宝城期货动力煤早报-20250429

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report suggests that the domestic coal price decline slowed in April, but the market sentiment remained bearish with accumulating negative factors. The supply - side pressure of thermal coal has not eased due to increased domestic production despite a year - on - year decline in coal imports. The demand is expected to remain low in May as non - power terminal exports are worried about Sino - US trade frictions, and clean energy is seasonally strengthening. The high inventory at northern ports and sufficient coal availability days at power plants will limit the rebound of coal prices during the replenishment period. Although the peak - summer replenishment may stop the price decline, the thermal coal price is likely to remain weakly volatile in the short term [4]. 3. Summary by Related Content - Price and Market Condition: In April, the decline of domestic coal prices slowed, but the market atmosphere was still bearish, and negative factors were piling up [4]. - Supply - side Factors: Coal imports decreased year - on - year, but domestic production increased, so the supply - side pressure of thermal coal did not ease [4]. - Demand - side Factors: Domestic demand was mediocre, and Sino - US trade frictions from late March to April raised concerns about non - power terminal exports. The growth of new wind and photovoltaic units was rapid, and the total amount of four clean energies will seasonally strengthen from May to June. In May, the demand for thermal coal for power generation will remain low [4]. - Inventory Factors: The total inventory at northern ports is much higher than the same period in previous years, and the available coal days at power plants are generally sufficient, which will significantly limit the coal price rebound during the replenishment period [4]. - Price Outlook: The peak - summer replenishment in the industrial chain may stop the coal price decline, but the thermal coal price is expected to remain weakly volatile in the short term [4].