宝城期货动力煤早报（2026年1月15日）-20260115

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The demand has a phased decline, and the port coal price has stabilized again. The overall supply - demand pattern of thermal coal has improved, and the price has stopped falling and risen slightly [1][4] 3. Summary by Related Catalogs 3.1 Price and Market Viewpoints - The short - term, medium - term, and intraday views on thermal coal spot are "oscillation" [1] 3.2 Price Driving Logic - In the first week of 2026, the domestic thermal coal price maintained a slight upward trend. After the new year, the coal mines that had stopped production to meet the annual targets resumed production, but the improvement in production was limited. With the Spring Festival approaching, the expectation of a phased contraction in thermal coal supply has increased. The recent drop in domestic temperatures has accelerated the improvement of coal demand in coastal cities, which is an important factor supporting the port coal market [4] 3.3 Inventory Situation - As of January 8, the total coal inventory of 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]