Core Viewpoint - The recent trends in coking coal futures indicate a weak downward movement, with significant price fluctuations and a recent price increase in the spot market due to supply-demand dynamics and logistical factors [6] Supply - As of August 21, the average daily production of coking coal from independent coking plants was 654,000 tons, showing a week-on-week increase of 0.1%. The average daily production from 247 steel mills was 467,000 tons, remaining stable week-on-week, leading to a total production of 1,122,000 tons per day, also up by 0.1% week-on-week [3] Demand - As of August 21, the average pig iron output was 2.4066 million tons, with a slight increase of 0.34 million tons. The blast furnace operating rate was 83.59%, down by 0.16%, while the capacity utilization rate for blast furnace ironmaking was 90.22%, up by 0.13%. The profitability rate for steel mills was 65.80%, down by 2.60% [4] Inventory - As of August 21, the total inventory of coking coal was 9.426 million tons, reflecting a week-on-week increase of 0.6%. The inventory at independent coking enterprises was 644,000 tons, up by 1.9% week-on-week, while the inventory at 247 steel mills was 6.096 million tons, down by 0.2%. Port inventory stood at 2.686 million tons, down by 1.1% week-on-week [5] Profitability - The average profit per ton of coking coal nationwide was 23 yuan. In Shanxi, the average profit for premium coking coal was 42 yuan, while in Shandong, it was 83 yuan. Inner Mongolia's secondary coking coal had an average loss of 40 yuan, and Hebei's premium coking coal averaged a profit of 56 yuan [2] Market Dynamics - The recent price increase in the spot market was driven by the implementation of the seventh round of price hikes, which was officially set at 50/55 yuan per ton. The price for premium wet quenching coking coal in Shanxi reached 1,340 yuan per ton, while dry quenching coking coal was priced at 1,585 yuan per ton. The eighth round of price hikes is anticipated but has not yet been finalized [6]