宝城期货动力煤早报（2025年10月21日）-20251021

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The domestic thermal coal price has accelerated its upward movement 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. The improvement in market sentiment is driven by multiple factors, and the thermal coal price is strongly supported by multiple positives, but the impact of factors such as weather is mainly short - term [4] Group 3: Summary by Relevant Catalog 1. Price and Market Situation - As of October 16, the quotation of 5500K at Qinhuangdao Port was 732 yuan/ton, a weekly increase of 29 yuan/ton [4] - As of October 16, the total coal inventory of 9 ports in the Bohai Rim was 2.3907 billion tons, a weekly decrease of 83,700 tons and 56,600 tons lower than the same period last year [4] 2. Driving Factors for Price Increase - The coal demand of power plants shows certain resilience due to the co - existence of cooling in the north and high - temperature weather in southern coastal cities. The daily coal consumption of 8 coastal provinces is significantly higher than the same period last year, supporting the demand for thermal coal [4] - Rain and snow in major production areas such as Shaanxi and Inner Mongolia have affected coal production and transportation, and the strong supply - side expectation boosts market sentiment [4] - The autumn inspection of the Datong - Qinhuangdao Railway and the closure of some northern ports due to strong winds have hindered port coal turnover, reducing the supply of goods and keeping the market atmosphere optimistic [4]