煤炭行业周报：港口库存压力缓解，动力煤产地价强势反弹-20250603

Investment Rating - The industry investment rating is Neutral [1] Core Views - Port inventory pressure has eased, leading to a strong rebound in the price of thermal coal at production sites. Despite the increase in coal prices, the market is expected to face resistance in forming an effective rebound due to the current supply-demand balance remaining loose [4][10] - Coking coal prices are stable but declining, with total inventory of coking steel continuing to decrease. The market is under pressure from the second round of price reductions for coke, but due to low inventory levels, coal prices are expected to remain stable [4][25] - The equity market shows mixed performance, with the coal sector slightly underperforming the index. Recent government policies aimed at boosting consumer income and stabilizing the economy have been released, but geopolitical tensions have weakened the overall market performance [4][5] Summary by Sections Market Performance - The equity market experienced mixed results, with the coal sector slightly underperforming the index. The average trading volume was 1.1 trillion yuan, with a decrease in trading heat compared to the previous week [5][4] - The Shanghai Composite Index fell by 0.03% to 3347.49 points, while the CSI 300 Index dropped by 1.08% to 3840.23 points. The coal sector saw a slight decline of 0.33% [5] Thermal Coal - The price of thermal coal at production sites has rebounded strongly, with the average utilization rate of 100 thermal coal mines reaching 93.6%, a decrease of 0.1% from the previous week. However, the market remains under pressure due to a loose supply-demand relationship [9][11] - The average daily consumption of coal at southern power plants was 1.693 million tons, a decrease of 182,000 tons from the previous week, indicating a cautious purchasing attitude among buyers [9][17] Coking Coal - Coking coal prices are stable but declining, with the average utilization rate of 88 sample coking coal mines at 87.7%, a decrease of 0.2% from the previous week. The market is facing pressure from weak demand and oversupply [25][26] - The average price of coking coal in Shanxi was reported at 1,028 yuan/ton, a decrease of 16 yuan/ton from the previous week [27] Shipping Situation - The number of vessels at anchor in the Bohai Rim ports has increased, with an average of 84 vessels per day, a rise of 21 vessels from the previous week. Shipping prices have shown mixed fluctuations [34][35] Industry News - The government of Yulin City is taking measures to address the decline in coal prices by promoting supply-side reforms and increasing coal storage capacity [37] - The Daqin Railway is expected to benefit from the increasing concentration of coal resources in the Shanxi, Shaanxi, and Inner Mongolia regions, which will support coal transportation [37]