煤炭行业周报：煤价承压依旧，静待需求恢复

Investment Rating - The investment ratings for key companies in the coal industry are as follows: - Shaanxi Coal Industry: Buy - China Shenhua: Hold - Yanzhou Coal Mining: Hold - Huaibei Mining: Hold - Lu'an Environmental Energy: Hold - Shanxi Coking Coal: Hold - Electric Power Investment Energy: Hold - Huayang Co.: Hold - Pingmei Shenma Energy: Hold - China Coal Energy: Hold - Shanxi Coal International: Hold [1][2][55] Core Insights - The report indicates that thermal coal prices are under pressure due to seasonal demand decline, with a focus on the recovery of terminal demand in the future. The report suggests that the core issue affecting coal prices is demand, and it is essential to monitor the recovery of demand closely [3][54]. - For coking coal, there is a weak recovery in steel consumption, and steel prices remain under pressure, leading to a passive price transfer from steel mills to upstream coking coal suppliers. The report anticipates that coking coal prices will remain stable in the short term, with a focus on the pace of iron and steel production recovery [3][54]. - The report recommends focusing on companies with stable performance and high return on equity (ROE), as well as those offering high dividends and safety margins. The recommended stocks include China Shenhua, Shaanxi Coal Industry, Huaibei Mining, Yanzhou Coal Mining, China Coal Energy, and Electric Power Investment Energy [3][54]. Summary by Sections 1. Weekly Data Tracking - Thermal coal prices at Qinhuangdao were reported at 840 RMB/ton, a decrease of 10 RMB/ton week-on-week. The long-term contract price for thermal coal (Q5500) in March 2024 was 708 RMB/ton, down 2.2% year-on-year and flat month-on-month [4][9]. - The inventory at northern ports increased to 23.71 million tons, up 1.71 million tons week-on-week. The average daily consumption for coastal provinces decreased to 1.842 million tons, down 76,000 tons week-on-week [4][14]. - The total coal production in Shanxi, Shaanxi, and Inner Mongolia was 27.06 million tons, a decrease of 350,000 tons week-on-week [4][23]. 2. Coking Coal and Coke - The price of coking coal at the main coking coal storage in Jingtang Port was reported at 1,950 RMB/ton, down 50 RMB/ton week-on-week. The price index for coke was 1,711 RMB/ton, down 76 RMB/ton week-on-week, while the cost index was 1,914 RMB/ton, down 15 RMB/ton [4][27][32]. - The report notes that the price of imported coking coal from Australia remained stable at 2,090 RMB/ton, while the price for Russian coking coal was 1,748 RMB/ton [4][27]. 3. Market News - In January-February 2024, the coal mining and washing industry achieved profits of 95.48 billion RMB, a year-on-year decrease of 36.8%. The main business income was 497.17 billion RMB, down 16.9% year-on-year [4][48]. - The report highlights a notice from Shanxi Province regarding the inspection and management of hidden disaster factors in coal mines, aimed at enhancing safety levels [4][49].