煤焦：铁水产量回升，盘面震荡运行

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The expectation of rising hot metal production is likely to boost the sentiment in the raw material market. However, due to the transmission of overseas geopolitical conflicts, the valuation of coal and coke has rebounded, and the price rebound is lackluster. Short - term risk control should be noted to avoid chasing up [4] Group 3: Summary According to Related Contents Market Performance - Yesterday, the futures prices of coal and coke fluctuated weakly and closed down at the end of the session. The overall fluctuation was still relatively intense. The 05 contract of coking coal should pay attention to the resistance level of 1,200 yuan/ton above. On the spot side, the coke market remained stable, and coke enterprises had no plans to raise prices recently; the price of coking coal in individual producing areas rebounded slightly [3] Supply Side - In terms of the fundamentals of coal and coke, coal mine production has recovered to a high level. This week, the daily production of raw coal and clean coal from 523 sample coking coal mines was 1.969 million tons and 798,000 tons respectively, an increase of 33,000 tons and 21,000 tons respectively compared with the previous week, and the increase rate has slowed down. At the import end, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal remained at a relatively high level. The average daily customs clearance volume last week was 187,000 tons, and the inventory in the port supervision area continued to increase. According to customs data, 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 - With the lifting of phased emission reduction restrictions, this week's hot metal production rebounded to 2.282 million tons, and there is still room for resumption of production in the near future. The purchasing sentiment of coke and steel enterprises for raw materials has improved [3]