煤焦：9月煤炭进口回升，盘面承压运行

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke remain relatively stable, with no prominent fundamental contradictions. However, market sentiment is easily disturbed by macro - factors, causing prices to run under pressure [3] Group 3: Summary by Related Contents Market Situation - Recently, the futures prices of coking coal and coke have been oscillating weakly. Although the risk of Sino - US tariff conflicts has no obvious direct impact on coking coal and coke exports, it disturbs market sentiment and increases the probability of price decline [2] - After the first round of coke price increase was implemented, the profits of coke enterprises have been repaired. Most coke enterprises maintain a normal production rhythm, with a capacity utilization rate of around 75%. During the holiday, the transportation capacity in the main production areas was slightly affected, but the overall coke shipment was in order [2] - Steel mills'开工 remains at a relatively high level, with the daily average pig iron output maintaining above 2.4 million tons, which supports the demand for raw materials [2] Coking Coal Market - The coking coal market is generally stable, with individual mine prices adjusting downward from high levels. Currently, the inventory pressure at the coal mine end is not obvious, supporting relatively firm prices [3] - The monthly import volume of coal is increasing. In September, coal imports were about 46 million tons, setting a new high for the single - month import volume this year. From January to September, the cumulative imports were 346 million tons, a year - on - year decrease of 11.7%, and the decline continued to narrow. The import volume of coking coal also increased month by month [3] - It is rumored that after the National Day, Mongolia will increase the transportation capacity of coal through automated loading and unloading, adjusting the daily customs clearance volume from the previous upper limit of 1,500 to 2,000. It will be in trial operation for one month after the National Day, and the specific situation needs continuous tracking [3] Later Concerns - Pay attention to the changes in the blast furnace operation of steel mills and the resumption of coal mines [3]