宝城期货动力煤早报-20260120

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report suggests that the domestic thermal coal price rally has narrowed and stabilized again. The price of thermal coal will maintain a low - level operation due to warm winter temperatures, sufficient overall supply, weak demand, and insufficient fundamental support [5]. 3. Summary by Related Catalogs - Price and Inventory Data - As of January 15, the FOB price of 5500K thermal coal at Qinhuangdao Port was 699 yuan/ton, a slight weekly increase of 6 yuan/ton [5]. - As of January 15, the total coal inventory of 9 ports around the Bohai Sea 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]. - Market Driving Factors - In mid - January, the temperature in coastal cities in China warmed up, the demand for residential heating declined, and although the temperature will drop significantly again by late January, the coal inventory at ports and downstream power plants is sufficient as of now, leading to a weak market atmosphere and low - level price operation [5]. - This week, coal mines in the main production areas maintained normal production, non - power terminal procurement was relatively stable, but due to the decline in power coal demand, the shipping pressure of some coal mines increased, and the atmosphere at the mine end began to weaken [5].