宝城期货动力煤早报（2025年9月29日）-20250929

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint of the Report The power coal supply is stable while the demand weakens seasonally. The spot price is supported by downstream restocking demand in the short term, but the upward momentum is limited after the holiday. Coal prices in October are expected to remain volatile [4]. 3. Summary by Related Catalog Main Variety Price Quotation Driving Logic - Commodity Futures Black Sector - Variety: Thermal coal spot - Intraday and Medium - term View: Oscillation - Core Logic: The impact of the previous production capacity verification has eased, and coal mines in the main production areas maintain normal production. However, some coal mines slow down production after completing their production targets at the end of the month. Overall, the supply of thermal coal runs smoothly, while the demand shows a downward trend in the off - season. As of September 25, the total coal inventory of 9 ports in the Bohai Rim was 2.277 billion tons, with a weekly decrease of 2 million tons compared to the previous week, and 158.4 million tons lower than the same period last year. Since September, the water inflow in Sichuan and Yunnan has improved significantly. There have been consecutive all - day negative electricity prices in the Sichuan power spot market due to excessive new energy output, and Inner Mongolia has entered the windy season. The increase in new energy output will suppress the demand for thermal coal [4].