煤焦：需求数据同比下降，盘面震荡运行

Group 1: Report Industry Investment Rating - No relevant information Group 2: Core View of the Report - The coal and coke fundamentals temporarily maintain a pattern of strong supply and weak demand. Overseas geopolitical conflicts have high uncertainty, and the price fluctuations in the energy and chemical sector are intense, which have a certain impact on the market sentiment of coking coal. Short - term attention should be paid to risk control and avoid chasing up [2] Group 3: Summary According to the Directory Coal and Coke Market Performance - Yesterday, the coal and coke futures prices rose and then fell, and showed a slight decline at night, with relatively intense overall fluctuations, and overseas geopolitical conflicts still had an impact [2] - On the spot side, the coke market remained stable, and coke enterprises had no plans to raise prices recently; the prices of coking coal in individual producing areas increased slightly [2] Production and Import Data - From January to February 2026, China's raw coal production was 760 million tons, a year - on - year decrease of 0.3%; the cumulative coke production was 8.255 million tons, a year - on - year slight increase of 0.8%; the cumulative pig iron production was 13.77 million tons, a year - on - year decrease of 2.7%; the cumulative crude steel production was 16.034 million tons, a year - on - year decrease of 3.6% [2] - The production of coal mines has basically recovered. Last week, the daily production of raw coal and clean coal from 523 sample coking coal mines was 1.936 million tons and 777,000 tons respectively, an increase of 108,000 tons and 29,000 tons respectively compared with the previous week, basically returning to the pre - holiday production level [2] - The daily customs clearance volume at the Ganqimaodu Port for Mongolian coal remained at a relatively high level. Last week, the average daily customs clearance volume was 187,000 tons, and the inventory in the port supervision area continued to increase [2] - In the first two months, China's cumulative coal imports were 77.222 million tons, a year - on - year increase of 1.45% [2] Demand Situation - This week, the molten iron output is expected to bottom out and rebound, and the procurement of raw materials by coking and steel enterprises has warmed up [2]