宝城期货动力煤早报-20260119

Report Summary 1. Report Industry Investment Rating - No information provided in the report about the industry investment rating. 2. Core View of the Report - The domestic thermal coal price rally narrowed and stabilized this week. The price is expected to remain low due to warm winter temperatures, sufficient overall supply, weak demand, and insufficient fundamental support [5]. 3. Summary by Relevant Catalog Main Variety Price Market Driving Logic - Commodity Futures Black Sector - Reference View: The intraday and medium - term view for thermal coal spot is "oscillation" [5]. - Core Logic: As of January 15, the FOB price of 5500K thermal coal at Qinhuangdao Port was 699 yuan/ton, a weekly increase of 6 yuan/ton. In mid - January, the temperature in coastal cities in China warmed up, reducing residents' heating demand. Although the temperature will drop significantly in late January, port and downstream power plant coal stocks are sufficient as of now. The coal market atmosphere is weak, and prices remain low. This week, main - producing area coal mines maintained normal production. Non - power terminal procurement was relatively stable, but due to the decline in power coal demand, some coal mines faced increased shipping pressure, and the mine - end atmosphere began to weaken. As of January 15, the total coal inventory of 9 ports in the Bohai Rim was 2705.1 million tons, a weekly increase of 33.8 million tons, and 171.2 million tons higher than the same period in 2025 [5].