Report Industry Investment Rating - Not provided Core Viewpoints - The coking coal market showed an oscillating downward trend. The price of coking coal opened high and closed low, with a decline of over 1% in the afternoon. The fundamentals of coal are weak and it is difficult to rebound significantly. The recent demand situation will affect the subsequent long - short logic [1] Summary by Relevant Catalogs Market Analysis - Coking coal opened high and closed low, with a decline of over 1% in the afternoon. The customs clearance volume of Mongolian coal decreased marginally, while the domestic coal production resumption continued. The domestic mine operation rate reached 87.16%, a 4.84% increase from last week. Production and operation are both higher than the same period last year. Due to the impact of overseas military conflicts, the coking coal price increased, leading to an increase in the downstream purchasing sentiment. The coking coal inventory decreased by 8.58 tons compared to last week. Downstream coking enterprises and steel mills replenished stocks, with inventory increases of 19.98 tons and 1.99 tons respectively. However, there is no significant increase in coke production. The profitability of steel mills has recovered, with an increase in operation rate of 0.63%, but the start - up speed is weaker than the same period in previous years. The weekly daily output of molten iron is 221.2 tons. After the first round of coke price cut, the production enthusiasm of coking enterprises weakened. The downstream mainly purchases for rigid - demand production. The Henan Bureau of the National Mine Safety Administration ordered Anyang Yong'an Hetuo Coal Mine Co., Ltd. to suspend production for rectification for 1 day due to major accident hazards. Commodities as a whole showed a correction today, and the Middle East situation is expected to fluctuate. [1] Spot Data - The self - pick - up price of Mongolian No. 5 primary coking raw coal is 1100 yuan/ton, unchanged from the previous trading day. The spot price in Jiexiu is 1300 yuan/ton, a 20 - yuan increase from the previous trading day. The closing price of the main futures contract is 1156.5 yuan/ton, and the basis in Jiexiu, Shanxi is 143.5 yuan/ton, a 39.5 - yuan increase from the previous trading day [2] Fundamental Tracking Supply Data - From March 6th to March 13th, the operation rate of 523 domestic sample mines for coking coal was 87.16%, a 4.84 - percentage - point increase from the previous week. The daily average output of refined coking coal was 77.7 tons, a 2.92 - ton increase from the previous week [4] Demand Data - From March 6th to March 13th, the daily average output of downstream independent coking enterprises was 63.9 tons, a 0.4 - ton decrease from the previous week. The daily average coke output of 247 steel mills was 47 tons, unchanged from the previous week. The daily average molten iron output of 247 steel mills was 221.2 tons, a 6.39 - ton decrease from the previous week [5]