Group 1: Rubber Industry Report Industry Investment Rating Not provided Core View Short - term rubber prices are rebounding due to macro - sentiment and rainfall in production areas. It is advisable to wait and see in the short term and pay attention to the improvement of raw material supply after the weather in the main production areas gets better [2] Summary by Directory - **Spot Price and Basis**: On July 22, the price of Yunnan state - owned whole - miscible rubber in Shanghai was 14,950 yuan/ton, up 100 yuan or 0.67% from July 21. The basis of whole milk switched to the 2509 contract was - 110, down 65 or - 144.44%. The price of Thai standard mixed rubber was 14,650 yuan/ton, up 100 yuan or 0.69%. The non - standard price difference was - 410, down 65 or - 18.84%. The FOB intermediate price of cup rubber in the international market was 49.30 Thai baht/kg, up 0.70 Thai baht or 1.44%. The FOB intermediate price of glue in the international market remained unchanged at 54.50 Thai baht/kg [2] - **Fundamental Data**: In May, Thailand's rubber production was 272,200 tons, up 166,500 tons or 157.52% from the previous period; Indonesia's production was 200,300 tons, up 6,200 tons or 3.19%; India's production was 47,700 tons, up 2,300 tons or 5.07%; China's production was 97,000 tons, up 38,900 tons. The weekly opening rate of semi - steel tires for automobile tires was 75.99%, up 3.07 percentage points; the weekly opening rate of all - steel tires was 65.10%, up 0.54 percentage points. The domestic tire production in May was 102.749 million pieces, up 0.74%. The export volume of new pneumatic rubber tires in May was 60.31 million pieces, down 2.44%. The total import volume of natural rubber in May was 463,400 tons, up 2.21% [2] - **Inventory Changes**: On July 22, the bonded area inventory was 636,383 tons, up 0.63% from the previous value. The factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange was 36,691 tons, down 0.82% [2] Group 2: Polysilicon Industry Report Industry Investment Rating Not provided Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed high, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the crystalline silicon photovoltaic industry chain, there may still be room for growth in the future. Attention should be paid to the opening of arbitrage space after the price rises and the increase in warehouse receipts and arbitrage positions. It is necessary to control positions and manage risks [3][4][5] Summary by Directory - **Spot Price and Basis**: On July 22, the average price of N - type re - feeding materials remained at 46,000 yuan/ton; the average price of N - type granular silicon remained at 43,000 yuan/ton; the basis of N - type materials (average price) was - 3,105 yuan/ton, down 3,445 yuan or - 1013.24% [4] - **Futures Price and Inter - month Spread**: On July 22, the price of the PS2506 contract was 49,105 yuan/ton, up 3,445 yuan or 7.54% from July 21. The spread between PS2506 - PS2507 was 260 yuan/ton, up 15.56%; the spread between PS2507 - PS2508 was 235 yuan/ton, up 62.07% [4] - **Fundamental Data**: Weekly, the silicon wafer production was 11.10 GM, down 0.40 GM or - 3.48%; the polysilicon production was 23,000 tons, up 0.88%. Monthly, the polysilicon production was 101,000 tons, up 5.10%; the polysilicon import volume was 11,000 tons, up 16.59%; the polysilicon export volume was 22,000 tons, up 5.96% [4] - **Inventory Changes**: The polysilicon inventory was 249,000 tons, down 9.78%; the silicon wafer inventory was 16.02 CM, down 11.64%; the polysilicon warehouse receipts remained unchanged at 2,780 lots [4] Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed high, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the crystalline silicon photovoltaic industry chain, the price may continue to rise. Attention should be paid to whether the spot price will continue to increase. There is a risk of inventory accumulation due to the decline in silicone demand, and it is recommended to control positions and manage risks [5] Summary by Directory - **Spot Price and Main Contract Basis**: On July 22, the price of East China oxygen - passing S15530 industrial silicon was 9,700 yuan/ton, up 200 yuan or 2.11%. The basis of oxygen - passing SI5530 was - 195, down 81.25%. The price of East China SI4210 industrial silicon was 9,750 yuan/ton, up 200 yuan or 2.05%. The basis of SI4210 was - 505, down 195 or - 62.90% [5] - **Inter - month Spread**: On July 22, the spread between 2508 - 2509 was - 25 yuan/ton, down 25.00%; the spread between 2509 - 2510 was 85 yuan/ton, up 21.43% [5] - **Fundamental Data (Monthly)**: In May, the national industrial silicon production was 300,800 tons, down 41,400 tons or - 12.10%. Xinjiang's industrial silicon production was 167,500 tons, down 43,300 tons or - 20.55%. Yunnan's industrial silicon production was 13,500 tons, up 9.35%. Sichuan's industrial silicon production was 11,300 tons, up 145.65% [5] - **Inventory Changes**: The Xinjiang factory - warehouse inventory (weekly) was 123,600 tons, down 0.24%. The Yunnan factory - warehouse inventory (weekly) was 27,300 tons, up 0.37%. The Sichuan factory - warehouse inventory (weekly) was 23,000 tons, down 1.29%. The social inventory (weekly) was 547,000 tons, down 0.73%. The warehouse receipt inventory (daily) was 250,300 tons, down 0.18%. The non - warehouse receipt inventory (daily) was 296,700 tons, down 1.19% [5] Group 4: Log Futures Industry Report Industry Investment Rating Not provided Core View Recently, the sentiment of the log futures market has improved. However, currently, due to the high - temperature season, the demand for logs is in the off - season, and the spot price has declined. It is recommended to be cautious about chasing up in the short term and consider buying on dips during callbacks. Attention should be paid to market sentiment changes and policy expectations [6] Summary by Directory - **Futures and Spot Prices**: On July 22, the price of log 2507 was 825 yuan/m³, up 5 yuan or 0.61%. The price of log 2509 remained at 838 yuan/m³. The price of log 2511 was 842 yuan/m³, down 2.5 yuan or - 0.30%. The price of log 2601 was 853 yuan/m³, down 8 yuan or - 0.93% [6] - **Supply (Monthly)**: In June, the port shipping volume was 1.76 million m³, up 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea was 53, down 8.62% [6] - **Inventory**: As of July 18, the national coniferous log inventory was 3.29 million m³, up 70,000 m³ or 2.17% from July 11 [6] - **Demand**: As of July 18, the daily average log delivery volume was 62,400 m³, up 0.36 m³ or 6.12% from July 11 [6] Group 5: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View - **Soda Ash**: The soda ash market is greatly affected by policies and news in the short term, with significant price fluctuations. In the medium - term, the demand for soda ash has no obvious growth, and there is a risk of inventory accumulation. Attention should be paid to the production adjustment of upstream soda ash plants and risk avoidance [7] - **Glass**: The glass market is also affected by market sentiment. Currently, it is in the off - season, and the demand is under pressure. The industry needs to clear production capacity to reverse the situation. The short - term price is expected to fluctuate greatly, and risk avoidance is necessary [7] Summary by Directory - **Glass - related Prices and Spreads**: On July 22, the north - China glass quotation was 1,200 yuan/ton, up 20 yuan or 1.69%. The east - China quotation remained at 1,250 yuan/ton. The central - China quotation was 1,140 yuan/ton, up 10 yuan or 0.88%. The south - China quotation remained at 1,290 yuan/ton. The price of glass 2505 was 1,317 yuan/ton, up 77 yuan or 6.21%. The price of glass 2509 was 1,173 yuan/ton, up 92 yuan or 8.51% [7] - **Soda Ash - related Prices and Spreads**: The north - China soda ash quotation remained at 1,350 yuan/ton. The east - China quotation remained at 1,230 yuan/ton. The central - China quotation remained at 1,200 yuan/ton. The northwest quotation was 1,020 yuan/ton, up 40 yuan or 4.08%. The price of soda ash 2505 was 1,390 yuan/ton, up 84 yuan or 6.43%. The price of soda ash 2509 was 1,295 yuan/ton, up 79 yuan or 6.05% [7] - **Supply**: On July 18, the soda ash operating rate was 84.10%, up 3.42%. The weekly soda ash production was 733,200 tons, up 3.41%. The daily melting volume of float glass was 157,800 tons, down 0.38%. The daily melting volume of photovoltaic glass was 91,840 tons, down 2.70% [7] - **Inventory**: As of July 18, the glass factory inventory was 64.939 million heavy boxes, down 3.22%. The soda ash factory inventory was 1.9056 million tons, up 2.26%. The soda ash delivery warehouse inventory was 246,600 tons, up 3.61% [7]

Core Viewpoint - The chemical commodity prices are performing strongly due to multiple factors including anti-involution policies, infrastructure demand from the Yarlung Tsangpo River hydropower station, and supply disruptions from overseas chemical companies [1][2] Group 1: Industry Policies and Developments - The Ministry of Industry and Information Technology (MIIT) is set to launch a work plan for stable growth in the petrochemical industry, aiming to eliminate outdated production capacity and promote healthy industry development [2][4] - The current phase of eliminating outdated capacity in the chemical industry is entering an evaluation stage, which is expected to optimize the supply side and enhance the overall competitiveness of chemical facilities [2][4] - The "anti-involution" policy is driving the orderly exit of outdated production capacity, which is a significant factor in improving market sentiment [5] Group 2: Supply Chain Disruptions - A fire at Covestro's plant in Dormagen, Germany, has caused a supply disruption of key raw materials for TDI production, leading to a short-term contraction in TDI supply and a strong price increase [3] - As of July 22, the average market price for TDI in China reached 16,250 yuan per ton, with a price increase of over 4,000 yuan per ton since the beginning of July, reflecting a 26% increase year-to-date [3] Group 3: Key Products and Indices - The Petrochemical ETF (159731) and its connected funds (017855/017856) track the CSI Petrochemical Industry Index, which consists of stocks from the petrochemical sector, primarily focusing on basic chemicals and petroleum and petrochemicals [6]

Industry Investment Ratings - Iron ore: Upward [2] - Coking coal and coke: Upward [2] - Rolled steel: Stronger [2] - Glass: Upward [2] - Shanghai Composite 50 Index Futures/Options: Rebound [2] - CSI 300 Index Futures/Options: Sideways [4] - CSI 500 Index Futures/Options: Upward [4] - CSI 1000 Index Futures/Options: Upward [4] - 2 - year Treasury Bonds: Sideways [4] - 5 - year Treasury Bonds: Sideways [4] - 10 - year Treasury Bonds: Rebound [4] - Gold: Stronger Sideways [4] - Silver: Stronger [4] - Pulp: Sideways Upward [6] - Logs: Sideways Upward [6] - Soybean oil: Sideways Correction [6] - Palm oil: Sideways Correction [6] - Rapeseed oil: Sideways Correction [6] - Soybean meal: Sideways Upward [6] - Soybean No. 2: Sideways Upward [6] - Soybean No. 1: Sideways Upward [6] - Live pigs: Sideways Weaker [7] - Rubber: Sideways [9] - PX: Wait - and - See [9] - PTA: Wait - and - See [9] - MEG: Wait - and - See [9] - PR: Wait - and - See [9] - PF: Wait - and - See [9] Core Viewpoints - The report analyzes the market conditions of various commodities including black industry products, financial futures, precious metals, agricultural products, and chemical products. It takes into account factors such as supply - demand relationships, policy expectations, cost changes, and geopolitical situations to predict the price trends of these commodities [2][4][6][9]. Summaries by Categories Black Industry - **Iron ore**: Global iron ore shipments increased, with subsequent supply remaining abundant. During the industrial off - season, steel production decreased, but hot metal production rose. Port inventories slightly increased. In the short - term, influenced by policies and sentiment, prices rose strongly, breaking through the previous high of 800 yuan/ton. In the long - term, the supply - demand surplus pattern remains unchanged [2]. - **Coking coal and coke**: Anti - involution policy expectations are fermenting, making coking coal and coke the leading varieties in the black sector. After the second price increase, coke still faces cost pressure, and the market has a stronger expectation of future price increases. With hot metal production remaining high, the coke fundamentals are healthy, and the futures prices are expected to be stronger in the short - term [2]. - **Rolled steel**: The "anti - involution" policy has boosted supply - side sentiment. Although the central urban work conference was below expectations, the expectation of stable growth in the steel industry continued to push up market sentiment. During the off - season, construction material demand declined, but steel profits were okay, and inventory pressure was not significant [2]. - **Glass**: The "anti - involution" trading may continue. The demand for glass deep - processing orders weakened slightly, but speculative demand was strong. Supply is expected to increase, and there is pressure on the supply side. In the long - term, the real estate industry is in an adjustment period, and glass demand is difficult to rebound significantly [2]. Financial Products - **Stock Index Futures/Options**: The previous trading day saw increases in major stock indices. Some sectors had capital inflows while others had outflows. China's economic data reflects resilience, and market risk - aversion sentiment has eased. It is recommended to hold long positions in stock indices [4]. - **Treasury Bonds**: Market interest rates are consolidating, and Treasury bond prices are rebounding slightly. It is recommended to hold long positions in Treasury bonds with a light position [4]. - **Gold**: The pricing mechanism of gold is shifting from being centered on real interest rates to central bank gold purchases. Influenced by factors such as the US debt problem, trade tensions, and increased Chinese physical gold demand, the logic for the current gold price increase remains valid, and it is expected to be in a stronger sideways trend [4]. Agricultural Products - **Pulp**: The spot market price is stable. The decrease in raw material prices weakens cost support. The paper industry is in a low - profit state, and demand is in the off - season. Affected by the anti - involution policy, pulp prices are expected to be sideways upward [6]. - **Logs**: The daily shipping volume of logs at ports has increased. The supply pressure is not large, and cost support has strengthened. Affected by the anti - involution policy, log prices are expected to be sideways upward [6]. - **Oils and Fats**: The production of Malaysian palm oil decreased in June, but inventory increased. The increase in US biodiesel production supports soybean oil demand. Domestic oil inventories are rising, and after the previous increase, prices may correct in the short - term [6]. - **Meals**: The estimated US soybean production decreased, but the increase in end - of - year inventory exceeded expectations. The good growth of US soybeans and the positive bio - fuel policy support soybean prices. Domestic soybean imports are large, and meal prices are expected to be sideways upward [6]. - **Live pigs**: The average trading weight of live pigs is decreasing. The average settlement price of slaughter enterprises has slightly increased, but the price is in a downward trend. With sufficient supply and weak consumption, the average price of live pigs may decline in the future [7]. Soft Commodities and Chemicals - **Rubber**: Rainy weather in major rubber - producing areas has affected raw material supply. The tire industry's capacity utilization rate has a structural recovery, but is restricted by market demand. Rubber inventories are in a state of adjustment, and rubber prices are expected to be in a wide - range sideways trend [9]. - **PX**: In the short - term, the PX supply - demand remains tight, and the price follows the oil price [9]. - **PTA**: The cost is volatile, the supply has increased, and downstream demand has decreased. The price follows the cost in the short - and medium - term [9]. - **MEG**: The recent arrival volume is small, and port inventories are slightly decreasing. The supply pressure has eased, and the price is in a stronger sideways trend in the short - term [9]. - **PR and PF**: Affected by the macro - environment and market sentiment, the polyester bottle - chip and polyester staple - fiber markets are expected to have narrow - range fluctuations [9].

黑色建材日报 2025-07-23 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 3307 元/吨, 较上一交易日涨 83 元/吨（2.574%）。当日注册仓单 86534 吨, 环比持平。主力合约持仓量为 202.4507 万手，环比减少 71405 手。现货市场方面, 螺纹钢天津汇总价格 为 3330 元/吨, 环比增加 50/吨; 上海汇总价格为 3370 元/吨, 环比增加 50 元/吨。 热轧板卷主力合约收 盘价为 3477 元/吨, 较上一交易日涨 83 元/吨（2.445%）。 当日注册仓单 59549 吨, 环比减少 905 吨。主 力合约持仓量为 158.2445 万手，环比减少 1 ...

Monetary Policy Overview - The monetary policy has shifted to a stance of "moderate easing" this year, with comprehensive measures including cuts in reserve requirements and interest rates implemented in early May, leading to accelerated social liquidity and reduced financing costs [1] - The stable economic foundation and growth are essential for high-quality development, with monetary policy playing a crucial role in adjusting money supply and influencing economic activities [1] Monetary Supply and Economic Indicators - As of the end of June, the broad money supply (M2) grew by 8.3% year-on-year, while the narrow money supply (M1) increased by 4.6%, indicating a significant rise in the activity level of monetary funds [2] - The new corporate loan weighted average interest rate was approximately 45 basis points lower than the previous year, and personal housing loan rates were about 60 basis points lower, contributing to a GDP growth of 5.3% in the first half of the year [2] Financial Support for Key Areas - The central financial work conference emphasized the importance of supporting five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which are crucial for high-quality economic development [2] - The monetary policy has effectively guided financial resources towards key sectors, with loans in these areas growing significantly, such as a 27.4% increase in green finance loans [3] Price Levels and Monetary Policy Effectiveness - Weak price levels have been a prominent issue in the economy, necessitating a focus on promoting reasonable price recovery as a key consideration for monetary policy [4] - Despite continuous interest rate cuts, low price levels have kept real interest rates relatively high, which may suppress consumption and investment demand, indicating the need for ongoing adjustments in monetary policy [4]

数据来源：Wind、Mysteel、富宝资讯、广发期货研究所。请仔细阅读报告尾端免责声明。 免责声明 本报告中的信息均来源于被广发明货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整件不作任何保证。本报告反馈研究人员的不同观点、见解 的体制合合同意的。 但一会的权德主营。报影中的信息或所表达的意见并不构成所述品种实践的出价或询价、投资 改装定客户及其他专业人士、版权归广发期货所有、未经广发期货书面授权、任何人不得对本报告进行任何形式的发 。风险目控。本报告旨在发送给厂友拥资 知识图强, 求实奉献, 客户至上, 合作共赢 免责声明 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的不同观点、见解及 分析方法，并不代表广发明货或其附属机构的立场。在任何情况下，报告内容仅供参考，报告中的信息或所零达的意见歼不动成所法品种买来的出价或向价，投资寄据此 投资，风险自担。本报告旨在发送给广发明货特定客户及其他专业人士，版权旧厂发期货所有，未经了发期贫守面授权，任何人不得对本报告进行任何形式的发布、复制 。如引用、刊发，需注明 ...

——石化化工反内卷稳增长系列之四 石油化工/基础化工 增持（维持） 7 月 18 日，国务院新闻办公室举行新闻发布会，介绍 2025 年上半年工业和 信息化发展情况。工业和信息化部总工程师谢少锋表示，将实施新一轮钢铁、有 色金属、石化、建材等十大重点行业稳增长工作方案，推动重点行业着力调结构、 优供给、淘汰落后产能，具体工作方案将在近期陆续发布。 要点 点评： 事件： 2025 年 7 月 22 日 行业研究 老旧装置退出有望改善炼油景气度，炼化产业转型加速 炼油老旧装置占比较高，老旧产能淘汰助力行业竞争力提升 我国炼油行业起步较早，1958 年兰州石化投产填补了我国石油化工行业空 白，改革开放后炼油行业进入快速发展期，至 2000 年我国炼油能力为 3.6 亿吨， 2005 年我国原油加工量为 2.86 亿吨，为 2024 年原油加工量的 40%。炼油行业 发展过程中产生了大量建设历史较久老旧装置，根据中国石化 2001 年披露的 A 股招股说明书，2000 年中国石化拥有原油一次加工能力 1.3 亿吨，相当于公司 2024 年炼能的 44%，拥有 13 家炼能超过 500 万吨的炼厂和茂名、镇海、齐鲁、 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Short - term market trades on strong expectations under policy guidance such as "anti - involution" and "stable growth", and the improvement in the supply - demand situation of coal and coke drives the futures and spot prices to run strongly in resonance [2] Group 3: Summary According to the Report Content Market Performance - Yesterday, coal and coke futures prices rose strongly, with multiple coking coal contracts hitting the daily limit, and the night - session continued the strong trend [2] Policy Factor - The Ministry of Industry and Information Technology will implement a new round of stable growth work plans for ten key industries such as steel, and the specific work plans will be released soon, which stimulates the commodity prices to strengthen [2] Supply Side - Last week, coal mines in the main production areas of Shanxi continued the resumption rhythm, but the overall resumption process was still slow. The pressure of high supply and high inventory of coal mines was significantly reduced. Last week, the daily output of raw coal from 523 coking coal sample mines was 1.929 million tons, a week - on - week increase of 11,000 tons; raw coal inventory was 6.153 million tons, a week - on - week decrease of 276,000 tons; clean coal inventory was 3.391 million tons, a week - on - week decrease of 381,000 tons. In June, the import of coking coal was 9.108 million tons, a month - on - month increase of 23.3% and a year - on - year decrease of 7.69%; the cumulative import in the first half of the year was 52.8223 million tons, a year - on - year decrease of 7.95% [2] Demand Side - Recently, coking plants and steel mills have accelerated the replenishment of raw materials. The available days of coking coal inventory in factories have rebounded from the low level. The average daily hot metal output of steel mill blast furnaces has rebounded to 2.4244 million tons, a week - on - week increase of 26,300 tons [2]

钢铁板块近期表现强劲，多只个股连续涨停。柳钢股份更是走出了16天10板的惊人表现，成为市场关注焦点。这一轮上涨背后，既有政策层面的积极信号， 也有行业基本面的改善预期。 钢铁板块集体发力 钢铁板块在近期交易中展现出强劲的上涨势头。7月22日，钢铁板块持续拉升，西宁特钢、柳钢股份双双涨停，八一钢铁涨超5%，三钢闽光、方大特钢、华 菱钢铁等个股纷纷跟涨。这种集体上涨的态势在此前几个交易日中已有所显现。 7月21日，钢铁板块同样表现活跃，西宁特钢、八一钢铁、柳钢股份、重庆钢铁等个股涨停，抚顺特钢涨超8%。板块内个股的轮番上涨，显示出资金对钢铁 行业的关注度明显提升。从7月15日开始，钢铁板块就开始出现短线拉升的迹象，柳钢股份、盛德鑫泰、河钢股份、钒钛股份等个股相继走高。 这种持续性的板块轮动表明，市场对钢铁行业的预期正在发生变化。多只个股的连续涨停，不仅带动了板块整体情绪，也为后续的持续上涨奠定了基础。 在稳增长和"反内卷"等政策推动下，尾部产能面临更大的竞争压力，粗钢供给有望进一步优化。叠加远期铁矿新增产能的逐步释放，钢企盈利能力有望得到 修复。这种政策环境的改善，为钢铁板块的持续上涨提供了基本面支撑。 责任编辑 ...

Group 1 - The core viewpoint of the news is the significant rise in coal futures, particularly coking coal and coke, driven by supply constraints and seasonal demand increases [1][6][8] - The energy ETF (159930) saw a strong surge, with a trading volume exceeding 1 billion yuan and an increase of over 4% at one point [1][3] - Major coal stocks, including Shanxi Coking Coal and Shaanxi Coal and Chemical Industry, reached their daily price limits, indicating strong market performance [3][4] Group 2 - The government announced a new round of growth stabilization plans for key industries, including steel and coal, aimed at optimizing supply and eliminating outdated production capacity [4] - Coal production rates have been affected by environmental inspections, leading to a decrease in operational coal mines, which has tightened supply [4][7] - The price of thermal coal has rebounded, with the Qinhuangdao Q5500 thermal coal price reaching 642 yuan per ton, a 5.4% increase from its lowest point earlier this year [5][6] Group 3 - The current market for thermal coal is characterized by high seasonal demand and tightening supply, with operational coal mines in Shanxi, Shaanxi, and Inner Mongolia at a low utilization rate of 81.1% [7][8] - The inventory of coal at ports has decreased by 18.7% compared to the highest levels earlier this year, indicating a tightening supply situation [7] - The demand for electricity has increased due to high temperatures, leading to a rise in coal consumption for power generation [7][8]