钢铁市场阶段性回暖，“金九银十”供需预期改善

Core Viewpoint - The coal, coke, and steel industry chain has experienced price adjustments after a phase of rising prices, but the market maintains a positive outlook for the construction peak season this year due to a consensus on "anti-involution" within the industry [1] Group 1: Price Trends - Since July, steel prices have rebounded from their lows, with significant price increases in upstream coking coal and coke, providing cost support for the downstream market [1] - Current steel prices are still at mid-low levels for the year, with expectations for a trend of price increases in the spot market in September [1] Group 2: Market Drivers - The strong support for coke prices is driven by three factors: macroeconomic benefits, recovery in demand, and tightening supply [1] - The effectiveness of macro policies and the degree of demand realization will be crucial to monitor moving forward [1]