煤焦：盘面震荡运行，关注限产政策

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Short - term fundamental improvements support the coal price to run strongly, but price fluctuations remain severe, and cautious participation is recommended [4] Group 3: Summary According to the Content Market Conditions - Last week, coal - coke futures prices fluctuated strongly, with intense long - short games. Coking coal spot prices maintained a strong trend. On Friday, coke enterprises started the 6th round of coke price increase, but mainstream steel mills have not responded [3] - Recently, market news said that from August 16th to 25th, Tangshan independent steel rolling enterprises may be shut down at any time according to weather conditions, and must be shut down from August 25th to September 3rd. If the measures are implemented, the daily output of 35 profile steel enterprises in Tangshan will be affected by about 90,000 tons [3] Supply - side Situation - The verification of coal mine over - production in Shanxi is being promoted in depth. Many coal mines have spontaneously reduced production. Combined with the approaching military parade in September and the severe safety supervision situation, short - term coal mine production increase is limited [4] - The structural inventory pressure of coking coal has been significantly relieved. Currently, the raw coal inventory of 523 coal mines is 4.765 million tons, a decrease of 2.245 million tons from the high in June; the clean coal inventory is 2.457 million tons, a decrease of 2.543 million tons from the high in June [4] Demand - side Situation - This week, the raw material replenishment actions of coking plants and steel mills have slowed down. After the available days of coking coal inventory in factories rebounded from a low level, they tended to be stable. Last week, the average daily hot metal output of steel mills was 2.4032 million tons, a decrease of 3,900 tons from the previous week and an increase of 86,200 tons compared with the same period last year [4] Later Concerns - Pay attention to the changes in the blast furnace startup rate of steel mills and the resumption of coal mines [4]