煤焦：盘面震荡回调，关注环保限产落地

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Market sentiment is cooling down, and with the approaching parade time, there is an expectation of a decline in demand, causing prices to face downward pressure [3] 3. Summary According to Relevant Catalogs - Logic: Yesterday, coking coal prices fluctuated weakly with a downward shift in the price center. Recently, the exchange tightened the opening restrictions on the coking coal 2601 contract and increased the intraday trading handling fee to calm market sentiment, leading to a pull - back after the coking coal price soared. Over the weekend, the Trump administration in the US announced an expansion of the scope of a 50% tariff on steel and aluminum imports, impacting the market sentiment. On the spot side, the high - priced resources of some coal mines had weak sales, and prices declined. After the sixth round of coke price increases, some coke enterprises in certain regions planned further price hikes. In terms of environmental production restrictions, Tangshan steel mills received oral notices of environmental production restrictions, with a 30% sintering machine production limit from August 25th to September 3rd and a 40% blast furnace production limit from August 31st to September 3rd. Fundamentally, last week, Shanxi coal mines resumed the production - increasing rhythm, but some mines in Linfen reduced production due to underground conditions and the implementation of the 276 - working - day policy, resulting in slow overall production increase in Shanxi. Mysteel's research predicts that coal mines will likely continue the resumption of production this week, but due to multiple factors such as environmental protection and safety, the production - increasing progress is slow and easily interrupted by emergencies [2] - View: Market sentiment is cooling down, and with the approaching parade time, there is an expectation of a decline in demand, causing prices to face downward pressure [3] - Later Concerns/Risk Factors: Pay attention to changes in steel mill blast furnace start - up and coal mine resumption of production [3]