煤焦：焦价第2轮提涨，盘面震荡偏强

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Viewpoint Short - term coal - coke supply - demand has marginal fluctuations and remains at a relatively high level overall, with temporary low inventory pressure. Attention should be paid to the impact of imported coal variables on the market, and prices should be treated with cautious optimism [3][4]. 3. Summary by Relevant Information Market Performance - Last week, coal - coke futures prices fluctuated strongly with an upward trend and large volatility. The spot market was generally stable, and the scope of the second round of coking price increases expanded but had not been finalized [3]. Supply Side - Some coal mines in Shanxi and Inner Mongolia stopped production due to safety and governance issues last week, leading to a decline in coal production. The daily average clean coal output of 523 coking coal mines was 76.1 million tons, a decrease of 1.8 million tons from the previous week and 1.7 million tons year - on - year [3]. Demand Side - Steel mills' profits further shrank, with the profitability rate dropping to 47.6%. The daily average hot metal output slightly decreased to 239.9 million tons. As demand nears the end of the year, the pressure on finished products increases, and hot metal output tends to decline [3]. Import Data - China's coking coal imports have been increasing monthly. In September, imports were 10.9237 million tons, a 7.49% month - on - month increase and a 5.41% year - on - year increase. From January to September, cumulative imports were 83.5312 million tons, a 6.45% year - on - year decrease with a narrowing decline. In September, Mongolian coal imports were 6.0005 million tons, a 0.24% month - on - month decrease but a 45.48% year - on - year increase. From January to September, imports were 41.747 million tons, a 3.8% year - on - year decrease with a significantly narrowing decline [4].