煤焦：焦炭现货第8轮提涨，盘面震荡运行

Group 1 - No industry investment rating is provided Group 2 - Overseas interest - rate cut expectations are rising, market sentiment is still fluctuating. Fundamentally, raw material demand remains good for now but shows a tendency of short - term phased decline. Coal and coke prices are more volatile [3] Group 3 Market Logic - On August 25, the price of coking coal fluctuated strongly. As the September 3 parade approaches, the social impact of safety accidents should be noted. Fed Chair Powell's dovish remarks led the market to bet on a September rate cut, driving up commodity prices. Some high - priced coal resources at mines had weak sales, and prices were stable. Hebei coke enterprises started the 8th round of price increase [2] Environmental Production Restrictions - Tangshan steel mills received an oral notice of environmental production restrictions. From August 25 to September 3, sintering machines are to be restricted by 30%, and from August 31 to September 3, blast furnaces are to be restricted by 40%. Henan coke enterprises are to implement voluntary production restrictions from August 25 to September 3, with an estimated reduction of 20% - 35% [2] Fundamentals - Last week, Shanxi coal mines continued to increase production slowly, with the daily average output of clean coal reaching 771,000 tons, a week - on - week increase of 700 tons. After the downstream's centralized inventory replenishment ended, mines started to accumulate inventory again. Short - term coal mine production is expected to continue to resume, and pithead inventory will rise due to weakening demand. Last week, steel mills maintained high - level operations, with the daily average hot metal output remaining above 2.4 million tons. Focus on the implementation of steel mill production restrictions this week [2]