Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoint of the Report - The short - term market still has a strong bullish sentiment, but the exchange has tightened trading opening limits and increased intraday speculative handling fees, causing sharp price fluctuations. It is recommended to mainly observe and participate with caution [3] Group 3: Summary Based on Related Content Market Performance - Yesterday, the coking coal futures price fluctuated and declined, with the intraday maximum decline of the 01 contract exceeding 7%, and it opened lower at night. On the spot side, the high - priced resources of some mines had weak transactions and prices declined. Some regional steel mills accepted the 6th round of coke price increase, but there is an expectation of price reduction under the influence of environmental protection and production restrictions [2] Policy Changes - After the market yesterday, the DCE issued a trading limit notice for coking coal futures. Non - futures company members or clients are limited to a maximum of 1,000 daily opening positions in the coking coal futures JM2601 contract, 500 in the JM2509 contract, and 2,000 in other coking coal futures contracts. In addition, the intraday speculative trading handling fee rate for the 01 contract has been adjusted from 0.01% to 0.02% of the trading volume, which has cooled the coking coal market sentiment [2] Fundamental Situation - The policy of coal mine over - production verification is being promoted, and with the approaching of the September military parade, the safety supervision situation is severe. Short - term coal mine production is mainly stable. The structural inventory pressure of coking coal has been significantly relieved, but as coal prices rise, the downstream procurement pace has slowed down, and the mine - end inventory has stabilized at a low level this week. According to Mysteel research, coal mines are likely to continue the resumption of production next week, but due to multiple factors, the coal mine production increase progress is slow and easily interrupted by emergencies. Attention should be paid to the implementation of industrial chain production restriction policies [2] Later Concerns - Pay attention to changes in steel mill blast furnace start - up and coal mine resumption of production [3]

Report Summary 1) Report Industry Investment Rating No information provided 2) Core View of the Report - Short - term market bullish sentiment remains strong, the futures market sees increased positions and rising prices with intensified price fluctuations. Attention should be paid to the previous high pressure in the short term, and cautious participation is recommended [3] 3) Summary by Related Content Market Performance - Yesterday, the coking coal futures price continued to oscillate upward, breaking through the previous high. On the spot side, high - priced resources at some mines had weak sales, and prices declined. The 6th round of coke price increase was blocked, and there was an expectation of price reduction under the influence of environmental protection production - restriction news [2] Production - Restriction News - Regarding the environmental protection production - restriction for the 9.3 parade, the Tangshan production - restriction notice requires independent steel - rolling enterprises to be ready for shutdown from August 16th to 25th according to weather conditions and shut down from the 25th to September 3rd. From August 26th - September 4th, sintering is expected to be restricted by 40% in Tangshan, and blast furnace reduction depends on air quality after the 25th. In the coking industry, it is rumored that Shandong coking enterprises will limit production by 30% - 50% from August 16th, expected to end in early September, but most coking enterprises are currently operating normally [2] Fundamental Situation - The policy of checking over - production in coal mines is advancing, and with the approaching parade in September, the safety supervision situation is severe, so short - term coal mine production is decreasing. The structural inventory pressure of coking coal has been significantly alleviated. Currently, the raw coal inventory of 523 coal mines is 476.5 million tons, a decrease of 224.5 million tons from the high in June; the clean coal inventory is 245.7 million tons, a decrease of 254.3 million tons from the high in June. On the demand side, the raw material replenishment of coking plants and steel mills has slowed down this week. The average daily hot metal output of steel mills last week was 240.32 million tons, a decrease of 0.39 million tons from the previous week and an increase of 8.62 million tons compared with last year [2]