焦煤：山西产地煤价涨多跌少 蒙煤高位回落 盘面透支预期
Jin Tou Wang·2026-01-27 02:03

Core Viewpoint - The coal market is experiencing a weak downward trend in futures prices, with a notable decline in both spot and futures contracts, while supply and demand dynamics are showing mixed signals as inventory levels increase across various sectors [5]. Supply - As of January 15, the capacity utilization rate of 88 coal mines is reported at 85.44%, an increase of 3.62% week-on-week, with raw coal production at 862.95 million tons per week, up by 36.57 million tons [2]. - The inventory of raw coal stands at 200.72 million tons, down by 18.54 million tons week-on-week, while the production of premium coal is at 439.21 million tons per week, an increase of 19.19 million tons [2]. - The capacity utilization rate of 523 coal mines is at 88.5%, with a week-on-week increase of 3.1%, and daily raw coal production at 197.8 million tons, up by 7.9 million tons [2]. Demand - As of January 15, the average daily production of coke from independent coking plants is 63.4 million tons, showing a slight decrease of 0.1 million tons week-on-week, while steel mills report an average daily coke production of 46.7 million tons, down by 0.2 million tons [3]. - The average daily pig iron production is at 228.01 million tons, a decrease of 1.49 million tons, with a blast furnace operating rate of 78.84%, down by 0.47% [3]. - The profitability of steel mills is reported at 39.83%, an increase of 2.17% week-on-week, indicating some resilience in the sector despite overall production declines [3]. Inventory - As of January 15, total coal inventory across various sectors has increased by 128.4 million tons to 4247.1 million tons, with specific increases in inventories at coal mines, washing plants, coking plants, and ports [4]. - The inventory at 523 coal mines has risen by 17.7 million tons to 550.8 million tons, while washing plants have seen an increase of 20.7 million tons to 541.7 million tons [4]. - The inventory at coastal ports has increased by 17.8 million tons to 728.9 million tons, reflecting a broader trend of rising stock levels across the coal supply chain [4].