动力煤：产地探涨，港口跌幅趋缓

Report Summary 1. Industry Investment Rating - No information provided in the report. 2. Core View - The short - term market for thermal coal has shown positive support, but considering inventory increases and the traditional off - season, the upside space and time for price increases are expected to be limited [2]. 3. Summary by Directory 3.1 Fundamental Tracking - 产地价格: The price of Shanxi Datong 5500 is 585 yuan/ton (unchanged from the previous period, 35 yuan higher than last year), Inner Mongolia Ordos 5500 is 526 yuan/ton (up 1 yuan from the previous period, 58 yuan higher than last year), and Shaanxi Yulin 5800 is 592 yuan/ton (up 4 yuan from the previous period, 71 yuan higher than last year) [1]. - 港口价格: The price of Qinhuangdao Port's Shanxi - produced Q5500 is 723 yuan/ton (unchanged from the previous period, 43 yuan higher than last year), Q5000 is 640 yuan/ton (down 1 yuan from the previous period, 43 yuan higher than last year), and Q4500 is 555 yuan/ton (unchanged from the previous period, 33 yuan higher than last year) [1]. - 海外价格: The price of Indonesian FOB Q3800 is 59.8 dollars/ton (unchanged from the previous period, 8.8 dollars higher than last year), and Australian FOB Q5500 is 85.8 dollars/ton (unchanged from the previous period, 13.8 dollars higher than last year) [1]. - March long - term agreement price: The price of Shanxi Q5500 is 519 yuan/ton (up 2 yuan from the previous period), Shaanxi Q5500 is 462 yuan/ton (up 1 yuan from the previous period), and Mengxi Q5500 is 433 yuan/ton (up 2 yuan from the previous period) [1]. 3.2 Macro and Industry News - On March 17, the demand for low - calorie coal inquiries at northern ports increased, mainly to supplement the reduction in imports with domestic trade. Traders' quotes gradually strengthened, and there was a sentiment of hoarding. The demand for inquiries for medium - and high - calorie coal was less than that for low - calorie coal, and the quotes were generally at or below the index [2]. - From January to February 2026, the national raw coal output was 76,289 million tons, a slight year - on - year decrease of 0.3%. The average daily output from January to February was 1.293 million tons, a decrease of 117,000 tons from the previous period and 4,000 tons less than the same period last year [2]. 3.3 Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal at northern ports) is - 1 [2].