宝城期货动力煤早报（2025年12月30日）-20251230

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The price of domestic thermal coal has been continuously weakening in December 2025, with the decline exceeding expectations. The closing price of 5500K thermal coal at Qinhuangdao Port on December 25 was 682 yuan/ton, a week - on - week decrease of 37 yuan, and it continued to weaken after falling below 700 yuan/ton. The coal market is dragged down by unexpectedly weak demand. Under the pattern of stable supply and weak demand, the coal inventory in the industrial chain remains high, and the thermal coal price is running weakly. Future stabilization is expected to wait for the improvement of coal demand in coastal cities and the release of terminal replenishment demand [4]. 3. Summary by Related Contents - Price and Market Trend: As of December 25, 2025, the 5500K thermal coal closing price at Qinhuangdao Port was 682 yuan/ton, down 37 yuan week - on - week, and it continued to be weak after breaking below 700 yuan/ton [4]. - Driving Logic: The weak coal market is mainly due to unexpectedly weak demand. The overall pattern of stable supply and weak demand leads to high coal inventories in the industrial chain, resulting in the weak operation of thermal coal prices [4]. - Future Outlook: The stabilization of thermal coal prices is expected to wait for the improvement of coal demand in coastal cities and the release of terminal replenishment demand [4].