宝城期货动力煤早报-20250729

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The market atmosphere is continuously optimistic due to the resonance of favorable factors such as the peak season and the "anti - involution" news. The coal price is expected to maintain strong operation in August [4]. 3. Summary According to Relevant Content Market Situation - The domestic thermal coal demand has a seasonal rebound as it enters the critical period of peak - summer coal consumption. Some positive news such as "anti - involution" has fermented, spreading an optimistic market atmosphere and driving up coal prices [4]. Supply Side - As of the period ending on July 18, the daily average output of raw coal from 462 sample mines nationwide was 5.697 million tons, a slight increase of 10,300 tons per day compared to the end of June [4]. - Steel Union data shows that in the first two weeks of July, the seaborne coal arrival volume in China was 10.864 million tons, equivalent to a daily arrival of 776,000 tons, a significant improvement from 608,000 tons per day in June [4]. Demand Side - In July, the coal consumption of power plants increased seasonally. As of July 17, the daily coal consumption of power plants in 8 coastal provinces was 2.419 million tons, a weekly increase of 271,000 tons; the daily coal consumption of power plants in 17 inland provinces was 3.911 million tons, a weekly increase of 360,000 tons [4]. Inventory Side - iFind data shows that as of July 24, the total coal inventory of 9 ports in the Bohai Rim was 27.097 million tons, a weekly increase of 112,000 tons [4].