宝城期货动力煤早报（2025年9月19日）-20250919

Report Overview - The report is the Baocheng Futures' morning report on thermal coal dated September 19, 2025 [1] Industry Investment Rating - Not provided Core View - The domestic thermal coal price maintained a weak and stable trend this week. The market is in a bearish sentiment, and the opportunity for the coal price to stop falling and stabilize may lie in the winter storage replenishment of terminal power plants [4] Summary by Relevant Catalog Price and Market Conditions - As of September 11, the quotation of 5500K thermal coal at Qinhuangdao Port was 676 yuan/ton, a week-on-week decrease of 6 yuan/ton [4] Supply Side - The impact of the September 3 parade on coal mine production has basically faded. After entering the new natural month, the thermal coal output has gradually returned to the pre - parade level, and the main producing area coal mines maintained normal production [4] Demand Side - 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 thermal coal demand has significantly declined from the summer peak [4]