银河期货煤炭日报-20251120

Group 1: Report Information - Report Title: Coal Daily Report, November 20, 2025 [1] - Report Type: Energy and Chemical Research Report [6][9] - Researcher: Zhang Mengchao [5] - Contact Information: zhangmengchao_qh@chinastock.com.cn [5][13] Group 2: Market Review - Spot Market: On November 20, the port market showed a stalemate between supply and demand, with overall stable quotes. Different calorific value coal prices are provided for various regions including ports, Inner Mongolia, Yulin, Shanxi, and Jiangnei [2] Group 3: Important Information - Power Generation: In October, the power generation of industrial enterprises above designated size was 800.2 billion kWh, a year - on - year increase of 7.9%, 6.4 percentage points faster than in September. From January to October, the power generation was 8062.5 billion kWh, a year - on - year increase of 2.3% [3] Group 4: Logic Analysis - Supply: The impact of production restrictions still exists. The coal mine operating rates in the main coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia are generally stable. As of November 18, the coal mine operating rate in Ordos was 78%, and in Yulin was 46%. The daily coal output of Ordos and Yulin was over 3.9 million tons, and the domestic supply tightened overall [4] - Import: Chinese demand weakened, but international coal prices still rose. Indonesian precipitation affected the supply, and overseas cargo volumes were limited, with miners having a strong willingness to hold prices [4] - Demand: This week's demand was average. Chinese procurement demand weakened, while that of Japan and South Korea was average, and India's procurement demand did not improve. Most power plants' operating loads were in the 60% - 70% range, and their inventories were at medium - to - high levels [4] - Inventory: Railway transportation returned to normal. The daily average transportation volume of the Datong - Qinhuangdao Line was 1.3 million tons, and the number of approved trains by the Hohhot Railway Bureau was around 30. Port inventory was generally stable. As of November 20, the inventory of Bohai Rim ports was 24.48 million tons, at a neutral level in history [4] - Price Forecast: It is expected that coal prices will remain stable in the short term. The coal mine output in the main producing areas is low, power plant inventories are decreasing, and the import profit is open. Coastal power plants are increasing procurement, and port prices have risen [4] Group 5: Related Charts - Charts include coal inventories and consumption data of various regions and power plants from 2022 to 2025, such as national port inventory, power plant inventory, and daily consumption [7][8]