Report Industry Investment Rating - Not provided Core Viewpoint - The fundamental situation of coal and coke temporarily maintains a pattern of strong supply and weak demand. The uncertainty of overseas geopolitical conflicts is relatively high, and the price fluctuations in the energy and chemical sectors are intense, which has a certain impact on the market sentiment of coking coal. Short - term risk control should be noted, and chasing up should be avoided [3] Summary by Relevant Catalogs Market Performance - Last week, the center of the coal and coke futures price moved slightly upward, and the overall fluctuation was relatively intense. The coking coal price was driven by the energy and chemical sectors [3] Supply Side - In terms of coal and coke fundamentals, coal mine production 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. After the Spring Festival, the daily customs clearance volume at the Ganqimaodu Port for Mongolian coal has returned to a relatively high level. The average daily customs clearance volume in the week of March 7 was 186,000 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 - Recently, due to steel mills implementing emission reduction measures, the daily average hot metal output of blast furnaces has dropped to 2.212 million tons, a decrease of 63,900 tons compared with the previous period, and a cumulative decrease of 120,800 tons in the past two weeks, exceeding market expectations. With the conclusion of the Two Sessions, steel mills will resume production this week. The draft report on the national economic and social development plan for 2026 mentioned that in 2026, efforts will be made to continue to promote the quality improvement, cost reduction, and carbon reduction actions in key industries; comprehensively implement measures to address "involution - style" competition; promote the balance and stability of supply and demand in key industries such as steel and significantly improve the profitability of enterprises; and orderly reduce the production capacity of industries such as steel [3]