宝城期货动力煤早报（2025年7月23日）-20250723

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report predicts that thermal coal will maintain a relatively strong performance in the near term, with the fundamental and news - related positives during the peak season driving up coal prices [4]. 3. Summary by Related Catalogs 3.1 Price and Market Outlook - The intraday and mid - term reference view for thermal coal spot is "oscillation", and it is expected to run strongly in the near future [4]. 3.2 Supply Analysis - In the Lvliang Zhongyang area, environmental inspections are strict. On July 18, an individual coal mine stopped production due to gangue disposal issues, and three other mines are still in a state of shutdown or production reduction due to underground production problems. In the future, thermal coal may shift from a supply - surplus situation to a balanced supply - demand pattern [4]. 3.3 Demand Analysis - As of July 10, the daily coal consumption of power plants in 8 coastal provinces was 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. There is good support for thermal coal demand during the peak season, and the atmosphere at the mine mouth is improving [4]. 3.4 Inventory Analysis - As of July 17, the total coal inventory of 9 ports in the Bohai Rim was 26.985 million tons, with a slight weekly de - stocking of 34,000 tons. The inventory is 1.151 million tons higher than the same period last year and is at a five - year high, indicating sufficient coal stocks [4].