宝城期货动力煤早报-20250512

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - The short - term and medium - term view of thermal coal is to oscillate. The domestic stimulus policies have limited effect on boosting coal demand, and it is difficult to reverse the overall pattern of oversupply of thermal coal. The market sentiment remains pessimistic, and the thermal coal price is expected to continue to operate weakly in the near future [5] Group 3: Summary by Related Catalog Market Situation - This week, there were positive domestic macro news. On May 7th, the State Council Information Office held a press conference to introduce a series of policies to boost domestic demand such as reserve requirement ratio cuts, interest rate cuts, and stabilizing the stock and property markets [5] Supply Side - In the new natural month, domestic coal mines resumed normal production, and the safety supervision environment in major producing areas such as Shanxi and Shaanxi was stable, not causing obvious resistance to coal mine production. In terms of imports, according to customs data on May 9th, China imported 37.825 million tons of coal and lignite in April, a 2.3% decrease from the previous month. Affected by domestic coal prices, the import cost - performance of foreign coal declined, and the import volume decreased compared with last year but remained at a relatively high level [5] Demand Side - May is the transition period between the winter and summer coal - using peak seasons, and the demand for thermal coal is generally weak. As of the end of April, the daily coal consumption of power plants in 8 coastal provinces was 1.858 million tons, an increase of 93,000 tons week - on - week; the daily coal consumption of power plants in 17 inland provinces was 2.777 million tons, a decrease of 184,000 tons week - on - week. The coal consumption of power plants is at a low level this year [5]