical conflicts during the weekend may affect commodity prices [2] Supply - side Situation - Last week, coal mines entered the peak of resumption of production, with most private coal mines resuming production. The daily production of raw coal and clean coal last week was 1.516 million tons and 649,000 tons respectively, an increase of 430,000 tons and 190,000 tons compared with the previous week. After the Spring Festival, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal has returned to a relatively high level, with a clearance volume of about 180,000 tons on February 23, and the inventory in the port supervision area is still at a high level [3] Demand - side Situation - Last week, the average daily hot metal output of steel mill blast furnaces was about 2.33 million tons. Affected by environmental protection and production restriction policies this week, the growth rhythm of hot metal output is expected to slow down. During the important meetings, steel mills have phased emission reduction and control expectations, which will put pressure on the demand for coking coal and other furnace materials [2][3] Other Influencing Factors - This week, the important national meetings will be held. On the one hand, pay attention to the changes in macro - policy expectations. On the other hand, some steel enterprises in North China will implement phased emission reduction and control from March 4th to March 11th, with blast furnace loads reducing emissions independently by no less than 30%, which will put pressure on the demand for coking coal and other furnace materials in the short term [2]