Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report suggests that the price of thermal coal is expected to remain weakly volatile in the short term. Although there is a possibility of the price stabilizing due to the inventory replenishment during the peak summer season, the current supply-demand pattern remains loose with accumulating bearish factors [4]. 3. Summary by Related Catalog Main Variety Price Market Driving Logic - Commodity Futures Black Sector - Reference View: The intraday and medium - term view for thermal coal spot is "oscillation" [4]. - Core Logic: In April, the decline of domestic coal prices slowed down, but the market sentiment remained bearish. The supply - side pressure persisted as domestic coal production increased despite a year - on - year decline in coal imports. The intensification of Sino - US trade frictions from late March to April raised concerns about non - power terminal exports of thermal coal. The rapid growth of new wind and photovoltaic units and the seasonal strengthening of four types of clean energy in May and June will keep the demand for thermal coal at a low level in May. The current high inventory at northern ports and sufficient coal availability days for power plants will limit the price rebound during the inventory replenishment period [4].
宝城期货动力煤早报(2025 年 4 月 30 日)-20250430
Bao Cheng Qi Huo·2025-04-30 01:39