EBSCN·2025-06-02 14:43Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Views - Port coal inventories are declining, and thermal coal prices have stopped falling. As of May 30, the coal inventory at ports in the Bohai Rim was 30.572 million tons, down 4.78% week-on-week but up 18.83% year-on-year. The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, remaining stable week-on-week. The approaching summer peak electricity demand is expected to support a rebound in coal prices [1][4]. Summary by Sections Price Trends - The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, with a slight decrease of 0.03% week-on-week. The average price for mixed thermal coal at the pit in Yulin, Shaanxi, was 475 CNY/ton, unchanged from the previous week [2]. Inventory Tracking - As of May 30, coal inventories at Qinhuangdao port were 6.75 million tons, down 7.53% week-on-week and up 42.41% year-on-year. The Bohai Rim port coal inventory was 30.572 million tons, down 4.78% week-on-week and up 18.83% year-on-year, indicating a high level for the same period [4][53]. Production and Utilization - The operating rate of 110 sample washing coal plants was 61.6%, down 0.8 percentage points week-on-week and down 7.3 percentage points year-on-year. The capacity utilization rate of 247 blast furnaces was 90.69%, down 0.63 percentage points week-on-week but up 2.52 percentage points year-on-year, with an average daily pig iron output of 2.4185 million tons, down 0.7% week-on-week but up 2.6% year-on-year [3][36]. Investment Recommendations - The report suggests that the seasonal increase in electricity demand during the summer is likely to support a rebound in coal prices. It recommends companies with a high proportion of long-term contracts and stable profitability, such as China Shenhua and China Coal Energy [4][5].