宝城期货动力煤早报-20250513

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The domestic stimulus policies this week are expected to have limited effect on boosting coal demand and are difficult to reverse the overall pattern of oversupply of thermal coal. The market sentiment remains pessimistic, and it is expected that the thermal coal price will continue to run weakly in the near future [5] Group 3: Summary by Relevant Catalogs Price and Market Analysis of Thermal Coal - The intraday and medium - term reference view of thermal coal spot is "oscillating". The supply is in an oversupply pattern. Although there are domestic stimulus policies, the improvement of the non - power industry atmosphere is limited, and the support for coal prices is insufficient [5] Policy Impact - On May 7, the State Council Information Office held a press conference to introduce a series of domestic demand boosting policies such as reserve requirement ratio cuts, interest rate cuts, and stabilizing the stock and property markets. However, these policies have limited impact on the coal non - power industry, which has long - term problems in the real estate and infrastructure sectors [5] Supply - side Situation - Entering the new natural month, domestic coal mines have resumed normal production, and the safety supervision environment in major production areas such as Shanxi and Shaanxi is relatively stable. In terms of imports, in April, China imported 37.825 million tons of coal and lignite, a 2.3% decrease from the previous month. Although the import volume has decreased compared with last year, it is still at a relatively high level [5] Demand - side Situation - May is the transition period between the winter and summer coal - using peak seasons, and the overall demand for thermal coal is weak. As of the end of April, the daily coal consumption of power plants in 8 coastal provinces was 1.858 million tons, a weekly increase of 93,000 tons; the daily coal consumption of power plants in 17 inland provinces was 2.777 million tons, a weekly decrease of 184,000 tons, and the coal consumption of power plants is at a low level within the year [5]