宝城期货动力煤早报-20250704

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The price of domestic thermal coal continued to rebound this week. The supply of medium and low calorific value coal at ports was tight, and its price trend was stronger. The destocking speed of thermal coal slightly slowed down, and the inventory at northern ports remained at the highest level in the past five years, with a good foundation for peak - summer coal consumption. The seasonal support for thermal coal strengthened, and the port coal prices rose across the board. It is expected that the coal price will maintain a strong trend in the short term [5] Group 3 Main varieties price market driving logic - Commodity futures black sector - 品种: Thermal coal spot - Intraday view: Oscillation - Core logic: This week, the price of domestic thermal coal continued to rebound. Due to the inverted shipping profit of medium and low calorific value coal at ports before, the supply at ports was tight, and its price trend was stronger. As of June 26, the total coal inventory of 9 ports in the Bohai Rim was 28.24 million tons, a week - on - week decrease of 460,000 tons. The destocking speed slightly slowed down, and the inventory at northern ports remained at the highest level in the past five years, with a good foundation for peak - summer coal consumption. Overall, the seasonal support for thermal coal strengthened, and the port coal prices rose across the board, especially the low - calorific value coal. With the subsequent rise in temperature, it is expected that the coal price will maintain a strong trend in the short term [5]