Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The domestic thermal coal price weakened again after a brief stabilization in late May. Although the safety supervision and environmental protection in coal - producing areas have increased in June, the impact on overall coal production is expected to be controllable during the peak summer demand period. The demand shows that the power plant coal consumption remains at a low level, and the inventory at Bohai Rim ports is gradually decreasing from a high level. The long - term loose supply pattern of coal has not changed, and it is likely that the peak season will not be prosperous. The coal price is expected to remain in low - level oscillation in the near future [5]. 3. Summary by Related Catalog Main Variety Price Market Driving Logic - Commodity Futures Black Sector (Thermal Coal Spot) - **Core Logic**: After a brief stabilization in late May, the domestic thermal coal price weakened again. In June, due to safety supervision and environmental protection in producing areas and the peak summer demand period, the impact on coal production is expected to be controllable. The 2025 flood - season climate forecast shows "more rain in the north and less in the south" this summer, with high temperatures in most areas. As of the end of May, the power plant coal consumption was at a low level, with the daily coal consumption of 8 coastal provinces' power plants at 171,100 tons (a week - on - week decrease of 16,500 tons) and that of 17 inland provinces' power plants at 280,600 tons (a week - on - week decrease of 35,700 tons). As of June 5, the total coal inventory at 9 Bohai Rim ports was 2,932,300 tons, with a significant week - on - week de - stocking of 157,400 tons and a year - on - year increase of 412,600 tons. The thermal coal peak season is approaching, but the long - term loose supply pattern remains unchanged, and the coal price is expected to oscillate at a low level [5]. - **Intraday and Medium - term Views**: The reference view is oscillation [5].