煤炭开采行业周报：煤价延续平稳，波动或将缩窄-20250608

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - Coal prices are expected to remain stable with reduced volatility, as current prices are nearing the bottom and are likely to stabilize further [1]. - The demand for electricity coal is anticipated to seasonally increase due to the upcoming summer peak, supporting stable coal prices [4]. Summary by Sections Coal Price Trends - The average price of Qinhuangdao port's thermal coal (5500 kcal) was 609 RMB/ton, down by 2 RMB/ton (-0.29%) week-on-week [2]. - The average price of thermal mixed coal in Yulin, Shaanxi (5800 kcal) remained unchanged at 475 RMB/ton [2]. - Newcastle port's thermal coal FOB price (5500 kcal) was 67 USD/ton, a decrease of 0.18% [2]. Supply and Demand Dynamics - The operating rate of 110 sample washing plants was 60.6%, down by 1.0 percentage points week-on-week and down by 9.0 percentage points year-on-year, indicating a low level compared to the past five years [3]. - The capacity utilization rate of 247 blast furnaces was 90.65%, with a daily average pig iron output of 2.4174 million tons, stable week-on-week and up by 2.6% year-on-year [3]. Inventory Levels - As of June 6, coal inventory at Qinhuangdao port was 6.55 million tons, down by 2.96% week-on-week but up by 34.22% year-on-year [4]. - The total coal inventory in the Bohai Rim ports was 29.319 million tons, down by 4.10% week-on-week and up by 16.34% year-on-year [4]. Investment Recommendations - The report recommends stocks with a high proportion of long-term contracts and stable profitability, specifically China Shenhua and China Coal Energy [4].