氯碱日报 | 2025-06-10 检修驱动有限，烧碱盘面震荡下行 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4816元/吨（+26）；华东基差-136元/吨（-6）;华南基差-26元/吨（-16）。 现货价格：华东电石法报价4680元/吨（+20）；华南电石法报价4790元/吨（+10）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2830元/吨（+0）；电石利润80元/吨（+0）；PVC电石法生产毛 利-426元/吨（+121）；PVC乙烯法生产毛利-520元/吨（-15）；PVC出口利润3.0美元/吨（-2.0）。 PVC库存与开工：PVC厂内库存39.8万吨（+1.4）；PVC社会库存36.1万吨（-0.1）；PVC电石法开工率79.90%（+4.19%）； PVC乙烯法开工率71.13%（-0.58%）；PVC开工率77.47%（+2.87%）。 下游订单情况：生产企业预售量62.6万吨（+8.6）。 烧碱： 期货价格及基差：SH主力收盘价2308元/吨（-27）；山东32%液碱基差442元/吨（+27）。 现货价格：山东32%液碱报价880元/吨（+0）；山东50%液 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Short - term market sentiment is warming up, which provides some support for coal prices. However, fundamentally, both the supply and demand of coking coal and coke are slightly declining from high levels, and the inventory pressure remains high. Rebounds should be treated with caution [3] Group 3: Summary by Related Catalogs Market Performance - Yesterday, the rebound of coking coal and coke futures prices was weak, and they weakened again at night. On the spot side, the third round of coke price cuts by steel mills last week was officially implemented, with this round's decline increasing to 70 - 75 yuan/ton. Since mid - May, the three - round cumulative decline has been 170 - 185 yuan/ton. Coking coal prices also maintained a weak and stable operation [3] Import Data - In May, China imported 36.04 million tons of coal, a month - on - month decrease of 4.7% and a year - on - year decrease of 17.7%. From January to May, the cumulative import was 188.722 million tons, a year - on - year decrease of 7.9%. In May, the total customs clearance of Mongolian coal at the Ganqimaodu Port was 2.938 million tons, a year - on - year decrease of 16.5% [3] Domestic Coal Production - Domestic coal mine production continued a slight downward trend, but there was no large - scale shutdown or production reduction. The daily output of raw coal from 523 coking coal sample mines was 1.899 million tons, a month - on - month decrease of 18,000 tons and a year - on - year decrease of 78,000 tons. However, the inventory pressure at the coal mine end has not been relieved. The raw coal inventory at the coal mine end increased to 6.708 million tons, a month - on - month increase of 297,000 tons and a year - on - year increase of 3.357 million tons; the clean coal inventory was 4.807 million tons, a month - on - month increase of 77,000 tons and a year - on - year increase of 2.04 million tons [3] Demand Situation - The demand for coking coal and coke continued a slight downward trend, but the decline rate was slow. Last week, the average daily hot metal output of steel mills dropped to 2.418 million tons, a decrease of 110,000 tons from the previous week and an increase of 605,000 tons compared with the same period last year. The overall profitability of steel mills narrowed slightly, leading to a decline in production, which generally offset the recent production cuts of coal mines. Fundamentally, the driving force for coal price rebound was still insufficient [3]

Group 1: Report Industry Investment Ratings - Bullish: Gold, Silver, Crude Oil, Fuel Oil, Ethanol [1] - Bearish: Polycrystalline Silicon, Lithium Carbonate, Coking Coal, Coke, Logs, PTA, Short - Fiber, PVC [1] - Neutral (Oscillating): Stock Index, Treasury Bonds, Copper, Aluminum, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Rebar, Hot - Rolled Coil, Iron Ore, Manganese Silicon, Silicon Ferrosilicon, Glass, Soda Ash, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Soybeans, Pulp, Live Pigs, Asphalt, Natural Rubber, BR Rubber, Ethylene Glycol, Styrene, Urea, Methanol, Seasonal Products, PVC, Caustic Soda, LPG, Container Shipping on European Routes [1] Group 2: Report's Core View - The short - term fluctuations of stock indices are dominated by overseas variables, and they are expected to oscillate strongly in the short term, but be cautious about the repeated signals of Sino - US tariffs [1]. - Asset scarcity and a weak economy are beneficial to bond futures, but the central bank's short - term interest - rate risk warning restricts the upward space [1]. - The prices of various commodities are affected by factors such as supply and demand, policies, and international relations. For example, the price of copper is affected by supply and Sino - US relations; the price of aluminum is affected by inventory and downstream demand [1]. Group 3: Summary by Industry Macro - Finance - Stock Index: Overseas variables dominate short - term fluctuations, expected to oscillate strongly with caution about tariff signal repetitions [1]. - Treasury Bonds: Asset scarcity and weak economy are favorable, but central - bank interest - rate risk warning restricts upward space [1]. Non - Ferrous Metals - Gold: Expected to run strongly in the short term with a solid long - term upward logic [1]. - Silver: Technically broken through, expected to run strongly but beware of a pull - back [1]. - Copper: The Sino - US leaders' call boosts the price, but sufficient supply restricts the upward space [1]. - Aluminum: Low inventory supports the price, but weakening downstream demand may lead to a weakening oscillation [1]. - Alumina: Spot price rising, futures price falling due to increased production [1]. - Nickel: Expected to oscillate in the short term, with long - term surplus pressure [1]. - Stainless Steel: Follows macro - oscillations in the short term, with long - term supply pressure [1]. - Tin: Supply contradiction intensifies in the short term, expected to oscillate at a high level [1]. - Industrial Silicon: High supply in the northwest, resuming production in the southwest, low demand, and high inventory pressure [1]. Ferrous Metals - Rebar and Hot - Rolled Coil: In the window period of peak - to - off - peak season, with loose cost and supply - demand patterns and no upward driving force [1]. - Iron Ore: Expecting the peak of molten iron, with supply increase in June [1]. - Manganese Silicon: Short - term supply - demand balance, with high warehouse - receipt pressure [1]. - Silicon Ferrosilicon: Cost is affected by coal, but production reduction makes supply - demand tight [1]. - Glass: Weak supply and demand, with prices continuing to weaken [1]. - Soda Ash: Direct demand is okay, but terminal demand is weak, with medium - term over - supply and price pressure [1]. - Coking Coal and Coke: Spot prices continue to weaken, and the futures can be shorted [1]. Agricultural Products - Sugar: Brazilian sugar production is expected to hit a record high, but oil prices may affect production [1]. - Corn: Supply - demand tightening supports a strong oscillation, but the increase is limited by substitute grains [1]. - Soybeans: Expected to oscillate due to the lack of strong upward driving force [1]. - Pulp: Demand is weak, but the downward space is limited [1]. - Logs: Supply is loose, demand is weak, and short - selling is recommended [1]. - Live Pigs: Inventory is sufficient, and futures are stable [1]. Energy and Chemicals - Crude Oil and Fuel Oil: Sino - US calls, geopolitical situations, and the summer peak season support the prices [1]. - Asphalt: Affected by cost, inventory, and demand [1]. - Natural Rubber: Futures - spot price difference returns, cost support weakens, and inventory decreases [1]. - BR Rubber: Fundamentals are loose in the short term, and long - term factors need attention [1]. - PTA: Actual production hits a new high, and sales are difficult [1]. - Ethylene Glycol: Coal - to - ethylene glycol profit expands, and inventory is decreasing [1]. - Styrene: Speculative demand weakens, inventory rises, and the basis weakens [1]. - Urea: Expected to rebound due to export demand [1]. - Methanol: Entering the inventory - accumulation stage, with weak traditional demand [1]. - PVC: Supply pressure increases due to the end of maintenance and new device production [1]. - Caustic Soda: Spot is strong in the short term, but the price - reduction expectation is traded in advance [1]. - LPG: Prices are weak and oscillate in a narrow range [1]. Others - Container Shipping on European Routes: The contract in the peak season can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1].

1. Report Title and Date - The report is titled "Palm Oil: Initial Pricing of Bearish Factors, Focus on Future Production; Soybean Oil: Sino-US Relations Disturbance, Focus on New US Soybean Crop Suspense" and was released on June 8, 2025 [1][2] 2. Previous Week's View and Logic Palm Oil - The bearish impact of Malaysia's unexpected production increase from April to May was gradually digested by the market. In the short term, there were no obvious contradictions, and it mainly fluctuated following the oil and fat sector affected by crude oil, China-Canada, and Sino-US relations. The palm oil 09 contract rose 0.62% last week [2] Soybean Oil - The driving force in the soybean market was not obvious, and supply issues were downplayed. However, the phone call between the Chinese and US presidents in the second half of the week brought bullish sentiment to the US soybean market, leading to a strong rebound in soybean oil and soybean meal. The soybean oil 09 contract rose 1.31% last week [2] 3. This Week's View and Logic Palm Oil - Malaysia's production recovery from April to May will bring forward a 2 million - ton inventory level. Indonesia's inventory is expected to accumulate to over 3 million tons in April, so the inventory in the second quarter in Indonesia and Malaysia may return to the normal level of 5.5 million tons. There is a price bubble in US soybean oil above 50 cents, so the origin's quotation may loosen in the third quarter [3] - Although it is judged that there is still un - released pressure in the fundamentals, there is strong support during the decline. Due to macro - allocation, oil hedging, and early layout for the second half of the year, investors' long - allocation of palm oil means that the current production increase in Malaysia from April to May cannot push the palm oil price down [3] - After the market has fully priced in the previous production increase, further bearish factors need to be seen, such as less - than - expected purchases by China and India in July or Malaysia's production in June - July challenging historical highs. Malaysia's inventory at the end of May is expected to reach over 2 million tons [3] - Indonesia's production in March increased by 16% month - on - month. If the production continues to recover significantly from April to May, it will help release the seasonal pressure. Recently, Indonesia's refining profit has increased, and export demand has recovered, but the Indonesia - Malaysia price difference has not improved significantly, and the supply is gradually widening [3] - The export taxes of crude palm oil in Indonesia and Malaysia are both reduced in June, so the importing regions' import sentiment will improve in June. India's palm oil purchases in May - June reached over 1.5 million tons, and the consumption expectation in the production increase season is guaranteed. China's palm oil purchases for the July shipment are relatively small. If the monthly average purchase cannot reach 350,000 tons, the origin will face inventory pressure again in the third quarter [3] - The market's pricing expectation for palm oil still comes from the production recovery situation. The bullish factors such as the digestion of Malaysia's previous production increase, the improvement of export in June, and the possible decline in production in June - July attract long - positions to layout in advance. The further downward momentum of palm oil prices comes from continuous over - expected inventory accumulation. The 9 - 1 spread can be intervened when it enters a low - valuation range, and the 7 - 9 spread can be short - sold at high levels [3] Soybean Oil - There is a price bubble in US soybean oil above 50 cents per pound. If it does not find a direction soon, it will be difficult for international oil and fat prices to break through. 45Z and SRE mainly increase fluctuations, and RVO is needed to determine its value. It is considered that the probability of the final RVO figure being above 5.25 billion gallons is small, and the demand boost compared with 2024 will be less than 500,000 tons [5] - In terms of international oil and fat supply, attention should be paid to when the high soybean - palm oil price difference will reflect the export pressure of international soybean oil. The upward performance of US soybean oil may be restricted by the actual situation. If the operating rate remains at the low level in March, the inventory will become neutral by July [5] - The discount of Brazilian soybeans has widened compared with that of US soybeans, indicating less selling pressure from farmers, which will support the soybean sector. The tight new - crop balance sheet in the US does not allow much room for weather deterioration. Attention should be paid to weather speculation and the possibility of an over - estimated trend yield, as well as the expected change in the palm oil inventory inflection point and more certainty in the US soybean oil biodiesel policy [5] 4. Overall View - For palm oil, the previous bearish factors of Malaysia's production increase have been gradually digested, exports from the origin are expected to improve in June, and the risk of production decline in June - July attracts long - positions to layout in advance. The further downward momentum of palm oil prices comes from continuous over - expected inventory accumulation. The 9 - 1 spread can be intervened when it enters a low - valuation range, and the 7 - 9 spread can be short - sold at high levels. Attention should be paid to the Indonesia - Malaysia price difference and the inventory pressure implied by the origin's export sentiment [6] - For soybean oil, there is a price bubble in US soybean oil above 50 cents per pound. If it does not find a direction soon, it will be difficult for international oil and fat prices to break through. The tight new - crop balance sheet in the US does not allow much room for weather deterioration. Attention should be paid to weather speculation and the possibility of an over - estimated trend yield, and the impact of Sino - US relations on the domestic soybean market. Also, observe the expected change in the palm oil inventory inflection point and more certainty in the US soybean oil biodiesel policy [6] 5. Market Data Futures Price and Volume - Palm oil main - continuous contract: opened at 8,100 yuan/ton, reached a high of 8,250 yuan/ton, a low of 8,064 yuan/ton, and closed at 8,110 yuan/ton, up 0.62%. The trading volume was 2,478,112 lots, a decrease of 604,662 lots from the previous week, and the open interest was 419,221 lots, an increase of 33,611 lots [8] - Soybean oil main - continuous contract: opened at 7,612 yuan/ton, reached a high of 7,748 yuan/ton, a low of 7,612 yuan/ton, and closed at 7,738 yuan/ton, up 1.31%. The trading volume was 3,082,774 lots, a decrease of 400,894 lots from the previous week, and the open interest was 572,787 lots, a decrease of 42,275 lots [8] Spread and Basis - The vegetable - soybean oil 09 spread was 1,402 yuan/ton, down 18.01% from last week; the soybean - palm oil 09 spread was - 372 yuan/ton, up 11.85% [8] - The palm oil (South China) basis to the 09 contract was 380 yuan/ton; the soybean oil (Jiangsu) basis declined [14] Inventory - related - Malaysia's palm oil production in May is expected to reach a historical high in the same period, and the inventory is expected to continue to rise. Indonesia's inventory in the second quarter is expected to rise rapidly [10][13] - The ITS data shows that Malaysia's palm oil exports from May 1 - 31 were 1,320,914 tons, an increase of 17.9% compared with the same period last month [13]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-06-06 宏观情绪提振，价格延续⼩幅回暖态势 双焦尽管有利好消息刺激，但现货供给和库存仍有压⼒，钢材周度供 需数据偏弱，市场对淡季前景依然偏悲观，⽇盘呈现回落迹象。不过 盘后中美关系传来缓和信号，夜盘价格随之反弹。产业情况变化有 限，国内需求季节性⾛弱，⽬前电炉和部分⾼炉已开始亏损，铁⽔产 量预期内回落，但整体盈利率尚可限制减量空间。综合来看，估值低 位叠加消息炒作带来反弹驱动，但⾼度有限。 ⿊⾊：宏观情绪提振，价格延续⼩幅回暖态势 双焦尽管有利好消息刺激，但现货供给和库存仍有压力，钢材周度供 需数据偏弱，市场对淡季前景依然偏悲观，日盘呈现回落迹象。不过 盘后中美关系传来缓和信号，夜盘价格随之反弹。产业情况变化有 限，国内需求季节性走弱，目前电炉和部分高炉已开始亏损，铁水产 量预期内回落，但整体盈利率尚可限制减量空间。综合来看，估值低 位叠加消息炒作带来反弹驱动，但高度有限。 1、铁元素方面，供应端海外增量释放不及预期，全年累计发运同比 下降，且新项目爬坡放缓，全年增量下调；需求端钢企盈利率持稳， 铁水微降，预计短期可 ...

Report Summary Core Views - The soybean market is complex. US soybean prices may form a bottom - building process in the new year, but breaking through the bottom range requires further drivers. Domestic soybean meal supply pressure is increasing, but inventory is currently low due to delayed startup. For 09 contract soybean meal, it is in a situation where external costs are likely to rise and domestic pressure is gradually increasing [2][3][5]. - The palm oil market shows that Malaysian palm oil production and exports increased in May. If palm oil production continues to recover rapidly, oil prices will face pressure. The overall trend of oils is expected to be volatile [7][8][9]. - The sugar market indicates that the most tense supply stage in the international market may have passed. With the increase in future imports, the domestic sugar price is likely to weaken [11][12]. - The cotton market suggests that the fundamental situation of cotton has slightly improved, but the overall commodity market sentiment is bearish, and short - term cotton prices are expected to continue to fluctuate [14][15][16]. - The egg market has stable supply, and the current old - hen culling is in the initial stage. It is difficult to offset the pressure of new production and the off - season consumption. The short - term egg price is expected to be weakly stable [17][18]. - The pig market has sufficient supply and weak downstream demand. In the short term, the downward space of spot and futures prices is limited, and the long - term strategy is to sell on rallies [20][21]. Trading Strategies - **Soybean Meal**: For 09 and other far - month soybean meal contracts, when the price is at the lower cost range, pay attention to possible weather stimuli from the external market; when it is at the upper range, focus on domestic pressure and whether the bullish factors have been fully priced in [5]. - **Oils**: Given the bearish and bullish factors, it is expected that the oils will mainly fluctuate [9]. - **Sugar**: Considering the international and domestic situations, the future sugar price is likely to decline [12]. - **Cotton**: It is expected that short - term cotton prices will continue to fluctuate [16]. - **Eggs**: Adopt a strategy of short - selling on rallies for near - month contracts. For medium - and long - term contracts, wait for the accumulation of contradictions [18]. - **Pigs**: Do not go long in the short term, and there is no need to chase short positions. Adopt a strategy of short - selling on rallies in the long term [21]. Important Information - **Soybean and Soybean Meal** - US soybean prices rose slightly on Thursday. The US - China presidential call brought optimistic trade sentiment, and good planting and weather conditions limited the increase. Domestic soybean meal spot prices were stable, with high supply due to high crushing volume [2]. - In the next two weeks, rainfall in most US soybean - producing areas will be favorable, but there will be less rainfall in Iowa and the north. Brazilian soybean premiums have increased recently, offsetting the decline in US soybean prices, and the cost of imported soybeans remains stable [3]. - The area of US soybeans in the 25/26 season will decrease, and the total output may be easily reduced due to yield fluctuations [3]. - **Oils** - From May 1 - 31, 2025, Malaysian palm oil production increased by 3.53%, and exports are expected to increase by 17.9% [7]. - A commodity research institution estimates that Indonesia's palm oil production in the 2024/25 season will be 48.8 million tons, and Malaysia's will be 19 million tons [7]. - The high - frequency data of Malaysian palm oil in May indicates a slight inventory build - up, but low inventories in Indonesia, India, and China provide some support for palm oil prices. If production continues to recover rapidly, oil prices will face pressure [8]. - **Sugar** - On Thursday, the Zhengzhou sugar futures price fell slightly. The closing price of the September contract was 5,730 yuan/ton, a decrease of 18 yuan/ton or 0.31% from the previous trading day [11]. - In May, China's single - month sugar sales reached 869,200 tons, a year - on - year increase of 22,900 tons; the industrial inventory was 3.0483 million tons, a year - on - year decrease of 322,100 tons; the cumulative sales - to - production ratio was 72.69%, a year - on - year increase of 6.52 percentage points [11]. - **Cotton** - On Thursday, the Zhengzhou cotton futures price showed a weak oscillation. The closing price of the September contract was 13,245 yuan/ton, a decrease of 20 yuan/ton or 0.15% from the previous trading day [14]. - As of June 1, 2025, the US cotton planting rate was 66%, an increase of 14 percentage points from the previous week, slightly lower than the same period last year and the five - year average. The budding rate was 8%, an increase of 5 percentage points from the previous week, maintaining a normal level [14]. - **Eggs** - The national egg prices were mostly stable, with individual minor adjustments. The average price in the main production areas remained at 2.84 yuan/jin. Supply was stable, and the digestion speed in some downstream markets slowed down slightly. Most areas had little inventory pressure [17]. - **Pigs** - Domestic pig prices mainly fell. The average price in Henan dropped by 0.12 yuan to 14.17 yuan/kg, and in Sichuan, it dropped by 0.1 yuan to 14.01 yuan/kg. Market supply is sufficient, and downstream demand support is average [20].

Core Insights - The Malaysian palm oil market is under pressure ahead of the MPOB report, raising concerns about whether Indian demand can offset inventory pressures [1] Group 1 - The Malaysian palm oil futures are expected to open lower on Friday morning [1] - The market is closely monitoring the impact of Indian demand on the overall inventory situation [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand both decline slightly from high levels, inventory pressure remains high, and a short - term bearish view on the rebound is maintained [3] Group 3: Summary by Related Content Market Performance - Yesterday, the coal - coke futures market rebounded from a low level, with the main coking coal contract rising nearly 7%. Short - covering by bears and the fermentation of information such as the import resource tax on Mongolian coal and the domestic Mineral Resources Law helped coal prices rebound. Some steel mills in Hebei started the third round of coke price cuts, to be implemented on the 6th [2] Fundamental Analysis - Coal mine production continues a slight downward trend, but there is no large - scale production halt or reduction. This week, the daily output of raw coal from 523 coking coal sample mines is 189.9 million tons, a decrease of 1.8 million tons compared with the previous week and a decrease of 7.8 million tons year - on - year. Mines in Shanxi's Hejin, Lishi, and Qingxu have stopped production due to safety reasons for about 15 days. However, the inventory pressure at the coal mine end has not been relieved. The raw coal inventory at the coal mine end has increased to 670.8 million tons, an increase of 29.7 million tons compared with the previous week and an increase of 335.7 million tons year - on - year; the clean coal inventory is 480.7 million tons, an increase of 7.7 million tons compared with the previous week and an increase of 204 million tons year - on - year [2] - Coal - coke demand continues a slight downward trend. The average daily hot metal output of steel mills has dropped to 2.4191 billion tons, a decrease of 1.7 million tons compared with the previous week and an increase of 6.08 million tons year - on - year. The overall profitability of steel mills has slightly narrowed, leading to a decline in开工, which generally offsets the recent production cuts of coal mines, and the coal price rebound is still weak [2]

Group 1 - The core point of the article highlights that Lancang Ancient Tea (06911.HK), known as the "first stock of Pu'er tea," is attempting to alleviate operational pressure by replacing 35 tons of new tea with 160 tons of old tea to optimize inventory structure amid a slow market recovery [2][3] - The inventory issue has been significant, with stock reaching 909 million yuan, accounting for 58% of total assets, and some inventory nearing the critical point of the "three-year best drinking period," posing a risk of impairment [2] - The overall Pu'er tea market growth has slowed to 6.7%, with an extended inventory digestion cycle of 32 months, leading to intensified industry competition [3] Group 2 - Despite efforts to accelerate circulation through the replacement of old tea, it remains uncertain whether this will genuinely improve cash flow [3] - The company faces challenges with ineffective channel transformation, as online promotion expenses surged by 50% in 2024 without corresponding growth, negatively impacting the offline distributor system [3] - Management instability has added to the uncertainty, with the resignation of the general manager and the founder temporarily taking over the role, leading to suggestions from minority shareholders to remove him from the executive director position [3] Group 3 - The company is attempting to rejuvenate its brand by launching new series like "Tea Mama" and "Rock Cold" to attract new consumer groups, but the market performance of these brands has been lackluster, with revenue declining [3] - Industry experts suggest that traditional tea companies need to reconstruct their business models, shifting from "mass production" to flexible supply chains and enhancing brand cultural value rather than merely replicating offline models online [3] - Currently, the company's stock remains suspended, and the release of the 2024 financial report has been delayed, leading to market skepticism regarding its ability to reverse the downturn [3]

Report Industry Investment Rating - Not provided Core Viewpoint - Supply and demand both declined slightly at high levels, inventory pressure remained high, and a short - term volatile and weak trend was maintained [4] Summary by Related Content Market Performance - Last week, the coking coal and coke futures market continued its volatile and weak trend, with prices further declining. On the spot side, the second round of coking price cuts was fully implemented, with a cumulative decline of 100 - 110 yuan/ton in two rounds; the spot price of coking coal declined under pressure, and the self - pick - up quotation of Mongolian No. 5 clean coal at the port dropped to 918 yuan/ton [3] Data on Production and Inventory - Last week, for 523 coking coal sample mines, the daily output of raw coal was 1.918 million tons, a decrease of 18,000 tons compared to the previous week, and production declined for two consecutive weeks. However, the inventory pressure at the coal mine end was not relieved. The raw coal inventory at the coal mine end increased to 6.411 million tons, a year - on - year increase of 3.051 million tons; the clean coal inventory was 4.73 million tons, a year - on - year increase of 1.987 million tons [3] Demand Situation - Last week, the demand for coking coal and coke continued to decline slightly. The average daily molten iron output of steel mills dropped to 2.4191 million tons, a decrease of 17,000 tons compared to the previous week and an increase of 60,800 tons compared to the same period last year. The overall profitability of steel mills narrowed slightly, leading to a decline in开工, which generally offset the recent production cuts of coal mines, and coal prices remained weak [3]