黑色建材周报：供需双弱格局，煤价维持震荡运行-20251012

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term market shows a pattern of weak supply and demand, and prices will maintain a volatile trend. In the medium - to - long - term, attention should be paid to supply disruptions under safety requirements and the replenishment demand of non - power coal [2] Summary by Related Catalogs Market Analysis Price and Spread - As of October 11, the Yulin 5800 - calorie index was 567.0 yuan/ton, down 16 yuan/ton week - on - week; the Ordos 5500 - calorie index was 510.0 yuan/ton, down 13 yuan/ton week - on - week; the Datong 5500 - calorie index was 575.0 yuan/ton, up 5 yuan/ton week - on - week. The CCI Import 4700 index was reported at 70.0 US dollars/ton, up 0.3 US dollars/ton week - on - week, and the CCI Import 3800 index was reported at 54.3 US dollars/ton, up 0.5 US dollars/ton week - on - week [1][5] Supply - In the producing areas, coal mines have resumed production relatively quickly but have not reached full - load production. The import coal market remained stable overall, and quotes were firm due to the rainy season in Indonesia [1][8] Consumption - In the short term, there is insufficient demand support for coal prices. In the medium - to - long - term, the pattern of loose supply remains unchanged, and attention should be paid to the consumption and replenishment of non - power coal [2][9] Inventory - As of October 11, the total inventory of northern ports was 23.37 million tons, an increase of 2.06 million tons from the previous week. The coal inventory of 6 coastal power plants was 14.19 million tons, a month - on - month increase of 58,000 tons; the average available days were 16 days, a month - on - month decrease of 1 day; the daily consumption of 6 coastal power plants was 867,000 tons, a month - on - month increase of 54,000 tons [1][12] Strategy - Not provided