焦炭，高位整理

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Since late July, coke futures have maintained a high - level oscillation pattern. Considering the "anti - involution" policy and macro - environment, coke futures are expected to continue high - level oscillation and may be prone to rise and hard to fall [2]. - With the sixth round of spot price increase, the operating pressure of coke enterprises has eased, and the spot market is expected to remain strong in the near future [3]. - The coke supply has a marginal increase, demand remains high and stable, and inventory is continuously decreasing. The fundamentals are good, and policies and the macro - atmosphere are optimistic, driving coke futures to run at a high level [6]. Summary According to Relevant Contents Market Situation - Since late July, coke futures have been in a high - level oscillation. There are both positive and negative factors. The positive factors include the "anti - involution" policy and the extension of Sino - US tariff exemptions, while the negative factors are the risk management measures of the Dalian Commodity Exchange and the potential suppression of raw material demand due to crude steel production restrictions [2]. Spot Market - On August 14, the sixth round of coke price increase was fully implemented. After this round of price increase, most domestic coke enterprises' profits improved. As of the week of August 15, the profit per ton of 30 sample independent coking plants was 20 yuan/ton, a week - on - week increase of 36 yuan/ton [3]. - The upstream coking coal price is stable for the time being, but the online auction failure rate has increased slightly to 23.3%. The downstream steel mill profitability rate is 65.8%, a week - on - week decrease of 2.6 percentage points. The daily iron - water output remains above 2.4 million tons, and the downstream replenishment demand is good, so the coke spot market is expected to remain strong [3]. Fundamentals - The domestic coke supply shows a marginal increase, but the output growth rate is relatively moderate under environmental protection policies. The demand pressure is limited as the iron - water output of downstream steel mills remains resilient. As of the week of August 15, the total daily output of sample coking plants and steel mills was 112.1 million tons, a week - on - week increase of 0.2 million tons; the daily iron - water output of 247 steel mills was 2.4066 million tons, a week - on - week increase of 0.34 million tons; the total coke inventory decreased to 8.8742 million tons, a week - on - week decrease of 0.1974 million tons [4]. Policy Aspect - Since July 1, the "anti - involution" policy in the coal industry has been continuously promoted. Although the actual impact on supply is limited, it has significantly improved market expectations and will continue to support coke prices in the long - term [5][6].