双焦：地缘扰动钝化，关注基本面实质变化

Report Title - "Double Coking Coal and Coke: Geopolitical Disturbance Blunted, Focus on Substantive Fundamental Changes" [1] Core Viewpoint - The report is mainly about the fundamental situation of double coking coal and coke in April 2026, including price trends, production, imports, and inventory, but does not explicitly state a core view [12] Fundamental Situation Price Trends - The report presents multiple price trend charts, including those of coking coal (such as coking coal price index, medium - sulfur primary coking coal price, Mongolian 5 coking coal, etc.) and coke (such as coke price index, quasi - first - grade coke ex - factory price, etc.) from 2021 to 2026 [18][28] Production - National and Shanxi's raw coal and coking fine coal production data from 2021 - 2025 are shown, along with the capacity utilization rate and raw coal inventory of coking coal mines [52][58] Imports - In February 2026, China imported a total of 19.83 million tons of coking coal, a 5.2% year - on - year increase. Mongolia was the largest source, with 11.07 million tons (55.8%), a 71.8% year - on - year increase. Russia, Canada, the US, Australia, Indonesia, and others also had respective import volumes and changes [60] Inventory - As of March 27, 2026, the total coking coal inventory (converted to fine coal) was 38.207 million tons, an increase of 82,960 tons month - on - month and a decrease of 426,000 tons year - on - year. The total coke inventory was 10.712 million tons, an increase of 26,590 tons month - on - month and an increase of 11,100 tons year - on - year [104] Future Outlook and Strategy Recommendation - The report does not provide specific future outlook and strategy recommendation content