煤炭行业：澳洲和欧洲三港动力煤价涨，煤及褐煤月度进口量下降-20250619

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - Domestic thermal coal prices have decreased, while offshore prices for thermal coal from Australia and Europe have increased. As of June 13, the price of Shanxi mixed thermal coal at Qinhuangdao was 610 RMB/ton, down 2.71% month-on-month. In contrast, the offshore price of Newcastle thermal coal from Australia was 102.2 USD/ton, up 4.29% month-on-month [1][3][14] - The monthly production of coal from key state-owned mines in Shaanxi, Shanxi, and Inner Mongolia has decreased, and the import volume of coal and lignite in May also saw a month-on-month decline [1][3][22] - The total coal inventory at the three major ports has decreased month-on-month, and the average daily coal consumption of the six major power generation groups has also declined [2][3][39] Summary by Sections 1. Thermal Coal - The price of thermal coal continues to decline month-on-month. As of June 13, the price of Shanxi mixed thermal coal was 610.00 RMB/ton, down 17 RMB/ton, a decrease of 2.71% [10][11] - The price of thermal coal in Inner Mongolia and Shanxi has also decreased month-on-month [10][14] 2. Production - The monthly production of coal from key state-owned mines in April showed a decline. In April, the production figures were: Shaanxi 22.097 million tons (down 2.38%), Inner Mongolia 13.671 million tons (down 31.47%), and Shanxi 46.613 million tons (down 2.02%) [20][22] 3. Imports - The monthly import volume of coal and lignite in May reached 36.0401 million tons, a month-on-month decrease of 4.73% [22][24] 4. Inventory - The total coal inventory at the three major ports decreased to 13.288 million tons as of June 13, down 17.05% month-on-month [2][28] 5. Downstream Demand - The average daily coal consumption of the six major power generation groups was 745,100 tons, a decrease of 0.19% month-on-month [39][40] 6. Freight Rates - Domestic freight rates showed mixed trends month-on-month. For example, the freight rate from Qinhuangdao to Shanghai was 26.10 RMB/ton, up 15.49%, while the rate to Ningbo was 39.80 RMB/ton, down 1.24% [46][49]