【煤炭开采】长协支撑较强，煤价止跌企稳——煤炭开采行业周报（2025.3.3~2025.3.9）（李晓渊/蒋山）

Core Viewpoint - The coal price has stabilized after a period of decline, supported by long-term contracts and industry initiatives to control production [3][4]. Group 1: Coal Price Trends - The average price of Qinhuangdao port thermal coal (5500 kcal) for the week of March 3-9 is 686 CNY/ton, down by 19 CNY/ton (-2.70%) from the previous week [4]. - The average price of thermal mixed coal in Yulin, Shaanxi (5800 kcal) is 528 CNY/ton, a decrease of 1 CNY/ton (-0.19%) [4]. - The FOB price of thermal coal in Newcastle, Australia (5500 kcal) is 76 USD/ton, down by 1.38% [4]. Group 2: Production and Inventory Levels - The operating rate of 110 sample washing coal plants (about 50% of national washing capacity) is 61.3%, a decrease of 1.4 percentage points week-on-week and 6.6 percentage points year-on-year, remaining at a five-year low [5]. - The capacity utilization rate of 247 blast furnaces is 86.54%, an increase of 0.96 percentage points week-on-week and 3.43 percentage points year-on-year, with a daily average pig iron output of 230.57 million tons, up by 1.1% week-on-week and 3.8% year-on-year [5]. - As of March 7, coal inventory at Qinhuangdao port is 7.49 million tons, up by 10.47% week-on-week and 37.68% year-on-year, indicating a high level compared to the same period last year [6]. Group 3: Natural Gas and Oil Prices - The settlement price of European natural gas futures (DUTCH TTF) is 42 EUR/MWh, down by 6.14% [4]. - The settlement price of Brent crude oil futures is 70.36 USD/barrel, down by 3.85% [4].