Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Short - term domestic coal mine production has not recovered, supporting the market's confidence in price support; demand is in a slow decline trend, and attention should be paid to the transmission of pressure to the raw material end. The coking coal price should focus on the pressure at the 1320 yuan/ton level [3] Group 3: Summary Based on Related Catalogs Market Performance - Last week, the coking coal and coke futures prices fluctuated, generally performing stronger than steel and ore. The spot market was generally stable with a slight upward trend, domestic coal prices rose again, the third round of coke price increases was gradually implemented, and some coke enterprises in certain regions started the fourth round of price increases [3] Supply Side - Last week, coal mines in Shanxi further reduced production, with the most obvious reduction in the Lvliang area. State - owned large mines in the Liulin area began to control production independently, and the output decreased significantly. The daily average output of clean coal dropped to 73.8 tons, a decrease of 2000 tons from the previous week and 4600 tons year - on - year. The output decline stimulated the market's increasing bullish sentiment [3] Demand Side - The profit of steel mills continued to shrink, and the profitability rate dropped below 40%. The daily average hot metal output dropped to 2342200 tons, a decrease of 2140 tons from the previous week. The current profitability level will not lead to large - scale production cuts by steel mills for the time being, and attention should be paid to the change in profitability and steel mills' production cut actions in the future [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Short - term market sentiment warms up, and coal prices stop falling periodically However, fundamentally, coking coal still has a large structural inventory pressure, and the steel mills' price cut of coke again creates resistance to the overall rebound of the futures market [2] Group 3: Summary by Related Catalogs - **Market Logic**: On June 20, Hebei steel mills started the 4th round of coke price cut, with a reduction of 50 - 55 yuan/ton to be implemented on the 23rd; coking coal spot remained weakly stable without a rebound Some coal mines in Shanxi resumed production this week, and coal production increased The decline of spot coal prices narrowed this week, market transactions improved, but coal mine inventories continued to increase The profitability of steel mills decreased slightly, leading to a decline in steel mill starts, and the fundamentals lack the driving force for coal price rebound [2] - **Inventory Data**: This week, the clean coal inventory at coal mines was 4.99 million tons, a week - on - week increase of 130,000 tons and a year - on - year increase of 2.13 million tons; the raw coal inventory was 7.01 million tons, a week - on - week increase of 165,000 tons and a year - on - year increase of 3.7 million tons [2]