Changjiang Securities: Short-term coal prices may continue to fluctuate narrowly.

On August 18th, Jinshi Data reported that the coal index (Changjiang) increased by 1.96% this week, outperforming the Shanghai and Shenzhen 300 Index by 1.54 percentage points, ranking 5th out of 32 in the industry. In terms of the fundamentals of thermal coal, as of August 16th, the market price of Qinhuangdao thermal coal was 835 yuan/ton, a decrease of 9 yuan/ton compared to the previous week. Looking ahead, the current market still shows a weak supply and demand situation, and short-term coal prices may continue to fluctuate narrowly. As for coking coal, as of August 16th, the main coking coal inventory price at Jingtang Port was 1840 yuan/ton, a decrease of 20 yuan/ton compared to the previous week. Looking ahead, the range of losses in the off-season steel mills is expanding, and market pressure continues to transmit upstream, with a continuation of pessimistic sentiment. There is still downward pressure on the short-term price of dual coking coal.