宝城期货动力煤早报-20250915

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The reference view for power coal is "oscillation" in the short - term and medium - term. The price of domestic power coal has been weakly stable this week. As of September 11, the quotation of 5500K at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 6 yuan/ton. The coal price is driven by weak operation due to the seasonal decline in power plant coal consumption and the lack of obvious improvement in non - power coal demand. The fundamentals of power coal are weakening in the off - season, and the market bearish sentiment still exists. The opportunity for the coal price to stop falling and stabilize may lie in the winter storage replenishment of terminal power plants [4] Group 3: Summary by Related Catalog Price and Market Condition - As of September 11, the quotation of 5500K power coal at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 6 yuan/ton [4] Supply - side Situation - The impact of the September 3 parade on coal mine production has basically faded. After entering the new natural month, the power coal output has gradually returned to the pre - parade level, and the main producing area coal mines maintain normal production. The impact of "anti - involution" has not been further released [4] Demand - side Situation - As of the week of September 4, the daily coal consumption of power plants in 8 coastal provinces was 245.5 million tons, a week - on - week increase of 8.7 million tons; the daily coal consumption of power plants in 17 inland provinces was 355.6 million tons, a week - on - week decrease of 10.3 million tons. The domestic power coal demand has significantly declined compared with the summer peak [4]