Core Viewpoint - The market for thermal coal in the Bohai Rim is experiencing a slight stabilization in prices, with the index reported at 663 yuan per ton, down 6 yuan from the previous period, indicating a temporary easing of the supply-demand imbalance [1][2]. Group 1: Market Dynamics - The Bohai Rim thermal coal price index has decreased due to a drop in long-term contract prices, despite some positive factors emerging in the market [1]. - The reduction in production from major coal-producing regions has led to a slight increase in prices for certain high-quality coal types [1]. - Coal imports in May were reported at 36.04 million tons, a year-on-year decrease of 7.776 million tons and a month-on-month decrease of 1.785 million tons, indicating ongoing uncertainty in the import market [1]. Group 2: Inventory and Demand - As of June 11, coal inventories at the nine ports in the Bohai Rim have fallen below 29 million tons, a decrease of 13% from previous highs, suggesting improved port operations [1]. - The number of available days of coal for coastal provinces has dropped to below 20 days, indicating a potential increase in demand as the peak electricity consumption season approaches [1]. - Despite some recovery in market sentiment, overall coal inventory levels remain historically high, which continues to suppress price increases [2]. Group 3: External Factors - The implementation of freight rate reductions by some railway bureaus has lowered coal circulation costs in certain regions [2]. - The onset of the rainy season in southern regions is expected to increase hydropower output, putting additional pressure on thermal power generation [2]. - The non-electricity sector continues to exert downward pressure on raw material prices due to low profit margins, limiting the potential for price rebounds in the coal market [2].