动力煤：偏强震荡

Report Industry Investment Rating - The investment rating for the thermal coal industry is a bullish and volatile outlook [1] Core Viewpoint - This week, the spot price of thermal coal at northern ports showed a bullish and volatile pattern. Supply tightened in major production areas due to some coal mines halting or reducing production after completing monthly tasks at the end of July and weather - related disruptions in production or transportation. Non - power demand maintained on - demand procurement at production areas, but downstream power terminals had limited acceptance of the spot price hikes at northern ports [1][9] Summary by Relevant Catalogs This Week's Market Review Domestic Thermal Coal Origin Prices - The report presents price charts of 5500 - kcal thermal coal in Linfen, Shuozhou, and Jinzhong, as well as the pit - mouth prices of 4500/5500 - kcal thermal coal in Ordos [3] Port Inventory - As of August 1, 2025, the total coal inventory at Qinhuangdao Port was 5.35 million tons, at Caofeidian Port was 5.12 million tons, at Jingtang Port's Guotou Port Area was 1.3 million tons, and at Guangzhou Xinsha Port was 1.89 million tons [3] Northern and Southern Port Thermal Coal Prices - The report shows price charts of 5500 - kcal thermal coal at Qinhuangdao Port, Guangzhou Port, and Fangchenggang Port. As of August 1, 2025, the China Coastal Coal Freight Index (CBCFI) was 755.43, the Panamax Freight Index (BPI) was 1,644.00, the Capesize Freight Index (BCI) was 3,296.00, the Supramax Freight Index (BSI) was 1,269.00, and the Handysize Freight Index (BHSI) was 678.00 [5] International Coal Prices - As of July 25, 2025, the price of Australian Newcastle thermal coal was $110.21 per ton, and the price of South African Richards Bay thermal coal was $95.60 per ton [7] Supply - Demand Review - Supply tightened in major production areas due to some coal mines halting or reducing production after completing monthly tasks at the end of July and weather - related disruptions in production or transportation. Non - power demand maintained on - demand procurement at production areas, but downstream power terminals had limited acceptance of the spot price hikes at northern ports [9]