宝城期货动力煤早报-20250814

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report predicts that the price of thermal coal will continue to strengthen this summer due to the resonance of multiple positive factors, including the peak season and anti - involution policy disturbances [4]. 3. Summary by Related Catalogs 3.1 Price and 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 was larger than last week. Since the low point in late June, the ex - warehouse price of 5500K thermal coal at the port has increased by 64 yuan/ton, a rise of 10.5% [4]. 3.2 Supply and Demand - This week, the domestic thermal coal supply ran smoothly. The peak season of thermal coal demand performed well. The capacity utilization rate of non - power cement clinker was significantly higher than the same period last year. The anti - involution rectification work in the coal industry boosted market sentiment. The downstream power plants' demand for replenishing inventory continued to be released, and the enthusiasm of traders for hauling was high [4]. 3.3 Inventory - As of August 7, the total inventory of thermal coal at 9 ports in the Bohai Rim was 2.4819 billion tons, basically flat week - on - week and 22,400 tons lower than the same period last year. Since this summer, the coal inventory at northern ports has decreased by 834,400 tons 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].