Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The domestic thermal coal price weakened again after a brief stabilization in late May. Although safety supervision and environmental protection impacts in coal - producing areas have increased in June, the overall impact on domestic coal production is expected to be controllable during the peak - summer period. The demand shows that the coal consumption of domestic power plants is still at a low level as of the end of May, and the precipitation this summer is predicted to be "more in the north and less in the south" with high temperatures in most areas. The inventory of 9 ports in the Bohai Rim decreased significantly week - on - week as of June 5 but was still higher year - on - year. Overall, the thermal coal peak season is approaching, port inventories are gradually decreasing from high levels, but the long - term loose pattern has not been reversed, and the possibility of a weak peak season remains high. The coal price is expected to remain in low - level oscillation in the near future. [4] 3. Summary by Relevant Content 3.1 Price and Market Situation - Domestic thermal coal price weakened again after a brief stabilization in late May [4]. 3.2 Supply Side - In June, which is the national safety production month, safety supervision and environmental protection impacts in coal - producing areas have increased, but the overall impact on domestic coal production is expected to be controllable during the peak - summer period [4]. 3.3 Demand Side - On June 4, the National Climate Center predicted that the precipitation this summer in China would be "more in the north and less in the south", with more precipitation in areas such as northeastern Sichuan and western Yunnan compared to the same period of previous years, and high temperatures in most areas. - As of the end of May, the coal consumption of domestic power plants was still at a low level within the year. The daily coal consumption of 8 coastal provinces' power plants was 171.1 million tons, a week - on - week decrease of 16.5 million tons; the daily coal consumption of 17 inland provinces' power plants was 280.6 million tons, a week - on - week decrease of 35.7 million tons [4]. 3.4 Inventory Side - As of June 5, the total coal inventory of 9 ports in the Bohai Rim was 2932.3 million tons, a significant week - on - week decrease of 157.4 million tons and 412.6 million tons higher year - on - year [4]. 3.5 Outlook - The thermal coal peak season is approaching, port inventories are gradually decreasing from high levels, but the long - term loose pattern has not been reversed, and the possibility of a weak peak season remains high. The coal price is expected to remain in low - level oscillation in the near future [4].
宝城期货动力煤早报-20250611
Bao Cheng Qi Huo·2025-06-11 00:48