煤焦：盘面弱势震荡，关注需求变化

Report Summary 1. Report Industry Investment Rating - Not provided 2. Report's Core View - Raw material demand remains relatively high, but coal mine production cuts are lower than expected, leading to a slight inventory build - up at mines and dragging down the market. In the short - term, market sentiment is still volatile, and coking coal and coke prices will fluctuate [4] 3. Summary by Related Catalog Market Logic - Yesterday, coking coal and coke futures prices oscillated. The 09 contract entered the delivery month with weak buying and delivery interest, so the futures price moved from premium to flat or discount, dragging down other contracts. On the spot side, some high - priced coal resources had weak sales, and prices were stable with a downward trend. Last week, Hebei coke enterprises initiated the 8th price increase, but most steel mills didn't respond, and some planned price cuts, resulting in a market game [3] - Last week, coal mines in Shanxi's main production areas cut production due to geological issues in Lvliang and stricter safety inspections in Linfen. Next week, coal production is likely to rise slightly, but before September 3, main production areas will focus on safety, and some mines may have short - term production cuts [3] - Steel mills' profitability rate remains above 60%, with low willingness to cut production. During the parade, steel mills around Beijing - Tianjin - Hebei are expected to cut production from August 31 to September 3, with a 40% reduction, lower than previous similar events. They are expected to resume production after September 4 [3] Attention Points - Pay attention to changes in steel mill blast furnace operations and coal mine复产情况 [4]