煤焦：刚需维持高位，盘面震荡运行

Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The supply and demand of coking coal and coke are both increasing. The peak demand season and pre - holiday restocking by downstream enterprises support the confidence of the raw material market. The short - term futures market will maintain a wide - range volatile operation [4] Summary by Related Catalogs Market Situation - Yesterday, the coking coal and coke futures prices fluctuated as a whole. In the spot market, coal prices in Shanxi have rebounded slightly continuously, and some coke enterprises in Inner Mongolia plan to raise coke prices due to rising costs, while mainstream coke enterprises have not adjusted prices yet [3] - Recently, Tangshan is affected by environmental protection policies, but the actual implementation of production cuts is average. Last week, the daily average pig iron output increased slightly by 0.47 million tons to 2.4102 million tons [3] Supply Side - Last week, coal mines in Shanxi continued to resume production, and output continued to rise. Although the document on checking over - production in Inner Mongolia has raised concerns about coal mine production cuts, the actual reduction in coking coal is limited. In the short term, there is still a small increase space for coal mines in the main producing areas [3] - The import volume of coking coal has been steadily increasing. In August, China imported 1.01622 billion tons of coking coal, a month - on - month increase of 5.6% and a year - on - year decrease of 5.02%. From January to August, the cumulative import was 7.26075 billion tons, a year - on - year decrease of 632.03 million tons, a decline of 8.01%. In August, the import volume of Mongolian coal was 601.47 million tons, a month - on - month increase of 20.8%. In September, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was higher than that in August [3] Market Outlook - Driven by restocking demand, the market may remain strong before the holiday [3]