宝城期货动力煤早报-20250812

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The price of domestic thermal coal has been strong this week, and it is expected to continue to strengthen this summer. The resonance of multiple favorable factors, such as peak season and anti - involution policy disturbances, has driven the coal price to run strongly [4]. 3) Summary According to Relevant Catalogs Main Varieties Price Market Driving Logic - Commodity Futures Black Sector - Price Performance: As of August 7, the quotation of 5500K thermal coal at Qinhuangdao Port was 674 yuan/ton, with a week - on - week increase of 22 yuan/ton, and the increase rate continued to expand compared with last week. Since the low point in late June, the FOB price of 5500K at the port has increased by 64 yuan/ton in total, with a growth rate of 10.5% [4]. - Supply and Demand Situation: The supply of domestic thermal coal has been running smoothly this week. The peak season of thermal coal demand has performed well. The capacity utilization rate of non - power cement clinker is significantly higher than that of the same period last year. Coupled with the anti - involution rectification work in the coal industry boosting market sentiment, the atmosphere in the pit - mouth and port coal markets is still hot. The replenishment demand of downstream power plants continues to be released, and the enthusiasm of traders for hauling is high [4]. - Inventory Situation: As of August 7, the total inventory of thermal coal at 9 ports in the Bohai Rim was 2.4819 billion tons, basically unchanged week - on - week and slightly lower than the inventory of the same period last year by 22400 tons. Since this summer, the coal inventory at northern ports has decreased by 834400 tons in total from the inventory peak in May, and the inventory in the intermediate link has been effectively reduced, supporting the coal price to stop falling and rebound [4].