宝城期货动力煤早报-20250605

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - The intraday and mid - term view of the power coal spot is "oscillating". As the peak season approaches, positive factors for power coal are accumulating, but the market is in a stalemate with prices remaining stable for now. The overall pattern of long - term supply - demand surplus for power coal remains unchanged, and there is a high possibility of weak prices during the peak season this summer [4]. 3. Summary by Related Content Power Coal Spot Analysis - Driving Factors for Price Trends - Positive Factors: As the peak summer season approaches in June, terminal power plants have some demand for peak - season inventory replenishment, which provides slight support to the market sentiment. Also, domestic coal prices are at a low level compared to the international market, leading to a significant decrease in the cost - effectiveness of imported coal in 2025 compared to 2024, resulting in a decline in imports [4]. - Negative Factors: The long - term supply - demand situation of power coal remains loose. Current port inventories are at a five - year high for the same period, increasing the likelihood of weak prices during the peak season this summer [4].