山西优混（优质的混煤，热值5500大卡）价格为767.0元/吨，较上期上涨40.7元/吨，涨幅5.6%。 大同混煤（大同产混煤，热值5800大卡）价格为808.8元/吨，较上期上涨43.1元/吨，涨幅5.6%。 焦煤（主焦煤，含硫量<1%）价格为1548.8元/吨，较上期上涨58.8元/吨，涨幅3.9%。 国家统计局公布的数据显示，10月下旬，全国各煤种价格均呈涨势，且涨幅较大。各煤种具体价格变化 情况如下： 无烟煤（洗中块，挥发份≤8%）价格904.0元/吨，较上期上涨30.0元/吨，涨幅3.4%。 普通混煤（山西粉煤与块煤的混合煤，热值4500大卡）价格587.4元/吨，较上期上涨32.5元/吨，涨幅 5.9%。 山西大混（质量较好的混煤，热值5000大卡）价格为676.4元/吨，较上期上涨41.1元/吨，涨幅6.5%。 数据显示，10月下旬无烟煤价格再次上涨，动力煤价格涨幅进一步扩大，焦煤价格明显上涨。 此外，10月下旬，全国焦炭（准一级冶金焦，12.01%≤灰分≤13.50%）价格1421.4元/吨，较上期上涨 25.0元/吨，涨幅1.8%。 ...

Core Insights - In late September, coal prices across various types in China experienced a comprehensive increase, indicating a shift in market dynamics [1] Price Changes Summary - Anthracite coal (washed middle block, volatile matter ≤8%) price reached 917.0 CNY/ton, up by 47.9 CNY/ton, a rise of 5.5% [1] - Ordinary mixed coal (Shanxi mixed coal with a calorific value of 4500 kcal) price was 544.0 CNY/ton, increasing by 14.7 CNY/ton, a rise of 2.8% [1] - Shanxi big mixed coal (higher quality mixed coal with a calorific value of 5000 kcal) price stood at 616.9 CNY/ton, up by 17.6 CNY/ton, a rise of 2.9% [1] - Shanxi premium mixed coal (high-quality mixed coal with a calorific value of 5500 kcal) price was 706.9 CNY/ton, increasing by 17.0 CNY/ton, a rise of 2.5% [1] - Datong mixed coal (Datong produced mixed coal with a calorific value of 5800 kcal) price reached 744.9 CNY/ton, up by 17.5 CNY/ton, a rise of 2.4% [1] - Coking coal (main coking coal, sulfur content <1%) price was 1478.6 CNY/ton, increasing by 57.2 CNY/ton, a rise of 4.0% [1] - In summary, anthracite coal prices continued to rise, while the trend for thermal coal shifted from divergence to collective increase, and coking coal prices reversed from decline to increase [1] Coking Coal and Coke Price Summary - In late September, the price of coke (quasi-first-grade metallurgical coke, ash content between 12.01% and 13.50%) was 1346.4 CNY/ton, down by 14.3 CNY/ton, a decline of 1.1% [1]

Core Insights - The price tracking system for important production materials indicates that as of mid-September 2025, out of 49 major production materials, 21 have seen price increases, 25 have decreased, and 3 remained stable, reflecting supply-demand improvements and seasonal demand support [2][3] Price Changes by Industry Segment - Upstream prices are showing strength, particularly in coal (including anthracite and various blends), non-ferrous metals (copper, aluminum, lead, zinc), certain chemicals (methanol, PVC, and petroleum benzene), and agricultural products (soybeans, peanuts, natural rubber, corrugated paper), indicating a favorable supply-demand balance [2][3] - Downstream prices are under pressure, especially in agricultural products (rice, wheat, cotton, live pigs), black metals (seamless steel pipes), certain chemicals (sulfuric acid, liquid alkali, polypropylene, polyester filament, urea), energy (liquefied natural gas, paraffin, refined oil), and construction materials (cement, pulp), reflecting weak downstream demand and significant supply pressures [2][3] Year-on-Year Data Analysis - The year-on-year data shows a continued pattern of "upstream pressure, midstream differentiation, and weak downstream" [3] - Upstream coal prices have dropped by 20% to 25%, with coke down over 10%, while energy remains sluggish; agricultural products like corn, soybeans, and cotton have seen slight increases, but live pig prices have fallen by over 30% [3] - Midstream steel prices have turned positive (+8% to +9%), with copper and aluminum maintaining high levels, while chemicals show significant differentiation, with sulfuric acid rising over 50% but PVC, polypropylene, and urea declining by 5% to 25% [3] Price Trends Across Different Industry Chains - As of September 2025, price trends across industry chains show differentiation: upstream coal stabilizing, slight recovery in thermal coal, weakness in international crude oil and natural gas, and fluctuations in iron ore at high levels, with copper and aluminum remaining strong while zinc and nickel face pressure [4] - The midstream composite index has slightly declined, with LME copper and aluminum remaining robust, while construction materials continue to decline; PVC has seen a slight recovery, and shipping rates (BDI) have surged, while polyester is down and viscose has rebounded [4] Industry Price Sentiment Tracking - In September, the industry chain continues to show price differentiation, with notable increases in upstream equipment, electrical machinery, new energy, information technology, and automotive materials, while chemicals and non-ferrous metals show phase strength leading to midstream cost increases [5] - Profitability in sectors like new energy and high-end equipment is expanding, while margins in textiles, chemical fibers, and non-metallic construction materials remain under pressure; the real estate and infrastructure sectors are in a recovery phase [5]

无烟煤（洗中块，挥发份≤8%）价格869.1元/吨，较上期上涨20.1元/吨，涨幅2.4%。 国家统计局公布的数据显示，9月中旬，全国各煤种价格涨跌互现。各煤种具体价格变化情况如下： 大同混煤（大同产混煤，热值5800大卡）价格为727.4元/吨，较上期上涨2.5元/吨，涨幅0.3%。 焦煤（主焦煤，含硫量<1%）价格为1421.4元/吨，较上期下跌0.5元/吨。 从上述数据可以看出，9月中旬，无烟煤价格继续上涨；动力煤价格走势仍然存在分化情况，但整体以 涨为主；焦煤价格依旧偏弱。 此外，9月中旬，全国焦炭（准一级冶金焦，12.01%≤灰分≤13.50%）价格1360.7元/吨，较上期下跌67.0 元/吨，跌幅4.7%。 普通混煤（山西粉煤与块煤的混合煤，热值4500大卡）价格529.3元/吨，较上期上涨2.7元/吨，涨幅 0.5%。 山西大混（质量较好的混煤，热值5000大卡）价格为599.3元/吨，较上期下跌3.7元/吨，跌幅0.6%。 山西优混（优质的混煤，热值5500大卡）价格为689.9元/吨，较上期上涨2.4元/吨，涨幅0.3%。 ...

大同混煤（大同产混煤，热值5800大卡）价格为739.7元/吨，较上期上涨6.3元/吨，涨幅0.9%。 焦煤（主焦煤，含硫量<1%）价格为1425.0元/吨，与上期持平。 从上述数据可以看出，8月下旬，无烟煤价格调转下跌；动力煤价格走势出现分化，低卡煤走弱，高卡 煤延续涨势；焦煤价格继续持稳运行。 普通混煤（山西粉煤与块煤的混合煤，热值4500大卡）价格557.4元/吨，较上期下跌7.1元/吨，跌幅 1.3%。 山西大混（质量较好的混煤，热值5000大卡）价格为625.3元/吨，较上期下跌4.2元/吨，跌幅0.7%。 山西优混（优质的混煤，热值5500大卡）价格为701.7元/吨，较上期上涨6.6元/吨，涨幅0.9%。 此外，8月下旬，全国焦炭（准一级冶金焦，12.01%≤灰分≤13.50%）价格1439.3元/吨，较上期上涨61.6 元/吨，涨幅4.5%。 国家统计局公布的数据显示，8月下旬，全国各煤种价格涨跌平互现。各煤种具体价格变化情况如下： 无烟煤（洗中块，挥发份≤8%）价格853.0元/吨，较上期下跌17.0元/吨，跌幅2.0%。 ...

Core Insights - The National Bureau of Statistics reported that coal prices in China predominantly increased in mid-August, with various types of coal showing different price changes [1] Price Changes Summary - Anthracite coal (washed medium block, volatile matter ≤ 8%) price reached 870.0 CNY/ton, an increase of 13.0 CNY/ton, or 1.5% from the previous period [1] - Ordinary mixed coal (Shanxi mixed coal with a calorific value of 4500 kcal) price was 564.5 CNY/ton, up by 23.5 CNY/ton, or 4.3% [1] - Shanxi large mixed coal (higher quality mixed coal, calorific value 5000 kcal) price stood at 629.5 CNY/ton, increasing by 23.5 CNY/ton, or 3.9% [1] - Shanxi premium mixed coal (high-quality mixed coal, calorific value 5500 kcal) price was 695.1 CNY/ton, up by 24.9 CNY/ton, or 3.7% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price reached 733.4 CNY/ton, an increase of 26.9 CNY/ton, or 3.8% [1] - Coking coal (main coking coal, sulfur content < 1%) price remained stable at 1425.0 CNY/ton [1] - In addition, the price of coke (quasi-first-grade metallurgical coke, ash content between 12.01% and 13.50%) was 1377.7 CNY/ton, up by 39.6 CNY/ton, or 3.0% [1]

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]

Core Viewpoint - The coal prices in China showed mixed trends in late July, with most coal types experiencing price increases, particularly coking coal, while anthracite prices declined [1] Price Changes Summary - Anthracite (washed middle block, volatile matter ≤8%) price is 835.8 CNY/ton, down 29.6 CNY/ton, a decrease of 3.4% [1] - Ordinary mixed coal (Shanxi powder and lump coal mix, calorific value 4500 kcal) price is 518.1 CNY/ton, up 16.7 CNY/ton, an increase of 3.3% [1] - Shanxi big mix (higher quality mixed coal, calorific value 5000 kcal) price is 583.1 CNY/ton, up 16.7 CNY/ton, an increase of 2.9% [1] - Shanxi premium mix (premium mixed coal, calorific value 5500 kcal) price is 647.3 CNY/ton, up 15.7 CNY/ton, an increase of 2.5% [1] - Datong mixed coal (Datong produced mixed coal, calorific value 5800 kcal) price is 682.6 CNY/ton, up 16.6 CNY/ton, an increase of 2.5% [1] - Coking coal (main coking coal, sulfur content <1%) price is 1375.0 CNY/ton, up 225.0 CNY/ton, an increase of 19.6% [1] - Coking coal prices showed the most significant increase, while anthracite prices shifted from rising to falling, with a mid-July increase of 4.3% [1] - In addition, the national coke (quasi-first-grade metallurgical coke, 12.01% ≤ ash content ≤ 13.50%) price is 1221.4 CNY/ton, up 108.3 CNY/ton, an increase of 9.7% [1]