煤焦：市场情绪反复，价格震荡运行

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Overseas interest rate cut expectations are rising, and market sentiment remains volatile. Fundamentally, raw material demand remains good for the time being but shows a tendency for a temporary decline. Coal and coke prices are experiencing increased volatility [4] Group 3: Summary of Relevant Content Market Conditions - Last week, coking coal prices generally fluctuated weakly but rebounded strongly during the night session on Friday. A coal mine accident in Fujian and dovish remarks from Fed Chair Powell led to increased bets on a September interest rate cut, causing a general rise in commodities. Spot prices of some high - priced coal resources at mines were stable due to weak sales. Coke completed its 7th round of price hikes last week [3] Environmental Production Restrictions - Tangshan steel mills received an oral notice of environmental production restrictions. From August 25th to September 3rd, sintering machines are to be restricted by 30%. Some steel mills reported that from August 31st to September 3rd, blast furnaces will be restricted by 40%. Continued attention should be paid to steel mill production cuts [3] Fundamentals - Last week, Shanxi coal mines continued to increase production, but the overall increase was slow. This week, the daily average output of clean coal from mines was 771,000 tons, a week - on - week increase of 700 tons. After the downstream's centralized replenishment ended, mine inventories started to accumulate again. In the short term, coal mines are expected to continue the resumption of production, and pithead inventories will continue to rise due to weakening demand. On the demand side, steel mills maintained good开工 last week, with the daily average hot metal output remaining above 2.4 million tons. Attention should be paid to the on - site implementation of steel mills this week [4]