宝城期货动力煤早报（2025年11月12日）-20251112

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint of the Report The domestic thermal coal price has strengthened again after a brief stabilization. Supply contraction expectations and downstream restocking expectations support the coal price to run strongly. The subsequent focus is on the strength of the peak season for thermal coal from this winter to next spring [4]. 3) Summary by Relevant Catalogs Main Variety Price Market Driving Logic - Commodity Futures Black Sector - Price Information: As of November 6, the quotation of 5500K at Qinhuangdao Port was 799 yuan/ton, with a week-on-week increase of 31 yuan [4]. - Supply Side: In the first week of November, the production of main - producing area coal mines was generally stable, and the supply was still lower than the same period last year. After the safety production inspection team entered in November, there was still some pressure on the recovery of thermal coal supply. In October, China imported 4173.7 million tons of coal and lignite, a decrease of 426.6 million tons from the previous month [4]. - Demand Side: As of the period ending October 30, the daily coal consumption of power plants in 8 coastal provinces was 1.806 million tons, basically flat week - on - week; the daily coal consumption of power plants in 17 inland provinces was 3.335 million tons, a week - on - week decrease of 192,000 tons per day. The peak season for thermal coal demand has not started [4]. - Overall Situation: The supply contraction expectation and downstream restocking expectation support the coal price to run strongly [4].