宝城期货动力煤早报-20250617

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The price of 5500K thermal coal at Qinhuangdao Port is expected to remain stable in the short - term. Although the previous supply - guarantee measures have led to sufficient inventory in the industry chain, suppressing the upward space of coal prices, the marginal tightening of supply and the marginal strengthening of demand make it difficult for coal prices to fall [4]. 3. Summary by Relevant Catalogs 3.1 Supply Side - Recent safety production and environmental protection requirements during the national safety production month have had a certain impact on coal mine production. Since the end of May, coal mine accidents in Shanxi and Inner Mongolia have increased, leading to tighter safety supervision in the main production areas, but with a limited impact on overall output [4]. - In May 2025, the national import of coal and lignite was 36.0401 million tons, a month - on - month decrease of 4.7%. Both coal production and imports have started to tighten marginally [4]. 3.2 Demand Side - 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" 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 during the peak summer season [4].