动力煤：需求有待释放，宽幅震荡

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The supply - demand pattern of thermal coal will remain relatively loose, and prices will show a weakly fluctuating trend. The market pessimism at the mine - mouth has intensified, with reduced purchasing enthusiasm from coal plants and terminal traders, leading to poor sales and high inventory pressure at most coal mines. At ports, there is also high inventory pressure, and the terminal demand is weak with unchanged daily consumption, resulting in mainly small - order purchases and strong wait - and - see sentiment among large players. Therefore, the downstream demand has not improved significantly, and price drivers are limited. It is necessary to continuously monitor the recovery of non - power industry demand and the progress of port inventory reduction [2][16] - The recommended operation is to mainly adopt a wait - and - see approach [16] Summary by Related Catalogs Last Week's Market Review Futures Market - Last Friday, the thermal coal contract ZC2507 had no transactions. On the 28th, it opened at 931.6000 yuan/ton, with a maximum of 931.6000 yuan/ton, a minimum of 840.0000 yuan/ton, and closed at 840.0000 yuan/ton. The settlement price decreased by 51.4 yuan/ton. There were 18.0000 lots traded and 0.0000 lots held [5] Domestic Thermal Coal Origin Quotes - In Erdos Dalate Banner, the pit - mouth tax - included price of 4000 - kcal thermal coal is 263 yuan/ton, and that of 4500 - kcal thermal coal is 278 yuan/ton. In Erdos Ejin Horo Banner, the pit - mouth tax - included price of 5500 - kcal thermal coal is 431 yuan/ton. In Erdos Jungar Banner, the pit - mouth tax - included price of 6000 - kcal thermal coal is 532 yuan/ton [5] Port Inventory - As of June 7, 2025, the total coal inventory at Qinhuangdao Port is 645.00 million tons; at Caofeidian Port, it is 565.00 million tons; at Jingtang Port, it is 826.80 million tons; and at Xingang of Guangzhou Port, it is 47.40 million tons [7] Southern Port Foreign - Trade Thermal Coal Quotes - At Guangzhou Port, the warehouse - pick - up tax - included price of 5500 - kcal Australian coal is 700 yuan/ton, that of 5000 - kcal Australian coal is 615 yuan/ton, that of 3800 - kcal Indonesian coal is 444 yuan/ton, that of 4200 - kcal Indonesian coal is 486 yuan/ton, and that of 4800 - kcal Indonesian coal is 596 yuan/ton. At Fangchenggang, the warehouse - pick - up tax - included price of 3800 - kcal Indonesian coal is 448 yuan/ton, and that of 4700 - kcal Indonesian coal is 581 yuan/ton [7] International Coal Prices - As of June 6, 2025, the China Coastal Coal Freight Index (CBCFI) is 693.19, the Panamax Freight Index (BPI) is 1,246.00, the Capesize Freight Index (BCI) is 2,842.00, the Supramax Freight Index (BSI) is 933.00, and the Handysize Freight Index (BHSI) is 472.00 [11][13] Freight Rate Fluctuations - As of June 6, 2025, the China Coastal Coal Freight Index (CBCFI) is 693.19, the Panamax Freight Index (BPI) is 1,246.00, the Capesize Freight Index (BCI) is 2,842.00, the Supramax Freight Index (BSI) is 933.00, and the Handysize Freight Index (BHSI) is 472.00 [11][13]