本期（1月28日至2月3日）环渤海动力煤价格指数环比下跌3元/吨

Group 1 - The core viewpoint of the article indicates that the coal market is experiencing a stalemate ahead of the Spring Festival, with the price index for thermal coal in the Bohai Rim region declining by 3 yuan per ton to 682 yuan per ton during the reporting period from January 28 to February 3, 2026 [1] - Supply from major coal-producing areas is tightening as some private coal mines have started their holiday early, while state-owned mines maintain stable production to ensure supply, leading to a reduction in overall output [1] - The inventory at Bohai Rim ports is lower than the same period last year, and the supply of high-quality coal is limited, compounded by the Indonesian government's reduction of coal production quotas, which supports domestic coal costs [1] Group 2 - Demand for coal has weakened as the cold wave subsides and the Spring Festival approaches, with some industrial enterprises in the south shutting down early, resulting in a decrease in daily coal consumption at power plants [1] - The available days of coal supply remain at a safe level of around 15 days, with purchasing primarily focused on long-term contracts, leading to a scarcity of inquiries for market coal [1] - The non-electricity sector is also entering the holiday period, further reducing demand support, with only a few terminals with low inventory engaging in small-scale pre-holiday replenishment [1] Group 3 - Overall, the thermal coal market is expected to remain stable with limited price fluctuations, with attention on the post-holiday resumption of coal mines, industrial recovery progress, and temperature changes [2] - A potential rebound in prices may occur if there are delays in post-holiday resumption or if a strong cold wave hits [2]