动力煤周报：煤价或继续小幅上探-20260330

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The coal price may continue to rise slightly. The current production has basically recovered, and coal supply remains at a high level. Miners intend to hold up prices. Although it has entered the traditional off - season, the inventory available days are higher than the safety line, and there is no overall restocking pressure. Some imports have shifted to domestic trade, providing some support for coal prices. The non - power industries such as building materials and chemicals have seen a steady increase in the operating rate, and non - power coal consumption has increased [2][3][17] 3. Summary by Relevant Catalogs News and Information - The Emergency Management Department requires maintaining a high degree of sensitivity and a strict atmosphere to effectively prevent and resolve major safety risks, and to implement the central safety production assessment and inspection. [6] - Inner Mongolia plans to better coordinate the high - quality development and high - proportion consumption of new energy in 2026. The annual power generation will reach 910 billion kWh, with new energy power generation exceeding 300 billion kWh; the external power transmission will exceed 360 billion kWh, including 100 billion kWh of green power. It will also promote the construction of the power grid and regulation capacity [6] Market Data Tracking - The report presents multiple figures including the spot price of thermal coal at Qinhuangdao Port, the price difference between futures and spot of thermal coal, the Bohai Rim thermal coal index, international coal prices, coal inventory at Qinhuangdao Port, and the number of anchored ships at Qinhuangdao Port, with data sources from Wind and Baocheng Futures [8][9][10][11][16] Market Outlook - The capacity utilization rate of 462 mines nationwide is 92.9%, a 1.8 - percentage - point increase from the previous week; the daily average output is 5.606 million tons, a 108,000 - ton increase from the previous week. Coal mines in Shanxi maintain normal production mainly for long - term contract shipments, and the coal supply level is basically stable. Most coal mines in Shaanxi maintain normal production and sales, and the overall supply runs smoothly. Coal production in Inner Mongolia is steadily released, and the capacity utilization rate continues to rise [16] - This week, the price of imported thermal coal fluctuated slightly. The price of port thermal coal showed a strong and volatile trend, and most traders' asking prices were firm under cost support [16] - With the gradual rise in temperature, the residential electricity demand has weakened, and the terminal's overall coal inventory available days remain at a safe level, with basically no restocking pressure. The daily consumption of 493 power plants is 4.014 million tons per day, and the on - site coal inventory is 90.49 million tons, both of which have decreased. Attention should be paid to whether non - power demand remains strong [16]