宝城期货动力煤早报-20250506

Group 1: Report Industry Investment Rating - No relevant information is provided [1][4] Group 2: Core View of the Report - The reference view for power coal is "oscillation". With bearish factors piling up, the market sentiment remains weak. The supply - demand pattern of strong supply and weak demand is expected to continue, and domestic coal prices are likely to stay at a low level [4] Group 3: Summary by Related Content Power Coal Market Situation - The bearish factors in the power coal market are accumulating, and the market is in a weak state. The supply pressure is high as domestic production in main producing areas remains at a high level in April, and the reduction in imports is limited. The demand side faces dual negatives of seasonal decline in thermal coal demand and suppression of non - thermal demand due to Sino - US trade frictions [4] Supply and Demand Analysis - The supply - demand pattern of power coal shows strong supply and weak demand. The supply pressure is high, and the demand is weak. The fundamentals are loose, which exerts pressure on coal prices [4] Inventory Situation - As of April 29, the total coal inventory of 9 ports in the Bohai Rim reached 3.1075 billion tons. Although there was a weekly de - stocking of 257,000 tons, the inventory remained at a high level of about 3.1 billion tons, 726.4 million tons higher than the same period last year [4] Weather Impact - According to the latest forecast by the National Climate Center, in May, except for some areas with slightly lower temperatures, most parts of the country have temperatures close to or higher than the normal level. The off - season demand will continue to suppress coal prices [4]