反内卷扰动再现，煤焦期货强势运行

Report Industry Investment Rating - No information provided in the report Core Viewpoints - On September 16, the coke main contract closed at 1,735 yuan/ton, with an intraday increase of 4.24%. The spot price of Rizhao Port's quasi - first - grade wet - quenched coke decreased by 3.29% week - on - week, while that of Qingdao Port increased by 2.88% week - on - week. Against the backdrop of domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether there are specific measures for anti - involution in the coal industry [5][35]. - On September 16, the coking coal main contract closed at 1,240.5 points, with an intraday increase of 5.84%. The spot price of Mongolian coal at Ganqimaodu Port remained flat week - on - week. The market's anti - involution sentiment is rising again, and there are continuous positive disturbances to coking coal supply. However, there are currently no specific policy measures in the coal industry, and attention should be paid to subsequent policies [6][36]. Summary by Directory Industry News - The National Development and Reform Commission aims to rectify the disorderly competition among enterprises, including strengthening capacity governance in key industries, improving the price governance mechanism, and strengthening industry self - discipline [8]. - On September 16, the price of coking coal in Linfen Anze market was strong. Affected by market sentiment and price increases of similar coal types in the surrounding area, the quotation of low - sulfur primary coking coal from some local coal enterprises increased by 80 - 90 yuan/ton, but there were no transactions yet [9]. Spot Market - Rizhao Port's quasi - first - grade wet - quenched coke had a latest quoted price of 1,470 yuan/ton, a week - on - week decrease of 3.29%. Qingdao Port's quasi - first - grade wet - quenched coke had an ex - warehouse price of 1,430 yuan/ton, a week - on - week increase of 2.88%. The price of Mongolian coal at Ganqimaodu Port was 1,140 yuan/ton, remaining flat week - on - week [5][6][13]. Futures Market - The coke main contract closed at 1,735 yuan/ton on September 16, with an intraday increase of 4.24%, a trading volume of 33,386, a volume difference of - 4,644, a position of 47,068, and a position difference of - 407 [14]. - The coking coal main contract closed at 1,240.5 points on September 16, with an intraday increase of 5.84%, a trading volume of 1,466,367, a volume difference of 224,082, a position of 763,605, and a position difference of 33,564 [14]. Related Charts - The report provides charts on coke inventory (including 230 independent coking plants, 247 steel mill coking plants, port total inventory, and total inventory), coking coal inventory (including mine - mouth, port, 247 sample steel mills, and all - sample independent coking plants), and other charts such as domestic steel mill production, Shanghai terminal wire and screw procurement, coal washery production, and coking plant operation [15][22][27]. Market Outlook - The outlook for coke and coking coal is similar to the core viewpoints. In the context of "anti - involution" rectification, coke and coking coal futures are prone to rise and difficult to fall, but attention should be paid to the introduction of specific policies in the coal industry [35][36].