煤焦：情绪回暖，盘面走强

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The coal and coke futures prices fluctuated strongly overall yesterday and continued to rise at night due to the strong overseas interest - rate cut expectation and the strong domestic "anti - involution" atmosphere. The spot - end has completed 2 rounds of coke price cuts. The supply and demand sides of coal and coke are in a fast resumption process, especially the rapid recovery of hot metal, which supports the rigid demand for raw materials. Coupled with the positive macro signals boosting market sentiment, the market is expected to run with an upward bias [2][3][4] Group 3: Summary by Related Catalog Market Logic - Overseas interest - rate cut expectation is strong, and the domestic "anti - involution" atmosphere is thick. The coal and coke futures prices fluctuated strongly yesterday and continued to rise at night. The mainstream steel mills adjusted the coke purchase price, and the coke price has completed 2 rounds of cuts [3] Coal Mine Situation - The coking coal market remains weak, with transaction prices mainly falling and low downstream purchasing enthusiasm. However, some coal mines have better sales after price cuts, and the market still expects pre - National Day restocking. Last week, coal production gradually recovered, with the daily average clean coal output of 523 coal mines reaching 72.8 tons, a week - on - week increase of 3.5 tons. Due to production cuts and better sales after price cuts, the mine - end inventory decreased [4] Demand Situation - Steel mills are resuming production rapidly, with the daily average hot metal output last Sunday exceeding expectations and rising to 240.55 tons, an increase of 11.71 tons from the previous week, returning to the pre - restriction level. Currently, the steel mill profitability rate is 60.17%, a week - on - week decrease of 0.87 percentage points and a year - on - year increase of 54.11 percentage points. The finished products are in a continuous inventory accumulation process, and the steel mill profits have narrowed, which may limit the upward space of hot metal and test the raw material demand in the later stage [4]