煤焦：钢厂调降焦价，盘面宽幅震荡运行

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Demand expectations are weak and there are phased emission reduction controls. Steel mills have started to lower raw material purchase prices, while the supply side is in the recovery period, showing a situation of strong supply and weak demand. It is expected that the rebound space of coking coal and coke prices is limited [2][3]. 3) Summary by Relevant Catalogs - Market Situation: On March 5, 2026, according to Mysteel, some steel mills in the Hebei region began to lower the coke purchase price. The wet - quenched coke was reduced by 50 yuan/ton, and the dry - quenched coke was reduced by 55 yuan/ton, to be implemented on March 6. Affected by market sentiment, coking coal and coke futures prices fluctuated and declined, and coking coal basically gave back the previous day's gains, showing a wide - range volatile trend. The price of coking coal in the production area was reduced by 20 - 70 yuan/ton [2]. - Policy Impact: During the important meeting this week, 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 control from March 4 to March 11. At that time, the blast furnace load will be independently reduced by no less than 30%, which will put some pressure on the demand for coking coal and other furnace materials in the short term [2]. - Supply and Demand Analysis - Supply: This week, coal mines continued the resumption process. After the Lantern Festival, coal mines in the main production areas basically resumed production comprehensively. This week, the daily production of raw coal and clean coal was 1.829 million tons and 748,000 tons respectively, an increase of 313,000 tons and 99,000 tons compared with the previous week. After the Spring Festival, the daily customs clearance volume of Mongolian coal at the Ganqimao Port has returned to a relatively high level. Last week, the average daily customs clearance volume was about 176,000 tons, and the inventory in the port supervision area was still at a high level, suppressing the futures price [3]. - Demand: Last week, the average daily hot metal output of steel mill blast furnaces was about 2.33 million tons. Downstream enterprises mainly consumed the raw material inventory in the factory. Some coking enterprises had limited coke外运, and the inventory in the factory was accumulated. Affected by the environmental protection and production restriction policy this week, it is expected that the growth rhythm of hot metal production may slow down [3].