双焦周报：能源属性发酵，短期震荡偏多-20260309

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint This week, the domestic coking coal and coke markets were weak. The first price cut was implemented on Friday, with a reduction of RMB 50 - 55 per ton. Steel mills limited production this week due to environmental protection issues, resulting in a significant decrease in molten iron output, and the post - holiday restocking enthusiasm of downstream enterprises was average. The intermediate trading sector mainly adopted a wait - and - see attitude, and the overall online transactions showed mixed results. In terms of production areas, the coal mine output gradually increased after the post - holiday resumption, and the resumption accelerated after the Lantern Festival, with a slight increase in inventory. Although the resumption of coal mines is still restricted, the fundamental pressure of coking coal remains due to the high import of Mongolian coal. The current futures price is greatly affected by domestic and foreign macro expectations and geopolitical conflicts, and coking coal is expected to remain volatile and slightly stronger in the short term [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - This week, the domestic coking coal and coke markets were weak, and the first price cut of RMB 50 - 55 per ton was implemented on Friday [2]. - Steel mills' production was limited due to environmental protection, leading to a significant decrease in molten iron output. The post - holiday restocking enthusiasm of downstream enterprises was average, and the intermediate trading sector was wait - and - see. Online transactions were mixed [2]. - After the post - holiday resumption, coal mine output gradually increased, and the resumption accelerated after the Lantern Festival, with a slight increase in inventory [2]. - The resumption of coal mines is restricted, but the fundamental pressure of coking coal remains due to high Mongolian coal imports. The futures price is affected by macro and geopolitical factors, and coking coal is expected to be volatile and slightly stronger in the short term [2]. Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Total coking coal inventory | 10,000 tons | 1992.79 | 2063.29 | -363.36 | -17.61% | Weekly | | Total coke inventory | 10,000 tons | 984.67 | 980.03 | -7.92 | -0.81% | Weekly | | Average daily molten iron output of steel mills | 10,000 tons | 227.59 | 233.28 | -5.69 | -2.44% | Weekly | | Profit per ton of coke for independent coking enterprises | RMB/ton | 17 | -7 | 1 | -14.29% | Weekly | [4]