煤焦：市场预期降温，价格波动剧烈

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core View - The fundamentals of coal and coking coal temporarily maintain a pattern of strong supply and weak demand. The recent sharp price fluctuations in the energy and chemical sector have a certain impact on the market sentiment of coking coal. Short - term risk control should be noted [3] Group 3: Summary by Category Market Performance - Yesterday, coking coal futures strengthened following the energy and chemical sector, hitting a daily limit during the session but then opening and falling back. The continuous expectation of overseas geopolitical conflicts decreased, and the prices of varieties such as crude oil significantly corrected. On the spot side, steel mills' first - round reduction of coking prices has been gradually implemented, and the prices of coking coal in production areas have been reduced by 20 - 70 yuan/ton [3] Supply - Last week, coal mines continued the resumption process. After the Lantern Festival, coal mines in major production areas basically fully resumed production. Data shows that the daily production of raw coal and clean coal last week 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. At the import end, after the Spring Festival, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port has returned to a relatively high level. The average daily customs clearance volume last week was 186,000 tons, and the inventory in the port supervision area continued to increase [3] Demand - Currently, important meetings are being held, and some regional steel mills are implementing phased production restrictions, with a significant decline in hot metal production. Last week, the average daily hot metal output of steel mill blast furnaces was 2.276 million tons, and downstream enterprises mainly consumed the raw material inventory in the factory. The impact of environmental protection production - restriction policies will still exist this week, and it is expected to gradually recover next week [3]