煤焦：市场情绪降温，盘面震荡回调

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - After continuous surges in the futures market, market sentiment has been released. Coupled with exchange rule restrictions, coal prices lack upward momentum. In the short term, price fluctuations will intensify, and it is recommended to adopt a wait - and - see approach [4] 3. Summary by Related Content Market Performance - Yesterday, market sentiment gradually cooled. Coal and coke futures prices hit the daily limit during the session, and the weak trend continued at night. The spot market remained stable for the time being, and quotes for some port resources adjusted downward following the futures market. Last weekend, coke producers initiated the fourth round of coke price hikes, and some steel mills have accepted them [3] - Since July, a series of positive news such as "anti - involution" and "stable growth" have stimulated the market. Coupled with improved supply - demand fundamentals and the National Energy Administration's inspection of coal mine over - production, the market sentiment to buy has exploded, and coal prices have soared continuously, with suspected excessive speculation. Last Friday after the session, the exchange adjusted the opening limits for coking coal. The daily opening volume of the JM2509 contract was reduced from no more than 2000 lots to no more than 500 lots [3] Fundamental Analysis - In terms of fundamentals, coal mines in major production areas have continued the复产 rhythm. Although there are still sporadic production suspensions and cuts in some areas, overall production has continued to increase slightly. The speculative replenishment demand in the market has been concentratedly released, and coking coal in some production areas is in short supply, with mine - end inventories continuously decreasing [4] - On the demand side, 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. Last week, the average daily hot metal output of steel mill blast furnaces remained at around 2.42 million tons, supporting raw material demand [4]