动力煤：产地探涨，港口止跌

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On March 18, the market sentiment in the northern ports was positive, with strong price - holding intentions from upstream suppliers and a slight improvement in market transactions due to a small amount of downstream tendering and release of rigid demand. Market participants have different views on the future. Some think that high port inventories and rising freight rates will limit price increases, while others believe that international tensions support high energy prices, leading some terminals to turn to domestic trade, and with rising coal prices in major production areas, the market outlook is positive [2]. - From January to February 2026, the national raw coal output was 76,289,000 tons, a year - on - year decrease of 0.3%. The average daily output in January - February was 1,293,000 tons, a decrease of 117,000 tons from the previous month and 4,000 tons from the same period last year [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Coal Prices: The prices of coal in different regions and types have different changes. For example, in terms of origin prices, the price of Shanxi Datong 5500 coal is 580 yuan/ton, with a month - on - month increase of 5 yuan/ton and a year - on - year increase of 30 yuan/ton; in terms of port prices, the price of Qinhuangdao Port's Shanxi - produced Q5500 coal is 723 yuan/ton, with no month - on - month change and a year - on - year increase of 45 yuan/ton. The overseas prices of Indonesian FOB Q3800 coal is 59.8 US dollars/ton, with no month - on - month change and a year - on - year increase of 8.8 US dollars/ton [1]. - March Long - term Agreement Prices: The long - term agreement price of port Q5500 coal is 682 yuan/ton, with a month - on - month increase of 2 yuan/ton and a year - on - year decrease of 4 yuan/ton [1]. 3.2 Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal in the northern ports) is 0 [2].