宝城期货动力煤早报-20250722

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report suggests that the thermal coal market is expected to maintain a relatively strong performance in the near term. The positive fundamentals and news during the peak season have created a synergy, driving coal prices upward. The market may gradually shift from a supply - surplus situation to a balanced supply - demand pattern while ensuring energy supply security [4]. 3. Summary by Related Contents Supply - Recent strict environmental inspections in the Lvliang Zhongyang area have led to the shutdown of one coal mine on July 18 due to gangue treatment issues, and three other mines are still in a state of shutdown or production reduction due to underground production problems [4]. Demand - As of July 10, the daily coal consumption of power plants in 8 coastal provinces reached 2.148 million tons, a week - on - week increase of 61,000 tons; the daily coal consumption of power plants in 17 inland provinces was 3.551 million tons, a week - on - week decrease of 95,000 tons. The demand for thermal coal during the peak season is well - supported, and the atmosphere at the mine mouth is improving [4]. Inventory - As of July 17, the total coal inventory of 9 ports in the Bohai Rim was 26.985 million tons, with a slight weekly decrease of 34,000 tons. The inventory is 1.151 million tons higher than the same period last year, reaching a five - year high, indicating sufficient coal stocks [4].