宝城期货动力煤早报（2025年11月26日）-20251126

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The reference view for thermal coal spot is to oscillate. The coal price of 5500K is expected to maintain a strong - oscillating operation. The supply improvement of thermal coal is limited, while the demand may seasonally strengthen from mid - December. Terminal user procurement demand will continuously support the coal price [4] Group 3: Summary by Related Catalogs Price and Market Conditions - In mid - November, affected by the cold wave, the domestic temperature dropped sharply, with a cumulative cooling amplitude of up to 20°C in some coastal areas. The daily consumption of thermal coal in December will gradually strengthen. As of November 20, the total inventory of thermal coal at 9 ports in the Bohai Rim was 25.883 million tons, with a monthly cumulative inventory of 1.775 million tons and 2.916 million tons lower than the same period last year [4] Market Driving Factors - Previously, the replenishment demand of coastal terminals and low port inventory were important drivers for the strengthening of coal prices. As the ports start to accumulate inventory, downstream resistance to high - priced coal sources increases, market games intensify, and port coal prices stabilize [4]