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]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply and demand sides of coal and coke are recovering rapidly, especially the rapid rebound of hot metal, which supports the rigid demand for raw materials. However, affected by the recent environmental protection and production restriction policies in Tangshan, the upward movement of the futures market is somewhat weak, and it will maintain a wide - range volatile operation in the short term [4] Group 3: Summary by Related Catalogs Market Conditions - Yesterday, the prices of coal and coke futures fluctuated weakly. The Fed cut interest rates as expected, and the dot - plot indicates two more cuts this year. In the spot market, coal prices in Shanxi rebounded slightly, and some coking enterprises in Inner Mongolia plan to raise coke prices next week due to rising costs [3] - Recently, due to the severe air quality situation in Tangshan, coking enterprises are required to extend the coking time by 30% from September 15th to September 30th. The production restriction is mostly voluntary, and the specific plan is not clear [3] Steel Mill Data - This week, the profitability rate of 247 steel mills was 58.87%, a decrease of 1.30 percentage points from last week. The daily average hot metal output increased slightly by 0.47 million tons to 2.4102 million tons, and there is no overall production reduction in steel mills [3] Coal Mine Conditions - This week, coal mines in Shanxi continued to resume production, and the output continued to rise. Although the document on over - production inspection in Inner Mongolia has raised concerns about coal mine production reduction, there is still a small increase in production in major coal - producing areas in the short term, and the market will remain strong before the festival [3]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The coking coal and coke futures prices fluctuated yesterday. The Fed cut interest rates by 25bp, and the dot - plot indicates two more cuts this year. Due to the poor air quality in Tangshan, coking enterprises are required to extend the coking time by 30% from September 15th to 30th, but the specific production - limit plan is not clear. The supply and demand sides of coking coal and coke are recovering rapidly, especially the rapid rebound of hot metal, which supports the rigid demand for raw materials. However, affected by the recent environmental production - limit policy in Tangshan, the upward movement of the market is weak, and it will run in a short - term shock. [2][3] Group 3: Summary by Related Content 1. Market Information - The Fed cut interest rates by 25bp, and the dot - plot shows two more cuts this year due to concerns about the US labor market. Tangshan requires enterprises to prepare for hard emission - reduction measures from September 15th to 30th, and coking enterprises should extend the coking time by 30%. The production - limit is mostly voluntary, and the specific plan is unclear. [2] 2. Supply Side - This week, coal mines in Shanxi continued to resume production, and the output continued to rise. Although the document on over - production inspection in Inner Mongolia has raised concerns about coal mine production cuts, there is still a small increase in production in the short term. [3] 3. Demand Side - The resumption of production in steel mills is fast, and the daily average hot metal output last week quickly rebounded to over 2.4 million tons. The current profitability rate of steel mills is 60.17%, a decrease of 0.87 percentage points compared with last week and an increase of 54.11 percentage points compared with last year. The finished products are in the process of continuous inventory accumulation, and the profit of steel mills has narrowed, which may limit the growth space of hot metal and test the raw material demand in the later stage. [3] 4. Market Outlook - The resumption of production on both the supply and demand sides of coking coal and coke is fast, especially the rapid rebound of hot metal, which supports the rigid demand for raw materials. However, affected by the environmental production - limit policy in Tangshan, the upward movement of the market is weak, and it will run in a short - term shock. [3] 5. Later Concerns - Pay attention to the changes in the blast furnace start - up of steel mills and the resumption of production in coal mines. [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The supply and demand of coking coal and coke are recovering rapidly, especially the rapid rebound of hot metal, which supports the rigid demand for raw materials. Attention should be paid to the pre - holiday replenishment actions of downstream enterprises [4] Group 3: Summary by Related Catalog Market Performance - Last week, the coking coal and coke futures prices fluctuated overall and closed slightly lower on a weekly basis. On the spot side, the transaction of high - priced resources at some coal mines was weak, and the prices remained stable with a slight decline. Last Friday, steel mills started the second round of price cuts for coke, planning to implement it this week [3] Supply Side - The coking coal market remained weak, with transaction prices mainly falling. The enthusiasm of downstream buyers remained weak. However, after some coal mines cut prices, sales improved. The market still expected pre - National Day replenishment. Last week, coal production gradually recovered, with the daily average clean coal output of 523 coal mines reaching 728,000 tons, a week - on - week increase of 35,000 tons. Affected by production cuts and improved sales after price cuts at some coal mines, mine - end inventories decreased [3] Demand Side - The resumption of production in steel mills was relatively fast. Last week, the daily average hot metal output unexpectedly rebounded to 2.4055 million tons, an increase of 117,100 tons from the previous week, returning to the level before the production limit. Currently, the profitability rate of steel mills is 60.17%, a decrease of 0.87 percentage points from last week and an increase of 54.11 percentage points compared with last year. Finished products are in a continuous inventory accumulation process, and the profits of steel mills have narrowed, which may limit the rebound space of hot metal. In the later stage, the demand for raw materials will face a test [4]

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The supply and demand sides of coal and coke have implemented production cuts, but most of the production cut cycles are short. Attention should be paid to the resumption process. The market sentiment is generally cooling down but still fluctuating, and prices are under pressure and oscillating [3][4]. 3) Summary by Related Content Market Performance - Yesterday, coal and coke futures prices oscillated, and there was a rapid rise near the close of the night session. On the spot side, the high - priced resources of some coal mines had weak sales, and prices were stable with a slight decline. The first round of coke price reduction has been implemented [3]. Supply Side - Last week, due to the military parade, many coal mines in Shanxi stopped production for maintenance, leading to a significant decline in coal production. This week, production is gradually recovering. The daily average coking coal output of 523 coal mines this week is 72.8 million tons, a week - on - week increase of 3.5 million tons. Mine - end inventory has decreased [3]. Demand Side - Last week, the steel mill production cut expectation was realized. The daily average hot metal output of 247 steel mills' blast furnaces was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons. Most steel mills resumed production on September 4, and short - term hot metal output tends to rise. However, due to factors such as continuous inventory accumulation of finished products and narrowing steel mill profits, raw material demand will face challenges later [4].

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The production cut expectations at both the supply and demand ends of coking coal and coke have been realized, and production will gradually resume in the short term, but the resumption process remains to be observed; the market sentiment is generally cooling down, and prices are under pressure [3] Group 3 Market condition summary - Yesterday, the overall prices of coking coal and coke futures first declined and then rose, with a slight increase during the night session. As the 09 contract entered the delivery month, the futures prices moved from premium to flat or even discount due to weak willingness to buy for delivery, dragging down the prices of other contracts. On the spot side, the high - priced resources of some coal mines had weak trading, with prices stable or slightly lower. Hebei steel mills started to lower coke prices, with wet - quenched coke down 50 yuan/ton and dry - quenched coke down 55 yuan/ton, to be implemented at 0:00 on September 8, 2025 [2] Supply situation - Since this week, affected by the military parade, many coal mines in Shanxi have carried out centralized maintenance, mostly for 2 - 3 days. The regional and large - scale shutdown of coal mines, combined with the cancellation of night shifts in some areas, led to a significant decline in production. However, as most coal mines had short shutdown times and many resumed production on September 4, the coking coal production in the main producing areas is expected to recover rapidly next week [2] Demand situation - This week, the steel mill production cut expectations were realized. The average daily hot metal output of 247 steel mill blast furnaces was 228.84 tons, a decrease of 11.29 tons compared to the previous week and an increase of 6.23 tons year - on - year. The production cut was more obvious in the Tangshan market. Most steel mills resumed production on September 4, with a few delaying the resumption. In the short term, hot metal production tends to recover, but according to past experience, it is usually difficult for production to return to pre - cut levels after a decline in the second half of the year, especially in the fourth quarter, and raw material demand will face challenges later [2]

Report Industry Investment Rating - No industry investment rating information is provided in the report Core Viewpoints - The short - term market sentiment has warmed up, which provides some support for coal prices. However, fundamentally, both the supply and demand of coking coal and coke have declined slightly at high levels, and the inventory pressure remains high, so the price rebound lacks momentum [1] Summary by Related Content Market Trend - Recently, the overall price of coking coal and coke has shown a bottom - rebound trend, mainly driven by factors such as large previous price drops, short - covering, valuation repair, and improved foreign trade situation. But the fundamentals have not improved significantly, and the price rebound is still under pressure [1] Spot Market - On the spot side, the coke price at the origin has been stable after the third round of price cuts since mid - May, with a cumulative decline of 170 - 185 yuan/ton in these three rounds, and there is still an expectation of further price cuts. Coking coal spot has also maintained a weak and stable operation without a rebound [1] Supply - With the recent rebound in coal prices, there have been continuous news about supply contraction. Domestic coal mine production has continued a slight downward trend, but there has been no large - scale production suspension or reduction, so it cannot change the upstream inventory accumulation situation. This week, the clean coal inventory at the coal mine end was 4.86 million tons, a week - on - week increase of 53,000 tons, and the inventory level is still at an absolute high [1] Demand - The demand for coking coal and coke has continued a slight downward trend, but the decline rate is relatively slow. Last week, the average daily hot metal output of steel mills dropped to 2.418 million tons, a week - on - week decrease of 110,000 tons and a year - on - year increase of 605,000 tons. The overall profitability rate of steel mills has slightly narrowed, leading to a decline in the start - up rate, which generally offsets the recent production cuts of coal mines [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Short - term market sentiment is warming up, which provides some support for coal prices. However, fundamentally, both the supply and demand of coking coal and coke are slightly declining from high levels, and the inventory pressure remains high. Rebounds should be treated with caution [3] Group 3: Summary by Related Catalogs Market Performance - Yesterday, the rebound of coking coal and coke futures prices was weak, and they weakened again at night. On the spot side, the third round of coke price cuts by steel mills last week was officially implemented, with this round's decline increasing to 70 - 75 yuan/ton. Since mid - May, the three - round cumulative decline has been 170 - 185 yuan/ton. Coking coal prices also maintained a weak and stable operation [3] Import Data - In May, China imported 36.04 million tons of coal, a month - on - month decrease of 4.7% and a year - on - year decrease of 17.7%. From January to May, the cumulative import was 188.722 million tons, a year - on - year decrease of 7.9%. In May, the total customs clearance of Mongolian coal at the Ganqimaodu Port was 2.938 million tons, a year - on - year decrease of 16.5% [3] Domestic Coal Production - Domestic coal mine production continued a slight downward trend, but there was no large - scale shutdown or production reduction. The daily output of raw coal from 523 coking coal sample mines was 1.899 million tons, a month - on - month decrease of 18,000 tons and a year - on - year decrease of 78,000 tons. However, the inventory pressure at the coal mine end has not been relieved. The raw coal inventory at the coal mine end increased to 6.708 million tons, a month - on - month increase of 297,000 tons and a year - on - year increase of 3.357 million tons; the clean coal inventory was 4.807 million tons, a month - on - month increase of 77,000 tons and a year - on - year increase of 2.04 million tons [3] Demand Situation - The demand for coking coal and coke continued a slight downward trend, but the decline rate was slow. Last week, the average daily hot metal output of steel mills dropped to 2.418 million tons, a decrease of 110,000 tons from the previous week and an increase of 605,000 tons compared with the same period last year. The overall profitability of steel mills narrowed slightly, leading to a decline in production, which generally offset the recent production cuts of coal mines. Fundamentally, the driving force for coal price rebound was still insufficient [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Coal and coke supply and demand both decline slightly from high levels, inventory pressure remains high, and a short - term bearish view on the rebound is maintained [3] Group 3: Summary by Related Content Market Performance - Yesterday, the coal - coke futures market rebounded from a low level, with the main coking coal contract rising nearly 7%. Short - covering by bears and the fermentation of information such as the import resource tax on Mongolian coal and the domestic Mineral Resources Law helped coal prices rebound. Some steel mills in Hebei started the third round of coke price cuts, to be implemented on the 6th [2] Fundamental Analysis - Coal mine production continues a slight downward trend, but there is no large - scale production halt or reduction. This week, the daily output of raw coal from 523 coking coal sample mines is 189.9 million tons, a decrease of 1.8 million tons compared with the previous week and a decrease of 7.8 million tons year - on - year. Mines in Shanxi's Hejin, Lishi, and Qingxu have stopped production due to safety reasons for about 15 days. However, the inventory pressure at the coal mine end has not been relieved. The raw coal inventory at the coal mine end has increased to 670.8 million tons, an increase of 29.7 million tons compared with the previous week and an increase of 335.7 million tons year - on - year; the clean coal inventory is 480.7 million tons, an increase of 7.7 million tons compared with the previous week and an increase of 204 million tons year - on - year [2] - Coal - coke demand continues a slight downward trend. The average daily hot metal output of steel mills has dropped to 2.4191 billion tons, a decrease of 1.7 million tons compared with the previous week and an increase of 6.08 million tons year - on - year. The overall profitability of steel mills has slightly narrowed, leading to a decline in开工, which generally offsets the recent production cuts of coal mines, and the coal price rebound is still weak [2]

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The uncertainty of tariff disturbances persists, and the prices of ferrous metals are under pressure. The supply and demand of coking coal and coke have both declined slightly at high levels, and the inventory pressure remains high. In the short term, maintain a bearish view on rebounds [4] Group 3 - Market performance: Yesterday, the coking coal and coke futures market continued its weak and volatile trend, hitting a new low during the session and then rebounding slightly. The night - session prices further rebounded, but the rebound space is expected to be limited. On the spot side, after the second round of coke price cuts, it is weakly stable, and the spot price of coking coal is under pressure to decline, with the self - pick - up price of Mongolian 5 clean coal at the port dropping to 918 yuan/ton [3] - Fundamental supply: Last week, according to the data of 523 coking coal sample mines, the daily output of raw coal was 191.8 million tons, a decrease of 1.8 million tons compared to the previous week, and the output has declined for two consecutive weeks. The number of coal mines with production cuts in Shanxi has increased, but the inventory pressure at the coal mine end has not been relieved. Last week, the raw coal inventory at the coal mine end increased to 641.1 million tons, an increase of 305.1 million tons year - on - year; the clean coal inventory was 473 million tons, an increase of 198.7 million tons year - on - year [3] - Fundamental demand: Last week, the demand for coking coal and coke continued to decline slightly. The average daily molten iron output of steel mills dropped to 2.4191 billion tons, a decrease of 1.7 million tons compared to the previous week and an increase of 6.08 million tons year - on - year. The overall profitability of steel mills has slightly narrowed, leading to a decline in production, which generally offsets the recent production cuts of coal mines, and coal prices remain weak [3]