宝城期货动力煤早报（2026年1月8日）-20260108

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The domestic thermal coal fundamentals may recover in January 2026, driving coal prices to stabilize and rebound. Attention should be paid to the subsequent coal consumption trend of power plants [4] Group 3: Summary by Relevant Catalog Main Varieties Price Quotation Driving Logic - Commodity Futures Black Sector - Variety: Thermal coal spot - Intraday and Medium - term View: Oscillation - Core Logic: Before the New Year's Day, thermal coal prices were still weakening. With the influence of cold air on the 24th and 25th, the decline rate slowed down. As of December 31, 2025, 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 breaking below 700 yuan/ton and stabilizing this week. The decline was due to high supply and unexpectedly weak demand. In January, some idle coal mines will resume production, but there will be a concentrated Spring Festival holiday for coal mines, and downstream replenishment demand will be realized. Also, the heating demand of southern coastal cities will increase, driving the coal consumption of power plants to reach a peak. [4]