8月5日，河北邢台地区部分钢厂对湿熄焦炭下调50元/吨、干熄焦炭下调55元/吨，2026年8月7日零点执行。

On August 5th, some steel mills in Xingtai area of Hebei Province reduced the prices of wet-cooled coke by 50 yuan per ton and dry-cooled coke by 55 yuan per ton. The new prices will take effect at 0 o'clock on August 7th, 2026.

5日天津地区部分钢厂对湿熄焦炭下调50元/吨、干熄焦炭下调55元/吨，2026年8月7日零点执行。

On the 5th, some steel mills in Tianjin region reduced the prices of wet-cooled coke by 50 yuan per ton and dry-cooled coke by 55 yuan per ton. The new prices will take effect at 0 o'clock on August 7, 2026.

5日石家庄地区部分钢厂对湿熄焦炭下调50元/吨、干熄焦炭下调55元/吨，2026年8月7日零点执行。

On the 5th, some steel mills in the Shijiazhuang area reduced the prices of wet-cooled coke by 50 yuan per ton and dry-cooled coke by 55 yuan per ton. The new prices will take effect at 0 o'clock on August 7, 2026.

5日唐山市场主流钢厂计划对湿熄焦炭下调50元/吨、干熄焦炭下调55元/吨，2026年8月7日零点执行。

On the 5th, the mainstream steel mills in Tangshan planned to reduce the prices of wet-cooled coke by 50 yuan per ton and dry-cooled coke by 55 yuan per ton. The reduction will take effect at 0 o'clock on August 7, 2026.

8月5日市场调研显示，山西、河北两地焦企确有限产行为，限产多集中在10%-30%，其中部分属于长期性限产，部分由于库存累积，利润承压，限产开始时间不一。本周个别焦化企业为缓解现货累库压力，继续加大限产，限产幅度较上周增加约10%，其余企业继续维持此前限产状态，整体产量变化有限。

On August 5th, market research indicated that coking enterprises in Shanxi and Hebei provinces did indeed implement production restrictions. The production cuts were mostly between 10% and 30%. Some of these were long-term restrictions, while others were due to accumulated inventory and pressure on profits. The start times of the production cuts varied. This week, some coking enterprises continued to increase production cuts to alleviate the pressure of existing inventory build-up. The extent of the cuts this week was approximately 10% more than that of the previous week. The remaining enterprises maintained their previous production restrictions. Overall, the changes in production volume were limited.

一、焦炭市场：成本支撑犹存，需求持续走弱，降价预期升温

1.Coke Market: Cost support remains, demand continues to weaken, and the expectation of price cuts is rising.

当前国内焦炭市场整体呈现成本高位、需求疲软、库存累积、博弈加剧的运行格局，市场核心驱动力由前期的成本支撑彻底转向弱势需求主导，价格下行压力持续释放。供应端层面，上游炼焦煤主产地整体供应水平偏低，煤炭现货价格持续坚挺，直接锁定焦化企业原料成本，行业整体成本始终处于高位运行区间。受高成本持续挤压影响，国内多数焦化企业盈利空间大幅收缩，不少中小焦企已陷入实质性亏损状态。盈利承压下，焦企生产积极性明显回落，主动控产、限产行为增多，行业整体焦炭供应量呈现稳步下滑态势，供应端出现阶段性收缩特征。

At present, the domestic coke market as a whole is in a running pattern characterized by high production costs, weak demand, accumulated inventory, and intensified competition. The core driving force of the market has completely shifted from the previous cost support to the dominance of weak demand. The downward pressure on prices continues to be released. At the supply end, the overall supply level of major upstream coking coal production areas is relatively low, and the spot coal prices remain firm, directly locking in the raw material costs of coke-making enterprises. The overall cost of the industry remains in a high-level operating range. Affected by the continuous squeeze of high costs, most domestic coke-making enterprises have significantly reduced their profit margins, and many small and medium-sized coke enterprises have fallen into a state of substantial losses. Under the pressure of profit decline, the production enthusiasm of coke enterprises has significantly decreased, and more and more enterprises have taken active measures to control production and limit production. The overall coke supply volume of the industry has shown a steady decline trend, and a phased contraction feature has emerged in the supply end.

需求端疲软态势更为突出，当前下游钢材行业传统消费淡季持续延续，终端建筑、机械、板材等用钢需求整体低迷，钢材市场成交清淡、价格震荡走弱，导致多数钢厂持续维持亏损经营状态。为控制生产成本、降低亏损幅度，各大钢厂纷纷加大高炉检修力度，全国高炉开工率持续回落，铁水产量连续下行并不断刷新阶段低位。铁水作为焦炭核心刚需消费载体，其产量持续回落直接导致焦炭终端需求明显下移，市场刚需支撑大幅减弱。需求走弱后，焦化企业出货节奏显著放缓，市场成交整体低迷，厂内成品库存持续累积、不断走高，焦企出货压力与库存压力双重叠加。

The weakness at the demand end is more prominent. Currently, the traditional consumption slack season for the downstream steel industry continues, and the overall demand for steel used in end products such as construction, machinery, and sheet materials is sluggish. The steel market has seen sluggish trading and a downward trend in prices, leading most steel mills to maintain a loss-making operating state. To control production costs and reduce the loss extent, major steel mills have increased the intensity of blast furnace maintenance, and the national blast furnace operating rate has continued to decline. The output of pig iron has continued to fall and has continuously reached new low levels. As pig iron is the core consumer of coke, its output decline directly leads to a significant decrease in the terminal demand for coke, and the market's demand support has significantly weakened. After the demand weakened, the delivery pace of coking enterprises has significantly slowed down, the overall market trading has been sluggish, and the finished product inventories in the factories have continued to accumulate and rise. The double pressure of delivery and inventory for coke enterprises has been compounded.

整体市场格局来看，现阶段焦炭市场完全由弱势需求主导，钢厂与焦化企业之间的价格博弈持续加剧。钢厂基于自身亏损、刚需不足的现状，对焦炭价格施压意愿强烈，行业内焦炭三轮提降的市场预期已逐步形成且不断强化。后续焦炭价格走势及行业格局变化，核心取决于焦炭供应端收缩幅度与铁水产量的修复节奏，需持续重点跟踪全国焦炭产量、钢厂铁水产能变动及终端钢材需求回暖情况。

From the overall market situation, at present, the coking coal market is entirely dominated by weak demand. The price competition between steel mills and coking enterprises continues to intensify. Based on their own losses and insufficient demand for raw materials, steel mills have a strong desire to put pressure on the coking coal prices. The market expectation for three consecutive price cuts of coking coal by the industry has gradually formed and continued to strengthen. The future trend of coking coal prices and changes in the industry pattern mainly depend on the contraction extent of the coking coal supply side and the recovery rhythm of iron water production. It is necessary to continuously focus on tracking the national coking coal output, changes in the iron water production capacity of steel mills, and the recovery of terminal steel demand.

二、焦煤市场：产地供应偏紧支撑价格，下游刚需受限、行情偏稳震荡

2.Bituminous Coal Market: Tight supply from production areas supports prices, while weak demand from the downstream sector and stable but fluctuating market conditions prevail.

近期国内焦煤市场整体呈现供应结构性偏紧、需求刚需主导、价格震荡维稳的运行格局，多空因素交织博弈，市场走势分化特征显著。产地端供应收缩是当前盘面核心支撑因素，山西吕梁作为核心焦煤产区，近期多家煤矿因电路安全专项排查整改临时停产，叠加区域内高瓦斯矿井复产进度缓慢、复产产能难以完全恢复前期水平，产地煤矿停复产反复波动，整体产能释放持续受限。同时，安监常态化管控持续收紧，煤矿生产弹性大幅降低，市场整体货源供给保持偏紧状态，尤其低硫主焦煤等优质紧缺煤种现货库存低位，货源稀缺性凸显，为煤价提供坚实底部支撑。

Recently, the domestic coking coal market has generally shown a supply structureally tight situation, with demand dominated by necessity and prices fluctuating but remaining stable. Multiple factors interact and compete, and the market trend shows significant differentiation. The supply contraction at the production end is the core supporting factor for the current market situation. As the core coking coal production area, Shanxi Luliang has seen many coal mines temporarily suspend production due to special circuit safety inspections and rectifications. In addition, the resumption of production of high-gas mines in the region has been slow, and the restored production capacity cannot fully return to the previous level. The production suspension and resumption of coal mines have been fluctuating repeatedly, and the overall production capacity release has been continuously restricted. At the same time, the regular supervision and control by the safety authorities have continued to tighten, and the production elasticity of coal mines has significantly decreased. The overall supply of market resources remains tight, especially for low-sulfur coking coal and other high-quality and scarce coal types, the spot inventory is at a low level, and the scarcity of resources is prominent, providing a solid bottom support for coal prices.

需求端方面，随着前期终端原料库存持续消耗，下游焦化企业、钢铁企业开启阶段性补库操作，市场成交氛围明显回暖，稀缺优质煤种受货源紧缺影响，现货价格涨幅尤为突出。但整体需求复苏力度相对有限，市场并未出现大规模集中补库行情。核心制约因素在于焦炭市场持续承压，行业亏损格局尚未扭转，市场普遍存在焦炭后续降价预期。当前多数焦企处于亏损经营状态，资金周转压力较大，主动补库意愿薄弱、补库能力受限，采购节奏整体偏谨慎。目前焦煤市场需求完全依托终端刚需支撑，以按需拿货、随用随采为主，投机性囤货需求基本退场，多数区域煤价缺乏持续上行的动力，整体以稳价运行为主。

On the demand side, as the inventory of terminal raw materials continued to be depleted in the early stage, downstream coking enterprises and steel enterprises initiated phased replenishment operations. The market transaction atmosphere significantly improved, and the scarcity of high-quality coal types, affected by the shortage of supply sources, saw particularly significant price increases. However, the overall recovery of demand was relatively limited, and there was no large-scale concentrated replenishment situation in the market. The core constraint factor lies in the continuous pressure on the coke market, and the industry's loss-making situation has not yet been reversed. There is a widespread expectation of subsequent price cuts for coke in the market. Currently, most coke enterprises are operating at a loss, with significant pressure on capital turnover. Their willingness to actively replenish stocks is weak, and their replenishment capacity is limited. The procurement pace is generally cautious. Currently, the market demand for coking coal is fully supported by terminal demand, mainly relying on planned purchases and on-demand sampling. Speculative hoarding demand has largely disappeared. In most regions, coal prices lack the momentum for sustained upward movement, and the overall trend is to maintain stable prices.

综合来看，当前焦煤市场多空博弈均衡，供应端持续偏紧的基本面有效对冲了需求端的弱势压力，短期煤价难以出现大幅涨跌，整体维持偏稳震荡的运行态势。结构性行情特征明显，优质低硫主焦煤因货源紧缺价格偏强运行，普通煤种则受需求拖累涨幅受限、走势平稳。

Overall, the current coking coal market is in a state of equilibrium between supply and demand. The fundamental situation where supply is persistently tight effectively offsets the weak demand pressure. In the short term, there is unlikely to be significant fluctuations in coal prices. The overall trend will remain stable and fluctuating. The market shows distinct structural characteristics. High-quality, low-sulfur coking coal has a relatively strong price due to the shortage of supply, while common coal types have limited price increases and stable trends due to demand constraints.

进口蒙煤市场方面，近期盘面走势偏强，期货价格小幅上行，带动现货贸易商报价心态坚挺，报价整体稳中有升。口岸端货源供给相对稳定，但下游焦化企业延续谨慎采购策略，始终保持按需采购、小单补货模式，无集中拿货操作，导致口岸整体成交氛围偏弱、交投活跃度不高。截至当前，蒙5原煤现货主流报价稳定在1230‑1240 元/吨区间。不过当前进口蒙煤多为1/3焦煤品类，高价值主焦煤补充量有限，难以完全对冲国内优质炼焦煤的供给缺口，仅能对整体焦煤供应形成小幅补充，无法改变国内优质焦煤结构性紧缺的核心格局。

In the market of imported Mongolian coal, the recent market trend has been relatively strong. The futures prices have slightly risen, which has driven the quotations of spot traders to remain firm. The overall quotations have been stable with an upward trend. The supply of goods at the ports is relatively stable, but the downstream coking enterprises continue to adopt a cautious purchasing strategy, always purchasing in small quantities on a regular basis and replenishing stocks as needed. There are no concentrated purchasing operations, resulting in a relatively weak overall transaction atmosphere and low trading activity at the ports. As of now, the mainstream spot quotations of Mongolian 5-grade raw coal remain stable within the range of 1230 - 1240 yuan per ton. However, most of the imported Mongolian coal at present is of the 1/3 coking coal category, and the supply of high-value main coking coal is limited. It is difficult to completely offset the supply gap of high-quality coking coal in the domestic market. It can only provide a small supplement to the overall coking coal supply and cannot change the core situation of the structural shortage of high-quality coking coal in the domestic market.