研究所 能源化工研发报告 煤炭日报 2025 年 11 月 25 日 煤炭日报 【市场回顾】 现货市场：11 月 25 日，港口市场动力煤报价出现松动，现 5500 大卡报价 830-840 元/吨，5000 大卡报价 730-740 元/吨，4500 大卡报价 630-640 元/吨；内蒙地区非电企业 用煤 5500 大卡煤种价格处于 590 - 630 元/吨之间，5000 大卡煤种价格处于 500 - 540 元/ 吨之间，4500 大卡煤种价格处于 440 - 480 元/吨之间；榆林地区非电企业用煤 6000 大卡 煤的价格区间为 680-710 元/吨，5800 大卡煤的价格区间为 640-670 元/吨；山西非电企 业用煤 5500 大卡煤种价格处于 620 - 670 元/吨之间，5000 大卡煤种价格处于 550 - 600 元/吨之间，4500 大卡煤种价格处于 470 - 520 元/吨之间。江内港口 5500 大卡动力煤主 流报价 890-900 元/吨；5000 大卡报价 790-800 元/吨。 【重要资讯】 记者从中国国家铁路集团有限公司（以下简称"国铁集团"）获悉，今年 1 至 ...

研究所 能源化工研发报告 煤炭日报 2025 年 11 月 24 日 煤炭日报 【市场回顾】 现货市场：11 月 24 日，港口市场呈现买卖双方持续博弈的态势，整体报价持稳报 价持稳。现 5500 大卡报价 840-850 元/吨，5000 大卡报价 740-750 元/吨，4500 大卡报价 640-650 元/吨；内蒙地区非电企业用煤 5500 大卡煤种价格处于 620 - 670 元/吨之间，5000 大卡煤种价格处于 550 - 600 元/吨之间，4500 大卡煤种价格处于 470 - 520 元/吨之间； 榆林地区非电企业用煤 6000 大卡煤的价格区间为 680-710 元/吨，5800 大卡煤的价格区 间为 640-670 元/吨；山西非电企业用煤 5500 大卡煤种价格处于 620 - 670 元/吨之间，5000 大卡煤种价格处于 550 - 600 元/吨之间，4500 大卡煤种价格处于 470 - 520 元/吨之间。 江内港口 5500 大卡动力煤主流报价 890-900 元/吨；5000 大卡报价 790-800 元/吨。 【重要资讯】 记者从中国国家铁路集团有限公司（以下简称"国 ...

Group 1 - The average profit for independent coking plants in China is 19 CNY per ton of coke, with regional variations such as 20 CNY in Shanxi and 80 CNY in Shandong [1] - The average daily coke production from 247 sampled steel mills is 46.22 thousand tons, with a capacity utilization rate of 85.23% [1] - Coking coal inventory has increased to 797.08 thousand tons, with an available days supply of 12.97 days [1] Group 2 - Recent market conditions for coking coal have weakened, with the average profit for coke increasing by 53 CNY per ton, reaching a two-month high [2] - Independent coking enterprises have seen a 12.3% increase in coke inventory, totaling 652.9 thousand tons, while steel mill coke inventory has slightly decreased [2] - There are mixed opinions on future price adjustments, with some suggesting that weak downstream demand may lead to price reductions [2][3] Group 3 - The metallurgical coke prices in the Lüliang market have stabilized after a recent increase of 50-55 CNY per ton [3] - The average price for various grades of metallurgical coke ranges from 1685 to 1805 CNY per ton [3] Group 4 - The online auction prices for high-sulfur coking coal in the Lüliang market have decreased, with transaction prices between 1220 and 1250 CNY per ton [5] - The overall market for coking coal in the Jinzhong area is showing a weak trend, with prices remaining under pressure [6] Group 5 - The import market for coking coal is showing a weak trend, with Australian coking coal prices remaining stable at around 214.0 USD per ton [7] - The Mongolian coking coal market is also experiencing a downturn, with prices declining due to weak demand [8] Group 6 - China's coal imports for October 2025 reached 31.14 million tons, marking a 14.2% year-on-year decline [16] - The average coal price in Shanxi province was reported at 955.92 CNY per ton, with a 2.9% increase week-on-week [17]

Group 1: Report Information - Report Title: Coal Daily Report, November 20, 2025 [1] - Report Type: Energy and Chemical Research Report [6][9] - Researcher: Zhang Mengchao [5] - Contact Information: zhangmengchao_qh@chinastock.com.cn [5][13] Group 2: Market Review - Spot Market: On November 20, the port market showed a stalemate between supply and demand, with overall stable quotes. Different calorific value coal prices are provided for various regions including ports, Inner Mongolia, Yulin, Shanxi, and Jiangnei [2] Group 3: Important Information - Power Generation: In October, the power generation of industrial enterprises above designated size was 800.2 billion kWh, a year - on - year increase of 7.9%, 6.4 percentage points faster than in September. From January to October, the power generation was 8062.5 billion kWh, a year - on - year increase of 2.3% [3] Group 4: Logic Analysis - Supply: The impact of production restrictions still exists. The coal mine operating rates in the main coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia are generally stable. As of November 18, the coal mine operating rate in Ordos was 78%, and in Yulin was 46%. The daily coal output of Ordos and Yulin was over 3.9 million tons, and the domestic supply tightened overall [4] - Import: Chinese demand weakened, but international coal prices still rose. Indonesian precipitation affected the supply, and overseas cargo volumes were limited, with miners having a strong willingness to hold prices [4] - Demand: This week's demand was average. Chinese procurement demand weakened, while that of Japan and South Korea was average, and India's procurement demand did not improve. Most power plants' operating loads were in the 60% - 70% range, and their inventories were at medium - to - high levels [4] - Inventory: Railway transportation returned to normal. The daily average transportation volume of the Datong - Qinhuangdao Line was 1.3 million tons, and the number of approved trains by the Hohhot Railway Bureau was around 30. Port inventory was generally stable. As of November 20, the inventory of Bohai Rim ports was 24.48 million tons, at a neutral level in history [4] - Price Forecast: It is expected that coal prices will remain stable in the short term. The coal mine output in the main producing areas is low, power plant inventories are decreasing, and the import profit is open. Coastal power plants are increasing procurement, and port prices have risen [4] Group 5: Related Charts - Charts include coal inventories and consumption data of various regions and power plants from 2022 to 2025, such as national port inventory, power plant inventory, and daily consumption [7][8]

Group 1: Market Review - On November 19, the port market showed a stalemate between supply and demand, with overall stable quotes. The quotes for 5500 - calorie coal were 840 - 850 yuan/ton, 5000 - calorie coal were 740 - 750 yuan/ton, and 4500 - calorie coal were 640 - 650 yuan/ton. In different regions, non - electric enterprise coal prices also had corresponding ranges [2]. Group 2: Important Information - On November 14, the National Bureau of Statistics released data showing that the power production growth of above - scale industries in China accelerated. In October, the power generation of above - scale industries was 800.2 billion kWh, a year - on - year increase of 7.9%, 6.4 percentage points faster than in September; the daily average power generation was 25.81 billion kWh. From January to October, the power generation of above - scale industries was 8062.5 billion kWh, a year - on - year increase of 2.3% [3]. Group 3: Logic Analysis - Supply: The impact of production restrictions still exists. The coal mine operating rates in the main coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia were generally stable. As of November 18, the coal mine operating rate in Ordos was 78%, and in Yulin was 46%. The daily average coal output of Ordos and Yulin was over 3.9 million tons, and the domestic supply tightened overall. Import: China's demand weakened, but international coal prices still rose. Demand: This week, the demand was average. China's procurement demand weakened, Japan and South Korea's procurement was average, and India's procurement demand still did not improve. Supply: The rainfall in Indonesia still affected the tight supply of goods, the number of overseas cargoes was small, and miners were more willing to hold prices. Most power plants' operating loads were in the range of 60% - 70%, and the overall inventory of power plants was at a medium - high level. In market procurement, most power plants preferred to fulfill long - term contracts, and some power plants, expecting the subsequent market coal price to rise, chose to conduct a small amount of tender procurement for market coal. Inventory: Railway transportation returned to normal. The daily average transportation volume of the Datong - Qinhuangdao Line was 1.3 million tons, and the number of approved trains by the Hohhot Railway Bureau was around 30. The port inflow was stable, and the outflow remained high. As of November 19, the inventory of Bohai Rim ports was 24.4 million tons, at a neutral level over the years. The daily consumption of coastal power plants was low, but the inventory continued to decline, while the inventory of inland power plants was neutral. Overall, in mid - November, the coal production in the main producing areas was low. The coal operating rates in Ordos and Yulin were stable, with a daily average output of around 3.8 million tons, and the supply tightened. The power plant inventory continued to decline, the import profit was realized, and coastal power plants increased their procurement efforts. The port inflow and outflow were at low levels, and the port inventory fluctuated within a range. As the high - temperature weather across the country subsided, the daily consumption of power plants hovered at a low level, and the coal consumption was average. However, the inventory of coastal power plants was lower than the same period, and they continued to make rigid - demand purchases. The port FOB price rose continuously. With strengthened safety supervision at the mine mouth, the coal mine operating rate was low, and the production was average. The demand for chemical coal was acceptable, and the increase in the mine - mouth price narrowed. It is expected that the coal price will slow down in the short term [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The coal price is expected to slow down its upward trend in the short term. The supply is tightening as the coal production in major producing areas is running at a low level, and the coal prices at ports have been rising continuously. However, with the decrease in power plant consumption and the relatively stable port inventory, the upward momentum of coal prices is expected to weaken [4]. 3. Summary by Relevant Sections Market Review - On November 11, the port thermal coal market remained in a stalemate, with the supply and demand sides in a continuous game. The prices of different calorific value coal types in various regions are as follows: 5500 - kcal coal is priced at 840 - 850 yuan/ton in ports, 590 - 630 yuan/ton in Inner Mongolia for non - power enterprises, 620 - 670 yuan/ton in Shanxi for non - power enterprises, and 890 - 900 yuan/ton in Jiangnei ports; 5000 - kcal coal is priced at 740 - 750 yuan/ton in ports, 500 - 540 yuan/ton in Inner Mongolia for non - power enterprises, 550 - 600 yuan/ton in Shanxi for non - power enterprises, and 790 - 800 yuan/ton in Jiangnei ports; 4500 - kcal coal is priced at 640 - 650 yuan/ton in ports, 435 - 475 yuan/ton in Inner Mongolia for non - power enterprises, and 470 - 520 yuan/ton in Shanxi for non - power enterprises. The price of 6000 - kcal coal in Yulin for non - power enterprises is in the range of 680 - 710 yuan/ton, and the price of 5800 - kcal coal is in the range of 640 - 670 yuan/ton [2]. Important Information - In October 2025, China imported 4173.7 million tons of coal, a decrease of 451.1 million tons or 9.75% compared with the same period last year, and a decrease of 426.60 million tons or 9.27% compared with September. From January to October 2025, China imported a total of 38762.30 million tons of coal, a year - on - year decrease of 11% [3]. Logical Analysis - **Supply**: The impact of production restrictions still exists. The coal mine operating rates in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia are generally stable. As of November 10, the coal mine operating rate in Ordos is 71%, and that in Yulin is 46%. The daily average coal output of Ordos and Yulin is more than 390 million tons, and the domestic supply is generally tightening. The coal prices have generally risen due to strong Chinese procurement demand [4]. - **Demand**: The procurement demand in China is relatively strong, while that in Japan and South Korea is average. The overall market sentiment has improved driven by Chinese buyers. Most power plants are operating at a load of about 70%, and the number of available days of power plant inventory is at a medium - to - high level, with a relatively stable overall operation. Some power plants mainly rely on long - term contract fulfillment and basically achieve a balance between intake and consumption, while a few power plants make small - scale market purchases according to their own inventory structures [4]. - **Inventory**: Railway transportation has returned to normal. The daily average transportation volume of the Datong - Qinhuangdao Line is 1.3 million tons, and the number of approved trains by the Hohhot Railway Bureau is around 30. The port inventory is generally stable. As of November 10, the inventory of Bohai Rim ports is 22.91 million tons, at a neutral level over the years. The daily consumption of coastal power plants is low, but the inventory is continuously decreasing, and the inventory of inland power plants is neutral [4]. - **Overall Situation**: In mid - November, the coal production in major producing areas is running at a low level, the coal operating rates in Ordos and Yulin are stable, and the daily average output is around 3.8 million tons, with supply tightening. The power plant inventory is continuously decreasing, the import profit is available, and coastal power plants are increasing their procurement efforts. The port intake and output are at a low level, and the port inventory fluctuates within a range. With the end of the high - temperature period across the country, the daily consumption of power plants is hovering at a low level, and the coal consumption is average. However, the inventory of coastal power plants is lower than the same period, and they continue to make rigid - demand purchases, leading to a continuous increase in the port FOB price. The coal mine operating rate is low due to strengthened safety supervision at the mine mouth, and the output is average. The demand for chemical coal is acceptable, and the increase in the mine - mouth price has narrowed. It is expected that the coal price will mainly slow down its upward trend in the short term [4].

Group 1: Market Review - On November 10, port market quotes were firm. The 5500 - kcal coal was quoted at 840 - 850 yuan/ton, the 5000 - kcal at 740 - 750 yuan/ton, and the 4500 - kcal at 640 - 650 yuan/ton. Coal prices in different regions varied [2]. Group 2: Important Information - In October 2025, China imported 4173.7 million tons of coal, a decrease of 451.1 million tons (9.75%) compared to the same period last year and a decrease of 426.60 million tons (9.27%) compared to September. From January to October 2025, China imported 38762.30 million tons of coal, a year - on - year decrease of 11% [3]. Group 3: Logic Analysis - Supply: Restrictions on production still had an impact. The coal mine operating rates in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia were generally stable. As of November 10, the coal mine operating rate in Ordos was 71%, and in Yulin it was 46%. The daily coal output of Ordos and Yulin was over 390 million tons, and the domestic supply tightened [4]. - Import: China's procurement demand was strong, and coal prices generally rose. Indonesia's precipitation affected coal production and transportation, leading to a tight market supply [4]. - Demand: Most power plants maintained a load of around 70%. Power plant inventory days were at a medium - to - high level. Some power plants mainly fulfilled long - term contracts, achieving a balance between intake and consumption, while a few made small - scale market purchases [4]. - Inventory: Railway transportation returned to normal. The daily transportation volume of the Datong - Qinhuangdao line was 1.3 billion tons, and the number of approved trains by the Hohhot Railway Bureau was around 30. Port inventory was generally stable. As of November 10, the inventory of Bohai Rim ports was 2237 million tons, at a neutral level in history. Coastal power plants had low daily consumption but their inventory was continuously decreasing, while inland power plants had neutral inventory [4]. - Outlook: In mid - November, coal production in major producing areas was low. The coal operating rates in Ordos and Yulin were stable, with a daily output of around 380 million tons, and the supply tightened. Power plant inventory continued to decline, import profit margins opened up, and coastal power plants increased their procurement. Port intake and output were at low levels, and port inventory fluctuated within a range. As the high - temperature weather subsided nationwide, power plant daily consumption remained low, and coal consumption was average. However, coastal power plant inventory was lower than the same period, with continuous rigid - demand procurement. Port FOB prices continued to rise. With strengthened safety supervision at the mine mouth, the coal mine operating rate was low, production was average, and the demand for chemical coal was fair, so the mine - mouth price rose firmly. It was expected that coal prices would rise in the short term [4].

澳洲證券交易所、香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yancoal Australia Ltd ACN 111 859 119 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號：3668） （澳洲股份代號：YAL） 季度報告 截至2025年9月30日止季度 2025年10月20日刊發 * 仅供识别 本季度兗煤澳洲的可記錄總工傷頻率降至 5.71，仍然低於可比較行業加權基準。1 儘管本季度受到降雨因素干擾，但原煤總產 量與公司預測一致。商品煤總產量為1,230萬 噸（100%基準），與前一季度持平。如預期， 由於彌補了第二季度末因天氣因素導致船運 延遲而產生的銷售缺口，本季度的權益銷量 高於權益產量。 2025年第三季度整體煤炭銷售價格為140澳 元/噸，其中動力煤銷售價格保持穩定，冶金 煤銷售價格環比下降1%，銷售價格綜合反映 了煤炭價格指數、匯率和銷售合約結構的滯 後效應。 2025年運營指引（保持不變） ...

Core Viewpoint - The coal industry in China is experiencing a downturn in both revenue and profit due to a relaxed supply-demand situation and declining coal prices, with expectations for gradual improvement in the second half of 2025 as demand in non-electric sectors is anticipated to rise [1][7]. Group 1: Revenue and Profit Decline - Major coal companies, including China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, reported significant declines in both revenue and profit for the first half of 2025, with China Shenhua's revenue at 138.11 billion yuan and net profit at 24.64 billion yuan, down 18.34% and 12.0% year-on-year respectively [2][3]. - Shaanxi Coal and Energy's revenue fell to 77.98 billion yuan, a decrease of 14.19%, with net profit dropping 31.18% to 7.64 billion yuan, attributed to lower coal prices [2]. - China Coal Energy's revenue was 74.44 billion yuan, down 19.95%, and net profit decreased by 21.28% to 7.71 billion yuan, while Yanzhou Coal Mining's revenue was 59.35 billion yuan, down 17.93%, with net profit down 38.53% to 4.65 billion yuan [3]. Group 2: Market Characteristics - The coal market in the first half of 2025 showed a pattern of increased production but decreased prices, with national raw coal output rising by 5.4% to 2.4 billion tons, while coal imports fell by 11.1% to 22.2 million tons [4]. - The average price of thermal coal at Qinhuangdao Port dropped by approximately 22.2% to 685 yuan per ton [4]. - The overall revenue for the coal mining and washing industry decreased by 21% to 1.24 trillion yuan, with total profits down 53% to 149.16 billion yuan [4]. Group 3: Future Outlook - Despite the current downturn, several coal companies are optimistic about the second half of 2025, expecting a stabilization in coal prices and a slight recovery in demand due to seasonal factors and macroeconomic policies [7][8]. - Non-electric demand is projected to become a significant support for the market, with expectations for increased demand in the upcoming months, particularly during the "Golden September and Silver October" period [8]. - Companies like Yanzhou Coal Mining are implementing strategies to increase production and manage costs, anticipating a rise in coal output by over 40 million tons in the latter half of the year [6].

Core Viewpoint - Yancoal Energy reported a stable performance in the first half of the year despite challenges in the coal market and energy sector transformation, with a focus on increasing production, controlling costs, expanding markets, and strengthening management [1] Financial Performance - In the first half of the year, Yancoal Energy achieved operating revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan, with record-high coal production and enhanced profitability from the coal chemical segment [1] - The company expects continued implementation of measures in the second half, supported by stabilizing coal prices, effective capacity release, and profit contributions from the Northwest Mining integration [1] Market Outlook - The coal market is showing signs of price improvement and increased production, with market coal prices recovering since late June due to stricter production checks, safety regulations, and seasonal demand [1] - Yancoal Energy anticipates an increase of over 40 million tons in coal production by 2025, primarily in the second half of the year [1] Production Capacity - In the first half of the year, Yancoal Energy's Shaanxi-Mongolia and Australian bases showed significant production increases, with total coal production reaching 73.6 million tons, a year-on-year increase of 4.52 million tons or 6.5% [2] - The Shaanxi-Mongolia base achieved full production capacity, contributing 23.55 million tons, a year-on-year increase of 2.15 million tons or 10%, with key mines significantly boosting output [2] Supply and Demand Dynamics - Domestic supply is expected to be limited in the second half of 2025 due to increased production checks and adverse weather conditions, while imports are projected to continue declining due to policies restricting low-quality coal [3] - Demand is expected to improve, supporting coal price stability, with anticipated steady growth in electricity coal demand and increased coal consumption in the chemical sector [3] International Market Insights - The International Energy Agency predicts a slight increase in global coal demand in 2025, with Yancoal Energy noting limited production increases from major coal-producing countries and geopolitical uncertainties affecting international coal prices [3]