宝城期货动力煤早报（2025年10月20日）-20251020

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The domestic thermal coal price accelerated upward this week. As of October 16, the quotation of 5500K at Qinhuangdao Port was 732 yuan/ton, a significant weekly increase of 29 yuan/ton. Although October is the traditional off - season for thermal coal, the coal price has been strong recently. Thermal coal is supported by multiple positive factors and its price is running strongly, but the impact of factors such as weather is mainly short - term [5] 3. Summary by Relevant Content 3.1 Price and Inventory - As of October 16, the quotation of 5500K at Qinhuangdao Port was 732 yuan/ton, a weekly increase of 29 yuan/ton. According to iFind statistics, as of October 16, the total coal inventory of 9 ports in the Bohai Rim was 2390.7 million tons, a weekly de - stocking of 83.7 million tons, and 56.6 million tons lower than the same period last year [5] 3.2 Driving Factors - The improvement of the market atmosphere is driven by multiple factors: First, while the north is cooling, the southern coastal cities maintain high temperatures, making the coal demand of power plants show certain resilience, and the daily coal consumption of 8 coastal provinces is significantly higher than the same period last year, supporting the demand for thermal coal. Second, the rain and snow in major production areas such as Shaanxi and Inner Mongolia affected coal production and transportation, and the expectation of anti - involution still exists, boosting market sentiment on the supply side. Third, the autumn inspection of the Datong - Qinhuangdao Railway and the closure of some northern ports due to strong winds hindered the coal turnover at the ports, and the reduction of supply led to an optimistic market atmosphere [5] 3.3 Market Outlook - Thermal coal is supported by multiple positive factors and its price is running strongly, but the impact of factors such as weather is mainly short - term [5]