宝城期货动力煤早报-20250509

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The power coal market is dominated by bearish factors, and domestic coal prices are expected to remain low. The supply - demand imbalance is likely to continue, with high supply and weak demand putting pressure on coal prices [5]. 3. Summary by Key Points Supply - Side - In April, the safety supervision environment in major domestic production areas was stable, and power coal production remained at a high level. Although imports may decline slightly year - on - year, the reduction is limited, and the coal supply pressure remains high [5]. Demand - Side - The demand side of power coal faces double negative factors: the seasonal weakness of thermal coal demand and the suppression of non - electric demand by Sino - US trade frictions. The pattern of strong supply and weak demand is expected to continue [5]. Inventory - As of April 29, the total coal inventory of 9 ports in the Bohai Rim reached 3.1075 billion tons. Although there was a slight de - stocking of 25,700 tons week - on - week, it remained at a high level of 3.1 billion tons and was 726,400 tons higher than the same period last year [5]. Weather - According to the latest forecast of the National Climate Center, in May, except for some areas with slightly lower temperatures than normal, the rest of the country has temperatures close to or higher than normal. The off - season demand will continue to suppress coal prices [5].