煤焦：稳增长预期升温，盘面震荡偏强运行

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint of the Report In the near term, supported by the bullish market sentiment and the slight alleviation of supply - demand pressure, both the futures and spot markets have strengthened in resonance. The short - term market may maintain a volatile and upward - biased trend [3]. 3) Summary by Related Content Market Logic - Last week, coal - coke futures prices first declined and then rose, with a further increase during the night session on Friday. On July 18, the relevant person in charge of the Ministry of Industry and Information Technology stated that a new round of steady - growth work plans for ten key industries including steel, non - ferrous metals, petrochemicals, and building materials would be implemented, stimulating commodity prices to strengthen due to the steady - growth expectations [2]. Fundamental Analysis - Supply: Last 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 speculative demand for replenishment 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 on coal mines was significantly reduced. Last 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: Recently, coking plants and steel mills have accelerated the replenishment of raw materials. 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]