煤焦：刚性需求旺盛，盘面震荡运行

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand are both increasing, and downstream enterprises are starting pre - holiday stockpiling, which supports the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Group 3: Summary Based on Related Content Market Situation - Last week, the prices of coal and coke futures fluctuated strongly as a whole, and the price center shifted upward. The Fed cut interest rates as expected, and the dot - plot indicated two more cuts this year. In the spot market, coal prices in Shanxi rebounded slightly, and some coking enterprises in Inner Mongolia planned to raise coke prices due to rising costs [3] - Recently, due to the severe air quality situation in Tangshan, coking enterprises were required to extend the coking time by 30% from September 15th to September 30th. However, the current production restrictions are mainly voluntary, and the specific plan is not clear [3] Production and Operation Data - Last week, the profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from the previous week. The daily average hot - metal output increased slightly by 0.47 million tons to 2.4102 million tons, and steel mills as a whole did not reduce production [3] Market Outlook - In the coal mine sector, last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the policy is expected to improve, the market is worried about coal mine production cuts due to the over - production inspection in Inner Mongolia. In the short term, there is still room for a slight increase in production in major coal - producing areas, and the market will remain strong before the holiday [3]