宝城期货动力煤早报-20250616

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The price of 5500K thermal coal at Qinhuangdao Port remains stable in the short - term as multiple factors are intertwined. Although the previous supply - guarantee work has led to sufficient inventory in the industry chain, suppressing the upside of coal prices, the marginal tightening of supply and strengthening of demand also create strong resistance to price drops [4]. 3. Summary by Relevant Directory 3.1 Price and Market Conditions - The intraday and medium - term view of thermal coal spot is "sideways" [4]. 3.2 Supply Analysis - Recent national safety production month and environmental protection requirements have had a certain impact on coal mine production. Since the end of May, coal mine accidents in Shanxi and Inner Mongolia have increased, and safety supervision in major production areas has tightened marginally, but the impact on overall output is limited [4]. - In May 2025, China imported 36.0401 million tons of coal and lignite, a month - on - month decrease of 4.7%. Both thermal coal production and imports are starting to tighten marginally [4]. 3.3 Demand Analysis - As of June 5, the daily coal consumption of power plants in 8 coastal provinces was 1.718 million tons, a week - on - week increase of 0.7 thousand tons per day; the daily coal consumption of power plants in 17 inland provinces was 3.136 million tons, a week - on - week increase of 33 thousand tons per day [4]. - The "Climate Trend Forecast from June 23 to July 8" newly released by the National Climate Center shows that during this period, the temperature in most parts of China will be close to or higher than the same period of the year, indicating good support for the demand of thermal coal for peak - summer power generation [4].