煤焦：焦价首轮提涨落地，盘面震荡偏强运行

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Recently, under the influence of a bullish market sentiment and a slight relief in supply - demand pressure, both the futures and spot markets have strengthened in resonance. The short - term market should be treated as a volatile rebound [3] Group 3: Summary by Related Content Market Performance - Yesterday, the prices of coal and coke futures fluctuated and trended stronger. On the spot side, the first - round price increase of coke was 70 - 95 yuan/ton, and the mainstream steel mills have accepted a price increase of 50 - 55 yuan/ton, with a still existing price - increase expectation in the market. The price of coking coal also maintained a rebound trend [2] Fundamental Analysis - This week, coal mines in the main production areas of Shanxi continued the resumption of production, but the overall process was still slow. Downstream procurement enthusiasm was high, and the demand for replenishment and speculation was concentratedly released. Coal resources were in short supply, and most pre - sale orders were signed for more than half a month. The pressure of high supply and high inventory in coal mines was significantly reduced, and coal prices were likely to rise and difficult to fall in the short term. This week, the daily output of raw coal from 523 coking coal sample mines was 1.929 million tons, a week - on - week increase of 11,000 tons; the raw coal inventory was 6.153 million tons, a week - on - week decrease of 276,000 tons; the clean coal inventory was 3.391 million tons, a week - on - week decrease of 381,000 tons [2] Demand - side Situation - Recently, coking plants and steel mills have accelerated their raw material replenishment. The available days of coking coal inventory in factories have rebounded from a low level. The average daily hot metal output of steel mill blast furnaces has rebounded to 2.4244 million tons, a week - on - week increase of 26,300 tons [2]