8月初动力煤价格延续涨势 后期或稳中窄幅调整

Core Viewpoint - The domestic thermal coal market in China is maintaining a strong upward trend as of early August, with prices supported by both supply and demand factors, although potential resistance from downstream users may lead to a stabilization in prices [1]. Supply and Demand Analysis - As of August 4, the mainstream pithead price for Q6000 thermal coal in the Yulin region is between 560-585 RMB per ton, reflecting a 2.23% increase from the end of July [1]. - Despite some coal mines resuming operations after completing monthly tasks, supply remains tight due to disruptions from rainy weather, limiting production and sales in open-pit mines [1]. - Demand remains robust, driven by high temperatures leading to sustained high daily consumption at power plants, while non-electric terminal demand is stable [1]. Future Outlook - There is an expectation of improved supply as rainy weather decreases, but anticipated strict checks on overproduction and safety inspections in late August may limit the potential increase in supply [1]. - Although downstream users are resistant to high prices due to the continuous price rise, the overall market is expected to experience intensified supply-demand negotiations, leading to a stabilization with narrow adjustments in coal prices [1].