Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The continuous rise in the futures price of coking coal has released the bullish sentiment, but the follow - up increase of downstream products is significantly weaker than that of coking coal, which may suppress the rebound rhythm of coal prices. It is recommended to be cautious and pay attention to the adjustment risk of the market [3] - Later, pay attention to the changes in the blast furnace operation of steel mills and the resumption of production of coal mines [3] Group 3: Summary by Relevant Content Market Situation - Yesterday, the futures price of coking coal continued to rise and closed at the daily limit at the end of the session. The spot market followed suit strongly, and some coke enterprises started the third round of coke price increase. After the market rally, the futures price was significantly higher than the spot price [2] - Since July, a series of positive news has stimulated the market, and the improvement of the fundamental supply - demand situation has led to an outbreak of bullish sentiment. After the continuous rise of coal prices, the resistance to further upward movement has increased [2] Fundamental Analysis - The main coal - producing areas continue the resumption of production. Although there are still sporadic production stoppages and reductions in some areas, the overall output continues to increase slightly. The speculative replenishment demand in the market is concentratedly released, and coking coal in some producing areas is in short supply. The mine - end inventory continues to decline [3] - On the demand side, recently, coking plants and steel mills have accelerated the replenishment of raw materials. The available days of coking coal inventory in factories have rebounded from a low level. This week, the average daily hot metal output of steel mill blast furnaces remained at about 2.42 million tons, supporting the demand for raw materials [3]

晨报 煤焦 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 7 月 24 日 逻辑：昨日，焦煤期货价格延续涨势，尾盘涨停收盘。钢矿价格反弹 表现乏力，将对煤价上涨形成压力。现货市场维持偏强，焦炭第 2 轮提涨 陆续落地。 证监许可【2011】1452 号 7 月份以来，一系列利多消息刺激，叠加基本面供需有所改善，市场 看涨情绪爆发。7 月初中央财经委员会明确反对行业内卷化竞争，首次释 放"激发合理涨价与优化产能"的政策信号；7 月 18 日工信部新闻发布 会宣布，将在煤炭、钢铁、化工、有色等十大重点领域推行"稳增长与去 产能"协同政策；本周流传的国家能源局发布煤炭超产核查文件进一步引 爆行情。煤价连续拉涨后，继续上行阻力增加。 原材料：程 鹏 从基本面来看，主产地煤矿延续复产节奏，部分区域虽仍有零星停产、 减产，但整体产量仍继续小幅增长，市场投机补库需求集中释放，部分产 地焦煤呈现供不应求态势。需求端，近期焦化厂 ...