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]

晨报 煤焦 煤焦：钢厂第 4 轮提降焦价 盘面低位震荡 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 后期关注/风险因素：关注钢厂高炉开工变化、进口煤通关情况。 重要声明： 本报告中的信息均来源于公开的资料，我公司对信息的准确性及完整性不作任何保证，也不保证包含的信 息和建议不会发生变更，我们已力求报告内容的客观、公正，但文中观点、结论和建议仅供参考，投资者据此 做出的任何投资决策与本公司和作者无关。 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 6 月 20 日 逻辑：昨日，煤焦价格整体延续震荡走势。现货端，6 月 20 日河北 地区钢厂钢厂开始对焦炭进行第 4 轮提降，降幅 50-55 元/吨，计划 23 日起执行；焦煤现货保持弱稳运行，尚未有反弹表现。 证监许可【2011】1452 号 市场方面，本周山西部分因安全原因停产煤 ...