宝城期货动力煤早报-20250613

Reporting Industry Investment Rating - Not mentioned in the report Core View of the Report - The domestic thermal coal price weakened again after a brief stabilization in late May. Although safety inspections and environmental protection efforts in coal-producing areas have increased in June, their impact on overall domestic coal production is expected to be controllable during the peak summer demand period. The demand shows that the precipitation in summer this year is predicted to be "more in the north and less in the south", and most areas have high temperatures, but the coal consumption of domestic power plants was still at a low level by the end of May. The inventory shows that as of June 5, the total coal inventory of 9 ports in the Bohai Rim decreased significantly week-on-week but was still higher year-on-year. Overall, the peak season for thermal coal is about to start, and the high port inventory is gradually being depleted, but the long-term loose supply pattern has not been reversed, and the possibility of a lackluster peak season remains high. The coal price is expected to remain in a low-level oscillatory operation recently [4]. Summary by Relevant Catalogs Main Variety Price Market Driving Logic - Commodity Futures Black Sector - Variety: Thermal coal spot - Intraday and Medium - term View: Oscillation - Core Logic: In May, safety accidents occurred in major coal - producing areas such as Shanxi. In June, safety inspections and environmental protection impacts increased. As of May 31, the daily coal consumption of power plants in 8 coastal provinces was 171,100 tons, a week - on - week decrease of 16,500 tons, and that in 17 inland provinces was 280,600 tons, a week - on - week decrease of 35,700 tons. As of June 5, the total coal inventory of 9 ports in the Bohai Rim was 2.9323 million tons, a week - on - week significant de - stocking of 157,400 tons and 412,600 tons higher year - on - year. The peak season for thermal coal is approaching, but the long - term loose pattern has not changed, and the coal price is expected to oscillate at a low level [4].