Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The iron - water recovery expectation is expected to boost the raw material market sentiment, but the price increase due to the impact of overseas geopolitical conflicts has already reflected the demand recovery expectation. Short - term risk control is necessary to avoid chasing up [4] 3. Summary by Relevant Catalogs Market Performance - Yesterday, the coal - coke futures prices fluctuated. The impact of overseas geopolitical conflicts still exists, and the overall fluctuation is relatively intense. The 05 contract of coking coal should pay attention to the pressure in the range of 1200 - 1250 yuan/ton [3] - The coke market is mainly stable, and coke enterprises have no plans to raise prices recently. The price of coking coal in some production areas has increased slightly [3] Production and Import Data - From January to February 2026, China's raw coal production was 7.6 billion tons, a year - on - year decrease of 0.3%; the cumulative coke production was 8.255 million tons, a year - on - year increase of 0.8%; the cumulative pig iron production was 13.77 million tons, a year - on - year decrease of 2.7%; the cumulative crude steel production was 16.034 million tons, a year - on - year decrease of 3.6% [3] - 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 1.08 million tons and 290,000 tons compared with the previous week, basically returning to the pre - holiday production level [4] - The daily customs clearance volume at the Ganqimaodu Port for Mongolian coal remained at a relatively high level, with an average daily customs clearance volume of 187,000 tons last week, and the inventory in the port supervision area continued to increase. In the first two months, China's cumulative coal imports were 7.7222 million tons, a year - on - year increase of 1.45% [4] Demand Situation - Last week, the molten iron output dropped to 2.21 million tons. With the lifting of phased emission reduction restrictions, it is expected to rebound significantly this week, and the procurement of raw materials by coking and steel enterprises has improved [4]