Coal chains face short-term downward pressure from cheaper raw coal, yet Q4 will bring multiple bull drivers: chemical plant restarts, overseas winter stocking and winter coal supply curbs. The semi-coke market is projected to follow a "low early, high late" trajectory, with high-quality low-sulfur grades enjoying stronger upward momentum. Metallurgical coal varieties will stay resilient on constrained mine output, keeping the whole industry in differentiated volatile movement.