新华财经太原10月22日电（记者张磊）秦皇岛煤炭网22日发布的环渤海动力煤价格指数报收于684元／ 吨，环比上行4元／吨，已连续4周上涨。分析认为，虽然南方高温消退，市场情绪略显转稳，但受冬储 需求增强预期、发运成本居高不下等因素影响，现货煤价继续偏强运行，环渤海动力煤综合平均价格延 续上涨态势。 随着煤价持续上涨，下游对价格接受度有所下降，市场交投活跃度略显平缓，部分贸易商止盈出货增 加，但在诸多利好因素支撑下，周期内市场暂无低价出货，沿海煤价延续惯性上涨态势。 整体来看，在供应缺量、成本偏高、需求稳定等多重因素影响下，本周期煤价上行态势依旧较猛，后续 随着冬季用煤旺季临近，终端电厂采购或有所增量，但短期来看，下游对价格接受度的下降以及淡旺季 转换阶段需求的阶段性波动，或在一定程度上对煤价上涨空间形成压制。 （文章来源：新华财经） 供应方面，产地降雨影响基本消除，煤矿生产逐步恢复，但主产区安全检查趋严趋紧，部分煤矿被动停 产或减产，区域生产节奏受限。随着产地煤价持续大幅上涨，到港价格普遍倒挂，产地到港口的供应链 条顺畅度欠佳，成本偏高与结构性供应偏紧，成为沿海煤价的重要支撑因素。 需求方面，南方高温天气结束 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, the coking coal market was generally strong, with both supply and demand showing signs of recovery, but policy and sentiment disturbances increased market volatility. Coking coal is expected to oscillate at a high level in the short term [5]. - Last week, the coke market oscillated strongly, and the second round of spot price increases was initiated. Coke is expected to follow coking coal to oscillate at a high level in the short term, and attention should be paid to the fulfillment of policy expectations and changes in demand at the finished product end [6]. Summaries by Sections Market Views Coking Coal Fundamentals - Supply: The开工 rate of 523 sample mines and the daily average output of clean coal increased month - on - month, and the capacity utilization rate and clean coal output of 314 coal washing plants also increased slightly. However, due to safety inspections and over - production checks, the supply recovery space is limited [5]. - Demand: The daily output of molten iron and the blast furnace operating rate of 247 steel mills remained stable at a high level, and the available days of coking coal for steel mills and coking plants increased slightly, indicating that rigid demand is still supported [5]. - Inventory: Except for a significant decline in port inventory, mines, coal washing plants, and downstream sectors all saw inventory accumulation, and downstream sectors still have some inventory replenishment momentum [5]. - Summary: In the short term, the fundamental contradictions of coking coal are not significant. The expectation of supply contraction and winter storage demand jointly support prices, but the upside is still restricted by the profit of finished products and the effect of policy implementation [5]. Coke Fundamentals - Supply: The average profit per ton of coke for coking plants returned below the break - even line, and the production willingness of coking enterprises decreased slightly. The capacity utilization rate and output decreased month - on - month [6]. - Demand: The daily output of molten iron and the blast furnace operating rate of 247 steel mills remained stable, the inventory usage cycle of steel mills decreased slightly, and rigid demand was resilient [6]. - Inventory: The inventory of coking plants and steel mills decreased, the port inventory remained stable, and the overall explicit inventory decreased, indicating that the market supply - demand structure is approaching a tight balance [6]. - Summary: In the short term, the coke fundamentals are tight. The second round of price increases is likely to be implemented, but the future continuous increase space may be limited. Coke is expected to follow coking coal to oscillate at a high level [6]. Macro - real Estate Tracking - The report presents data on the cumulative year - on - year growth rate of national fixed - asset investment, the cumulative year - on - year growth rate of new construction, construction, and completion areas of national real estate, the weekly commercial housing transaction area of 30 large - and medium - sized cities, and the purchasing managers' index (PMI) of the steel industry, but no specific analysis is provided [8][11][15][17] Coking Coal Supply - demand Tracking - Coking coal spot prices have risen [21]. - Mines have shifted from destocking to stockpiling, and the inventory of coal washing plants has gradually recovered [34]. - The customs clearance volume of Mongolian coal has rebounded to a high level [47]. Coke Supply - demand Tracking - The second round of price increases for coke has been initiated, and attention should be paid to the actual implementation rhythm [55]. - Due to cost increases, the profit per ton of coke for coking enterprises has fallen below the break - even line [59]. - Independent coking plants have slightly reduced their inventory, and steel mills have shifted from previous inventory replenishment to destocking [69]. - The port coke inventory has stabilized [73].