宝城期货：焦炭高位整理

Group 1 - Since late July, coking coal futures prices have maintained a high-level fluctuation pattern due to improved long-term fundamentals in the coal market and a 90-day extension of tariff exemptions between China and the U.S., which alleviated export pressures [1] - The sixth round of price increases for coking coal was implemented on August 14, with prices at 1520 RMB/ton for wet quenching and 1460 RMB/ton for ex-factory, leading to improved profitability for most coking enterprises [2] - As of August 15, the total inventory of coking coal decreased to 8.8742 million tons, reflecting a downward trend across various segments of the supply chain [3] Group 2 - Current policies, particularly the "anti-involution" policy, are expected to support coking coal prices by suppressing disorderly competition and enhancing supply quality [4] - Despite a slight increase in supply, demand remains stable, and the overall market sentiment is optimistic, contributing to the sustained high-level operation of coking coal futures [4]