【煤炭开采】高库存压力凸显，煤价进一步下跌——煤炭开采行业周报（2025.5.5~2025.5.12）（李晓渊/蒋山）

Core Viewpoint - The article highlights the significant pressure from high coal inventories leading to a further decline in coal prices, indicating a weak short-term demand in the market [2][3]. Group 1: Coal Inventory and Prices - As of May 9, coal inventory at the Tangshan port reached 33.051 million tons, an increase of 6.50% month-on-month and 42.15% year-on-year, marking the highest level for the same period in five years [2][5]. - The average closing price of thermal coal at Qinhuangdao port for the week of May 5-9 was 638 RMB/ton, down 14 RMB/ton (-2.18%) compared to the previous week, indicating that downstream pressure is greater than upstream [3][5]. - The average price of thermal mixed coal at the Yulin pit was 510 RMB/ton, a decrease of 6 RMB/ton (-1.21%) week-on-week [3]. Group 2: Production and Utilization Rates - The operating rate of 110 sample coal washing plants, accounting for approximately 50% of national washing capacity, was 62.4%, down 0.5 percentage points month-on-month and 1.7 percentage points year-on-year, remaining at a five-year low [4]. - The capacity utilization rate of 247 blast furnaces was 92.09%, up 0.09 percentage points month-on-month and 4.42 percentage points year-on-year, with an average daily pig iron output of 2.457 million tons, reflecting a slight increase [4]. Group 3: Other Relevant Data - The average temperature in 28 major cities was 23.87°C, which is at the median for the same period [4]. - The outflow rate from the Three Gorges Dam was 8,783 cubic meters per second, an increase of 2.42% month-on-month but a decrease of 38.40% year-on-year [4].