煤焦：蒙煤通关高位基本面表现仍弱

Report Summary 1) Reported Industry Investment Rating - Not mentioned in the provided text 2) Core View of the Report - The fundamentals of coking coal and coke temporarily maintain a pattern of strong supply and weak demand. The recent sharp price fluctuations in the energy and chemical sectors have a certain impact on the sentiment of the coking coal market. Short - term risk control should be noted [3] 3) Summary by Relevant Catalogs Market Performance - Yesterday, the coking coal futures price dropped significantly, erasing the previous day's gains with high volatility. The continuous expectation of overseas geopolitical conflicts has decreased, and the prices of energy and chemical products such as crude oil have significantly corrected, causing coking coal and coke to follow the downward trend [3] - The steel mills' first round of coking price cuts has been gradually implemented, and the coking coal prices at production areas have been reduced by 20 - 70 yuan/ton [3] Supply Side - Last week, coal mines continued the resumption process. After the Lantern Festival, most coal mines in major production areas have fully resumed production. The daily output 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 [3] - After the Spring Festival, the daily customs clearance volume at the Ganjigam port for Mongolian coal 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. In the first two months, China's cumulative coal imports were 77.222 million tons, a year - on - year increase of 1.45% [3] Demand Side - Currently, important meetings are being held, and some regional steel mills are implementing phased production restrictions. The molten iron output has decreased significantly. The average daily molten iron output of steel mill blast furnaces last week was 2.276 million tons. Downstream enterprises mainly consume the raw material inventory in the factory [3] - The impact of environmental protection and production restriction policies will still exist this week and is expected to gradually recover next week [3]