动力煤(今日智库2026.9.3)：产地主产区煤价延续涨势，月初部分煤矿恢复正常产销，供应略有好转，但整体依旧偏紧。目前冶金化工等需求不减，拉运积极，部分洗煤厂及站台维持补库，多数煤矿销售良好，价格持续上涨。北港市场延续涨势，供应及成本端对市场支撑较强，叠加大集团价格上涨，上游挺价情绪偏强，但终端对高价的接受程度有限，采购节奏放缓，市场成交清淡。秦港5500大卡报价924元/吨(+17)，5000大卡报 价836元/吨(+18)，4500大卡754元/吨(+20)，环渤海港合计库存2380.7万吨(+1.2)，调入量130.6万吨(+12)，调出量137.6万吨(+3)，锚地船舶量88艘(+5)，预到船舶29艘(+4)。

Bituminous coal (Today's Think Tank, 2026.9.3): The prices of coal from major producing regions continued to rise at the beginning of the month. Some coal mines resumed normal production and sales, and supply improved slightly, but the overall situation remained tight. Currently, demand in industries such as metallurgy and chemical engineering remains unchanged, and transportation is active. Some coal washing plants and terminals are maintaining replenishment, while most coal mines have good sales and prices continue to rise. The market in the northern ports continued to rise. Supply and cost factors provided strong support for the market. Coupled with the price increase of major groups, the upward momentum of the upstream was strong, but the acceptance of high prices by the end users was limited, the purchasing pace slowed down, and market transactions were sparse. The quoted price for 5500 kcal at Qin Port was 924 yuan/ton (+17), 5000 kcal was 836 yuan/ton (+18), and 4500 kcal was 754 yuan/ton (+20). The total inventory in the Bohai Rim ports was 2380.7 million tons (+1.2), with 130.6 million tons of inbound volume (+12), 137.6 million tons of outbound volume (+3), 88 ships in the anchorage (+5), and 29 ships scheduled to arrive (+4).

焦炭(今日智库2026.9.3)：焦炭市场强势运行。焦炭第四轮提涨落地，幅度湿熄焦100元/吨，干熄焦110元/吨，提涨后主产地准一级干熄焦价格2200元/吨。基本面，除了之前限产的，现阶段焦企限产没有扩大，销售比之前稍微积极点，捂货惜售的现象还存在，但也开始适当主动往外卖货了，下游采购积极，除两三家外，主产地其他焦企无库存;情绪面，在四轮落地后，市场已有恐高情绪，钢焦双方的博弈至此开始，有钢企明确表示焦炭第五轮落地的难度很大，但贸易商还是看好第五轮，之后双方的博弈会更一步加剧，短期看，焦炭未来提涨的空间已不大。后期持续关注煤价及钢企利润情况。

Coke (Today Think Tank 2026.9.3): The coke market is running strongly. The fourth round of price increase for coke has been implemented, with a rise of 100 yuan/ton for wet coke and 110 yuan/ton for dry coke. After the increase, the price of qualified first-grade dry coke in the main production areas is 2,200 yuan/ton. Fundamentally, apart from the previous production restrictions, the current production restrictions of coke enterprises have not expanded. Sales are slightly more active than before, hoarding and holding back sales still exist, but they have also begun to actively sell to the outside market. The downstream purchases are active. Except for a few companies, the other coke enterprises in the main production areas have no inventory. Emotionally, after the implementation of the four rounds of price increases, there is already a fear of high prices in the market. The negotiation between steel and coke sides has begun at this point. Some steel enterprises have clearly stated that the implementation of the fifth round of price increase is very difficult, but traders still have a positive outlook for the fifth round. The negotiation between the two sides will further intensify in the future. In the short term, the room for future price increases of coke is not large. We will continue to pay close attention to the coal price and the profit situation of steel enterprises in the future.

炼焦煤(今日智库2026.9.3)：供应端，主产区安检高压持续，叠加个别矿倒面，产量释放受限，“复产不复量”特征明显;口岸蒙煤通车低位反弹，但增量有限，难改偏紧格局。线上竞拍热度降温，成交集中于骨架煤种。需求端，焦炭第四轮提涨预计全面落地，焦企盈利预期好转，补库积极性有所提升，但下游钢厂平均亏损已超百元，采购态度趋于谨慎，铁水产量仍处高位，但成材反弹空间仍有待验证，“金九银十”钢材供需改善尚存不确定性。整体来看，供应偏紧叠加焦企补库支撑，短期内炼焦煤市场维持震荡偏强运行。后续重点关注钢厂利润变化及焦企库存累积情况。

Bituminous Coal (Today's Think Tank, September 3, 2026): On the supply side, inspections at major production areas remain highly stringent, coupled with the closure of some mines, which has limited the release of production. The characteristic of "resuming production but not increasing output" is evident. The traffic volume of Mongolian coal at the ports has rebounded slightly, but the increase is limited and it is difficult to change the tight situation. The online bidding enthusiasm has cooled down, and the transactions have concentrated on the core coal types. On the demand side, the fourth round of price increase for coke is expected to be fully implemented. The profit expectations of coke producers have improved, and the enthusiasm for replenishing stocks has increased. However, the average loss of downstream steel mills has exceeded 100 yuan, and their purchasing attitude has become more cautious. The iron water production remains at a high level, but the rebound space of finished products still needs to be verified. Overall, the supply shortage combined with the support of coke producers' replenishment has maintained a moderately strong market trend in the short term. Subsequently, attention will be focused on the changes in the profits of steel mills and the accumulation of inventory by coke producers.

期货盘面震荡下行，下游企业采购情绪趋于谨慎，市场交投活跃度一般，部分煤种价格承压小幅回落。现K4主焦煤1810元/吨，降20元/吨;GJ1/3焦煤1540元/吨;Elga肥煤1370元/吨，降15元/吨;伊娜琳肥煤1510元/吨，降25元/吨;K10瘦煤1800元/吨;以上均为北方港现金含税自提价。蒙5原煤价格1693元/吨，降35元/吨;蒙5精煤1966元/吨;蒙3精煤1844元/吨，降62元/吨;短盘运费82元/吨。

The futures market is experiencing fluctuations and a downward trend. The purchasing sentiments of downstream enterprises are becoming more cautious, and the market trading activity is average. The prices of some coal types have slightly declined under pressure. Currently, the K4 main coking coal is priced at 1810 yuan/ton, down 20 yuan/ton; GJ1/3 coking coal is 1540 yuan/ton; Elga lean coal is 1370 yuan/ton, down 15 yuan/ton; Inalin lean coal is 1510 yuan/ton, down 25 yuan/ton; K10 lean coal is 1800 yuan/ton; All of these are cash prices including taxes for self-shipment at the northern ports. The price of Meng5 raw coal is 1693 yuan/ton, down 35 yuan/ton; Meng5 refined coal is 1966 yuan/ton; Meng3 refined coal is 1844 yuan/ton, down 62 yuan/ton; Short-term transportation cost is 82 yuan/ton.