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宝城期货动力煤早报-20250813
Bao Cheng Qi Huo·2025-08-13 01:21

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report anticipates that the price of thermal coal will continue to strengthen this summer as multiple positive factors, including the peak season and anti - involution policies, create a resonance driving the coal price up [5]. 3) Summary by Related Content Price and Trend - As of August 7, 2025, the quoted price of 5500K thermal coal at Qinhuangdao Port was 674 yuan/ton, with a week - on - week increase of 22 yuan/ton, and the increase was larger than the previous week. Since the low point in late June, the cumulative increase in the FOB price of 5500K at the port has reached 64 yuan/ton, a rise of 10.5% [5]. Supply and Demand - This week, the domestic thermal coal supply has been stable. The peak season for thermal coal demand has shown good performance. The capacity utilization rate of non - power cement clinker is significantly higher than the same period last year. The anti - involution rectification work in the coal industry has boosted market sentiment. The coal market atmosphere at mine mouths and ports remains active, with continuous release of downstream power plant replenishment demand and high enthusiasm among traders for haulage [5]. Inventory - As of August 7, according to iFind statistics, the total inventory of thermal coal at 9 ports in the Bohai Rim was 2481.9 million tons, basically flat week - on - week and slightly 22.4 million tons lower than the same period last year. Since this summer, the coal inventory at northern ports has decreased by 834.4 million tons from the inventory peak in May, effectively reducing the inventory in the intermediate links and supporting the coal price to stop falling and rebound [5].