煤焦：焦煤日均产量下降，盘面震荡加剧

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint Market speculation sentiment has cooled, and coal prices are gradually returning to rationality. However, short - term fundamental improvements support coal prices to run strongly, and price fluctuations remain intense. It is recommended to participate with caution [2][3]. 3. Summary by Relevant Contents Market Performance - Yesterday, coal and coke futures prices fluctuated strongly, with increased intraday volatility. Coking coal spot prices remained strong, and coke prices were stable after the fifth round of price hikes [2]. Supply - Side Situation - In response to over - production issues, Shanxi's verification of coal mine over - production is being deepened. Many coal mines have voluntarily reduced production, and with the approaching September parade and strict safety supervision, short - term coal mine production increases are limited [2]. - This week, the daily output of raw coal from 523 coking coal sample mines was 1.883 million tons, a decrease of 53,000 tons compared to the previous week. Among them, the daily output of raw coal in Shanxi was 1.059 million tons, a decrease of 38,000 tons compared to the previous week [2]. Inventory Situation - The structural inventory pressure has been significantly alleviated. The raw coal inventory of 523 coal mines is 476500 tons, a decrease of 224500 tons from the high in June; the clean coal inventory is 245700 tons, a decrease of 254300 tons from the high in June [3]. Demand - Side Situation - Last week, coking plants and steel mills slowed down their raw material replenishment. The available days of coking coal inventory in factories stabilized after rising from a low level. Currently, steel mills have a good profit margin, production remains at a relatively high level, and the daily average pig iron output is over 2.4 million tons, supporting raw material demand [3]. Later Concerns - Pay attention to changes in steel mill blast furnace starts and coal mine resumption of production [3]