煤炭行业周报：港口库存持续释放，焦炭开启第三轮提降-20250609

Investment Rating - The industry investment rating is Neutral [2] Core Viewpoints - The report indicates that port inventories continue to decline, while coking coal has entered its third round of price reductions. The overall market sentiment remains cautious due to weak demand and supply pressures [6][11][26] Summary by Sections Market Performance - The equity market showed a general upward trend, with the coal sector underperforming the index. The Shanghai Composite Index rose by 1.13% to 3385.36 points, while the coal sector fell by 0.50% to 2565.75 points [7][11] Thermal Coal - Port inventories are decreasing, and production coal prices are facing resistance in rebounding. The average daily consumption of coal at power plants in southern regions has decreased to 1.693 million tons, down 182,000 tons week-on-week [11][12][19] - The report notes that while high temperatures may increase electricity demand, the overall supply-demand relationship remains loose, leading to weak price stability [12][19] Coking Coal - Coking coal prices are stable but declining, with the market experiencing a supply surplus and weak demand. The average utilization rate of coking coal mines is at 86.4%, down 1.3% week-on-week [26][30] - The report highlights that the third round of price reductions for coking coal has been implemented, with significant price drops observed in various regions [26][29] Shipping Situation - The number of vessels in the Bohai Rim ports has decreased, and shipping prices have also declined. The average shipping price from Qinhuangdao to Guangzhou is 40.30 yuan/ton, down 2.15 yuan/ton week-on-week [34][36] Industry News - The report covers significant developments such as the first coal transport from Meizhou Bay Port to Ningbo Zhoushan Port, the launch of Australian coal trading at Hainan International Energy Trading Center, and the approval of a coal mine integration plan in Inner Mongolia [37][38]