宝城期货动力煤早报（2026年1月16日）-20260116

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The supply and demand pattern of thermal coal has improved, and the expected shutdown of coal mines during the Spring Festival provides supply support, leading to a small upward trend in thermal coal prices after a 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 to meet annual targets resumed production, but the improvement in domestic thermal coal production was limited. With the Spring Festival approaching, the expectation of a phased contraction in thermal coal supply has increased. Recently, the drop in domestic temperatures has accelerated the improvement in coal demand in coastal cities, which is an important factor supporting the port coal market. As of January 8th, the total coal inventory at 9 ports in the Bohai Rim was 26.713 million tons, a weekly decrease of 1.614 million tons, and 1.781 million tons higher than the same period last year [4]