煤炭开采行业周报：港口库存开始回落，煤价下跌接近尾声

Investment Rating - The investment rating for the coal mining industry is "Accumulate" [7] Core Viewpoints - Port coal inventories are beginning to decline, and the drop in coal prices is nearing its end. As of March 28, the coal inventory at Qinhuangdao Port was 6.95 million tons, down 4.66% week-on-week, while the inventory at Bohai Rim ports was 30.947 million tons, down 0.76% week-on-week [2][5] - The current spot price for 5500 kcal thermal coal at ports is 676 CNY/ton, close to the long-term contract benchmark price of 675 CNY/ton, indicating that the decline in port thermal coal prices is nearing its end [2][5] Summary by Sections Price Trends - The average closing price for 5500 kcal thermal coal at Qinhuangdao Port was 668 CNY/ton, down 9 CNY/ton (-1.33%) week-on-week [3] - The average price for 5800 kcal mixed coal at the pit in Yulin, Shaanxi, was 525 CNY/ton, also down 9 CNY/ton (-1.69%) week-on-week [3] - The FOB price for 5500 kcal thermal coal in Newcastle, Australia, was 72 USD/ton, down 1.39% week-on-week [3] Production and Utilization Rates - The operating rate of 110 sample washing plants (approximately 50% of national washing plant capacity) was 62.0%, down 0.6 percentage points week-on-week and down 4.6 percentage points year-on-year, remaining at a five-year low [4] - The capacity utilization rate of 247 blast furnaces was 89.08%, up 0.38 percentage points week-on-week and up 6.32 percentage points year-on-year, with an average daily pig iron output of 2.3734 million tons, up 0.4% week-on-week and up 7.3% year-on-year [4] Inventory Tracking - As of March 28, the coal inventory at independent coking plants was 7.2961 million tons, up 5.56% week-on-week, while the inventory at sample steel mills was 7.6268 million tons, up 0.64% week-on-week [5] - The coal inventory at 110 sample washing plants was 2.1392 million tons, down 6.53% week-on-week, but up 26.90% year-on-year [5] Investment Recommendations - The report suggests a defensive approach to the current sector, recommending companies with a high proportion of long-term contracts and stable profitability, such as China Shenhua and China Coal Energy [5]