焦煤、焦炭封跌停板，交易逻辑变了吗？

Core Viewpoint - The trading logic for coking coal and coke has shifted from being primarily driven by market sentiment and expectations to focusing more on supply and demand fundamentals due to recent price fluctuations and regulatory measures [1] Group 1: Market Sentiment and Price Movements - Previously, the market experienced heightened emotions and significant price increases due to the "anti-involution" backdrop and the impact of coal production checks on market sentiment [1] - The coking coal market faced a temporary supply-demand imbalance, leading to a phase of high demand driven by downstream inventory replenishment [1] - Following the implementation of risk control measures by exchanges, there was a substantial price drop in coking coal and coke [1] Group 2: Future Outlook and Trading Strategy - The current trading logic is expected to transition towards a focus on supply-demand fundamentals, with particular attention on the progress of coal mine production checks and regulatory enforcement [1] - Short-term price adjustments for coking coal are anticipated, as the previous rapid price increases may allow for further downward movement [1] - The market is expected to see intense competition at current price levels, suggesting a strategy of cautious observation and waiting for new driving factors to emerge [1]