Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The port thermal coal market is trending stronger, with increased inquiries and significant price increases for low - calorie coal, while medium - and high - calorie coal has general demand and slightly higher prices. There are differences in market expectations, and some believe that price increases may not be sustainable during the off - season with high port inventories. The national raw coal production from January to February 2026 decreased slightly year - on - year [2][4] Group 3: Summary by Directory 1. Fundamental Tracking - **Origin Prices**: The price of Shanxi Datong 5500 is 580 yuan/ton, up 5 yuan/ton from the previous period and 30 yuan/ton from last year; Inner Mongolia Ordos 5500 is 527 yuan/ton, up 1 yuan/ton and 58 yuan/ton; Shaanxi Yulin 5800 is 597 yuan/ton, up 3 yuan/ton and 67 yuan/ton [3] - **Port Prices**: Qinhuangdao Port's Shanxi - produced Q5500 is 729 yuan/ton, up 6 yuan/ton and 55 yuan/ton; Q5000 is 646 yuan/ton, up 6 yuan/ton and 54 yuan/ton; Q4500 is 565 yuan/ton, up 4 yuan/ton and 47 yuan/ton [3] - **Overseas Prices**: Indonesia FOB Q3800 is 59.8 dollars/ton, unchanged from the previous period and up 8.8 dollars/ton from last year; Australia FOB Q5500 is 85.8 dollars/ton, unchanged and up 13.8 dollars/ton [3] - **March Long - term Agreement Prices**: Port Q5500 is 682 yuan/ton, up 2 yuan/ton and down 4 yuan/ton; Shanxi Q5500 is 519 yuan/ton, up 2 yuan/ton; Shaanxi Q5500 is 462 yuan/ton, up 1 yuan/ton; Mengxi Q5500 is 433 yuan/ton, up 2 yuan/ton [3] 2. Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal at Beigang) is 1 [4] 3. Macro and Industry News - On March 19, the port thermal coal market trended stronger, with more inquiries and concentrated transactions in low - calorie coal. The prices of upstream coal mines increased significantly, and some traders were reluctant to sell. However, port inventories were still accumulating, and market expectations were divided [4] - From January to February 2026, the national raw coal production was 76289 million tons, a year - on - year decrease of 0.3%. The daily average production was 1293 million tons, a decrease of 117 million tons from the previous period and 4 million tons from last year [4]