宝城期货动力煤早报-20250520

Report Industry Investment Rating - Not provided in the given content Report's Core View - The power coal market is expected to remain at a low level in the near future due to the continuation of high supply and high inventory, along with a sluggish industrial chain atmosphere and strong wait - and - see sentiment [4] Summary by Related Content Price and Market Conditions - The intraday and mid - term view of power coal spot is "oscillation". The current supply - demand pattern of power coal has little change, with high production and stable imports [4] Driving Factors - Positive factor: The China - US trade friction has eased, which will delay the dragging effect of non - power industries on coal prices to some extent. The terminal products involved in the China - US trade mainly include electromechanical products, textiles and clothing, toys, plastic products, etc., which are related to non - power terminal industries such as non - ferrous metals, steel, and chemicals [4] - Negative factors: The coal safety supervision environment in domestic main production areas is stable, and power coal production remains at a high level. May is the off - season for thermal coal, and the daily coal consumption of power plants in coastal 8 provinces and inland 17 provinces is at a low level as of May 8. The market bearish sentiment spreads, and downstream procurement enthusiasm is general, leading to a large accumulation of power coal at ports [4]