煤焦：焦价5轮提涨落地，盘面震荡加剧

Report Industry Investment Rating - Not provided Core Viewpoints - Market speculation sentiment has cooled, and with exchange rule restrictions, coal prices are gradually returning to rationality. Fundamentals have improved, but short - term price fluctuations have intensified. It is recommended to wait and see [3] Summary by Related Catalog Market Conditions - Yesterday, coal - coke futures prices fluctuated sharply and closed higher in the late session. The spot market price was lagging behind the futures and remained relatively strong, with the 5th round of coke price increase implemented yesterday [2] Supply - side - Last week, coal production in Shanxi mines decreased, with some mines reducing output due to underground problems and completion of monthly tasks. Regarding the tracking of over - production issues, regions in Shanxi (except Lvliang) received documents and started verifying production. The impact on short - term coking coal output may be limited, but the long - term impact on coal mine production should be noted. The Australian coal import window closed again, and Mongolian coal customs clearance declined after a brief surge [2] Demand - side - Last week, the raw material replenishment actions of coking plants and steel mills slowed down slightly. The available days of coking coal inventory in factories stabilized after rising from a low level. Last week, the profitability rate of steel mills was 65.37%, a 1.73 - percentage - point increase from the previous week and a 58.88 - percentage - point increase year - on - year. The daily average pig iron output was 2.4071 million tons, a decrease of 15,200 tons from the previous week but an increase of 40,900 tons year - on - year [2]