煤焦：盘面升水，现货焦价迎第3轮提涨

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The continuous rise in the futures price of coking coal has released the bullish sentiment, but the follow - up increase of downstream products is significantly weaker than that of coking coal, which may suppress the rebound rhythm of coal prices. It is recommended to be cautious and pay attention to the adjustment risk of the market [3] - Later, pay attention to the changes in the blast furnace operation of steel mills and the resumption of production of coal mines [3] Group 3: Summary by Relevant Content Market Situation - Yesterday, the futures price of coking coal continued to rise and closed at the daily limit at the end of the session. The spot market followed suit strongly, and some coke enterprises started the third round of coke price increase. After the market rally, the futures price was significantly higher than the spot price [2] - Since July, a series of positive news has stimulated the market, and the improvement of the fundamental supply - demand situation has led to an outbreak of bullish sentiment. After the continuous rise of coal prices, the resistance to further upward movement has increased [2] Fundamental Analysis - The main coal - producing areas continue the resumption of production. Although there are still sporadic production stoppages and reductions in some areas, the overall output continues to increase slightly. The speculative replenishment demand in the market is concentratedly released, and coking coal in some producing areas is in short supply. The mine - end inventory continues to decline [3] - On the demand side, 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. This week, the average daily hot metal output of steel mill blast furnaces remained at about 2.42 million tons, supporting the demand for raw materials [3]