煤焦：交易所下调焦煤单日开仓，盘面震荡加剧

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - After continuous rallies in the futures price of coking coal, market sentiment has been released, and with exchange rule restrictions, coal prices lack the momentum to rise. In the short - term, price fluctuations will intensify, and it is recommended to mainly adopt a wait - and - see approach [3] Group 3: Summary Based on Related Content - Market Performance: Last week, affected by coal market policies on over - production verification, the coking coal futures price soared with a weekly increase of over 35%, and the price started to decline on the night session of last Friday. The spot market was also strong, with the coking price completing the third round of increase and coke enterprises starting the fourth round during the weekend. Since July, a series of positive news and improved supply - demand fundamentals led to a continuous sharp rise in coal prices, but after the exchange restricted the daily opening volume of the JM2509 contract on Friday, the coking coal price dropped significantly at night [2] - Fundamentals: Main coal - producing areas continued the resumption of production. Although there were still sporadic production halts and cuts in some regions, overall output continued to increase slightly. Speculative replenishment demand was released, causing a supply - shortage situation in some areas and a continuous decline in mine - end inventory. On the demand side, coking plants and steel mills accelerated raw material replenishment, and the available days of coking coal inventory in factories rebounded from a low level. Last week, the average daily pig iron output of steel mill blast furnaces was maintained at around 2.42 million tons, supporting raw material demand [3]