Group 1: Report Information - Report Title: Coal Daily Report, July 29, 2025 [3] - Report Type: Energy and Chemical Research Report, Commodity Research [1][2] Group 2: Market Review - Spot Market: On July 29, port market trading was average, with stable trader quotes. 5500 - kcal coal was quoted at 650 - 660 yuan/ton, 5000 - kcal at 590 - 600 yuan/ton, and 4500 - kcal at 520 yuan/ton in the port market. Non - electric coal prices varied by region, e.g., in Inner Mongolia, 5500 - kcal coal was 425 - 465 yuan/ton [4]. - Jiangnei Port: 5500 - kcal power coal was quoted at 690 - 710 yuan/ton, and 5000 - kcal at 630 - 640 yuan/ton [4]. Group 3: Important Information - June Electricity Consumption:全社会用电量 was 867 billion kWh in June, up 5.4% year - on - year. The first, second, third industries, and residential electricity consumption were 13.3 billion, 548.8 billion, 175.8 billion, and 129.1 billion kWh respectively, with year - on - year growth of 4.9%, 3.2%, 9.0%, and 10.8% [5]. - H1 Electricity Consumption: Cumulative electricity consumption in the first half of the year was 4841.8 billion kWh, up 3.7% year - on - year [5]. Group 4: Logical Analysis - Supply: Pit - mouth prices rebounded, and coal mine operations recovered. As of July 26, the coal mine operating rates in Ordos and Yulin were 78% and 47% respectively, with a daily output increase of over 4 million tons in the two cities. Overall domestic supply remained abundant [6]. - Import: The domestic and import markets diverged. Domestic coal prices were stable, while importers reduced prices, and actual transaction prices declined [6]. - Demand: Due to continuous rainfall, thermal power generation decreased slightly, and power plant daily consumption fell slightly. With long - term contract coal supply, market procurement demand was limited. Non - electric cement operating rates were low, while coal - to - methanol and coal - to - urea operating rates were high, and chemical coal demand was fair [6]. - Inventory: Shipping volume increased. The daily average volume of the Datong - Qinhuangdao Railway was 1.1 million tons, and the Huhehaote Railway approved about 25 trains. Port inventory continued to decline. As of July 28, the inventory at Bohai Rim ports dropped to 24.8 million tons, a reduction of 7 million tons from the high, but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory reduction was slow, and inland power plant inventory remained high [6]. - Overall Situation: In late July, coal production in major producing areas increased, and power plant inventory reduction was slow. With the impact of imported coal, power plants only made necessary purchases. Traders actively shipped, and port inventory continued to decline. As the temperature rose, power plant daily consumption would continue to increase seasonally, and coal prices were expected to rise [6]. Group 5: Charts - The report includes multiple charts showing the inventory and daily consumption of different types of power plants (coastal 8 - province, inland 17 - province, key power plants), as well as the inventory of various ports (national, Bohai Rim, downstream, East China, South China, Jiangnei ports) and pit - mouth stations from 2022 to 2025 [10][14]
银河期货煤炭日报-20250729
Yin He Qi Huo·2025-07-29 11:35