双焦周报：能源担忧持续，短期震荡偏强-20260330

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The prices of coking coal and coke in the domestic market remained stable this week. Some steel mills in Hebei and Tianjin raised the coke price by 50 - 55 yuan/ton, effective at 0:00 on the 1st [1]. - The recent rise in the futures market improved market sentiment. Coking enterprises maintained normal production, with generally low inventory and smooth shipping, and their profits were basically flat or slightly profitable [1]. - Most domestic coal mines maintained normal production after resuming work, but some coal mines in Inner Mongolia and Shanxi had slightly restricted production due to issues such as changing working faces and underground resources, resulting in a slight decline in output. On the import side, the customs clearance of Mongolian coal remained high overall, and the external supply pressure remained [1]. - In the short term, the prices are likely to rise and difficult to fall. Attention should be paid to changes in geopolitical conflicts [1]. Group 3: Summary by Directory Market Review and Outlook - This week, the prices of coking coal and coke in the domestic market remained stable. Some steel mills in Hebei and Tianjin raised the coke price by 50 - 55 yuan/ton on the 1st [1]. - The futures market rose, and the market sentiment improved. Coking enterprises maintained normal production, with low inventory and smooth shipping, and their profits were basically flat or slightly profitable [1]. - Most domestic coal mines maintained normal production, but some in Inner Mongolia and Shanxi had restricted production, leading to a slight decline in output. The customs clearance of Mongolian coal remained high, and the external supply pressure remained [1]. - In the short term, prices are likely to rise and difficult to fall, and attention should be paid to geopolitical conflicts [1]. Fundamental Data Weekly Changes - The total coking coal inventory was 2099.39 million tons, a week - on - week increase of 55.48 million tons (2.71%) [3]. - The total coke inventory was 997.83 million tons, a week - on - week increase of 16.29 million tons (1.66%) [3]. - The daily average pig iron production of steel mills was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) [3]. - The profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17 yuan/ton (-44.74%) [3]. Futures Market Review - The report shows the 5 - day intraday chart of the main contracts of coking coal and coke [4]. Spot Market Review - The report presents the aggregated average price of various coking coal types and the self - pick - up price of Mongolian main coking coal [6]. Fundamental Data - The report includes data such as the daily average output of clean coal from mines and coal washing plants, the customs clearance volume of Mongolian coal at the Ganqimaodu Port, the inventory of coking coal in steel mills, independent coking enterprises and ports, and the available days of coking coal inventory in steel mills and independent coking enterprises [12]. - It also shows data on the daily average output of coke from steel mills and independent coking enterprises, the daily average pig iron production of 247 steel mills, the coke inventory in steel mills, independent coking enterprises and ports, the available days of coke inventory in steel mills, the profit per ton of coke for independent coking enterprises, and the profitability rate of 247 steel mills [15][19].