宝城期货动力煤早报（2026年1月7日）-20260107

Report Summary 1. Report's Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillating". The short - term and medium - term core logic is that downstream demand provides support, leading to a slight increase in port coal prices. The intraday view's core logic is that the domestic thermal coal fundamentals may recover in January, driving coal prices to stabilize and rebound [1][4]. 3. Summary by Relevant Contents Price and Market Conditions - As of December 31, the FOB price of 5500K thermal coal at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 12 yuan, continuing to weaken after falling below 700 yuan/ton and gradually stabilizing this week [4]. Driving Factors for Price Changes - Before the New Year's Day holiday, thermal coal prices were weakening. The decline was due to high supply and unexpectedly weak demand. With the arrival of the New Year, although some suspended coal mines on the supply side will resume production, coal mines will have concentrated holidays during the Spring Festival, and downstream replenishment demand will be realized. On the demand side, the heating demand of residents in southern coastal cities will further increase in January, driving the coal consumption of power plants to reach the peak of the year [4].