【煤炭开采】煤价加速下跌，关注夏季用电高峰对需求的拉动——行业周报（2025.5.5~2025.5.12）（李晓渊/蒋山）

Core Viewpoint - The article highlights the rapid decline in coal prices and emphasizes the upcoming summer electricity peak demand, which is expected to drive coal demand upward [3][4]. Group 1: Coal Price Trends - As of May 16, the coal inventory at the Qinhuangdao port was 7.6 million tons, a 0.93% increase week-on-week and a 48.15% increase year-on-year, marking the highest level for the same period [6]. - The coal inventory in the Bohai Rim ports stood at 32.53 million tons, a 1.57% decrease week-on-week but a 33.72% increase year-on-year, also at a record high for this time of year [6]. - The average closing price for Qinhuangdao port thermal coal (5500 kcal) was 619 yuan/ton for the week of May 11-16, down 19 yuan/ton (-3.05%) from the previous week [4]. Group 2: Seasonal Demand and Production - The summer electricity peak is approaching, which is expected to seasonally increase coal demand, necessitating attention to the extent of the demand surge during the peak season [3]. - The operating rate of 110 sample coal washing plants (approximately 50% of national washing capacity) was 62.1%, a decrease of 0.3 percentage points week-on-week and a 5.8 percentage points decrease year-on-year, remaining at a five-year low [5]. - The average temperature in 28 major cities was 26.99°C, which is at the median for the same period [5]. Group 3: Other Commodity Prices - The average price of thermal mixed coal at the Yulin pit (5800 kcal) was 491 yuan/ton for the week, down 19 yuan/ton (-3.73%) [4]. - The FOB price for thermal coal at Newcastle, Australia (5500 kcal) was $69/ton, a 0.71% decrease [4]. - The settlement price for European natural gas futures (DUTCH TTF) was €35/MWh, an increase of 2.60% [4]. - The Brent crude oil futures settlement price was $65.41/barrel, up 2.35% [4].