宝城期货动力煤早报-20250522

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The report predicts that thermal coal will continue to trade at low levels in the near term due to the high - supply and high - inventory situation, with a subdued atmosphere in the industry chain and strong wait - and - see sentiment [4]. 3) Summary by Related Catalog 3.1 Main Variety Price and Market Driving Logic - Commodity Futures Black Sector - Intraday and Medium - term View: The reference view for thermal coal is "oscillating". In the medium - term, it is expected to remain at a low level [4]. - Core Logic: This week, the supply - demand pattern of thermal coal has changed little, with high production and stable imports. The positive factor is that China and the US reached an important consensus in Switzerland to significantly reduce tariff rates within 90 days, which will ease the drag on coal prices from non - power industries to some extent. However, the supply - demand contradiction is still prominent. Domestic coal mines in major production areas have a stable safety supervision environment, and production remains high. May is the off - season for thermal coal, and low residential electricity consumption drags down coal consumption in power plants. As of May 8, the daily coal consumption of power plants in 8 coastal provinces and 17 inland provinces is at a low level for the year. With strong supply and weak demand, market bearish sentiment spreads, downstream procurement enthusiasm is average, and thermal coal accumulates at ports [4].