宝城期货动力煤早报（2026年1月13日）-20260113

Group 1 - Report industry investment rating: Not provided Group 2 - Core view: The supply and demand pattern of thermal coal has improved, and the expectation of coal mine shutdown during the Spring Festival has provided supply support, leading to a small upward trend in thermal coal prices after stopping the decline [4] Group 3 Main varieties price market driving logic - Commodity futures black sector - Variety: Thermal coal spot - Intraday view: Not provided - Medium - term view: Oscillation - Core logic: In the first week of 2026, domestic thermal coal prices maintained a slight upward trend. At the beginning of the new year, coal mines that had stopped production due to achieving annual targets resumed production, but the improvement in domestic thermal coal output was limited. With the Spring Festival approaching, the expectation of a phased contraction in thermal coal supply increased. Recently, the decline in domestic temperatures accelerated the improvement in coal demand in coastal cities, which was an important factor supporting the port coal market. As of January 8, the total coal inventory at 9 ports in the Bohai Rim was 26.713 million tons, with a weekly de - stocking of 1.614 million tons and 1.781 million tons higher than the same period last year [4]