产地方面，受前期暴雨、超产核查及安监升级影响，部分煤矿减产停产，产量维持低位，但对煤价提振 有限，部分煤矿因库存压力下调价格，单次降幅最高达26元/吨，且调降数量与幅度均超调涨，产地煤 价呈现"少数调涨、多数稳降"态势，多数煤矿以长协交货为主，市场煤交易清淡，观望情绪浓厚。 新华财经太原9月3日电 秦皇岛煤炭网3日发布的环渤海动力煤价格指数报收于676元/吨，环比上涨5元/ 吨。分析认为，本周期煤炭市场受供需两端及进口煤等因素影响，价格承压下行，产地调降居多，需求 端整体疲弱，港口价格底部支撑不足，贸易商已现低价抛售，成交多以长协为主，本期环渤海动力煤价 格指数在长协补涨带动下大幅上涨。 （文章来源：新华财经） 港口方面，8月下旬环渤海港口煤价开启连跌模式，贸易商为缓解出货压力低价抛货，下游"买涨不买 跌"心态逐步加强，虽港口库存持续下滑，截至9月3日，环渤海九港存煤2219万吨，低于去年同期137万 吨，但库存下降主要依赖长协拉运，未能扭转市场弱势。 后续来看，短期煤价将继续受需求疲弱主导承压，但港口库存低位、政策托底及"金九"非电需求复苏预 期，为煤价提供支撑。 进口煤方面，印尼能源与矿产资源部发布9月上 ...

整体来看，现阶段物流环节对煤炭向港口及下游转移形成制约，造成沿海煤炭市场呈现供给偏弱、需求 释放缓慢的局面，待时段性影响消退，整体煤炭运输环节恢复周转秩序，需求端增量大概率强于供给端 增量，沿海煤炭价格仍存一定的上行空间。 新华财经太原8月6日电（记者张磊）秦皇岛煤炭网6日发布的环渤海动力煤价格指数报收于668元／吨， 环比上行3元／吨。该网分析认为，多因素交织作用于沿海煤炭市场，买卖双方博弈升级，基于集港货 源不足、终端采购需求陆续释放等因素，部分贸易商捂盘惜售、看涨情绪高涨，接连抬高报价，对沿海 煤价形成较强支撑。在长协、现货价格双双上涨带动下，环渤海动力煤价格指数连续4周上涨。 （文章来源：新华财经） 供应方面，频繁降雨制约主产地煤炭生产及运输作业，部分路段封闭维修施工影响煤炭运输，再加上发 运港口价格倒挂矛盾加剧，整体煤炭外运积极性较差，大秦铁路日运量已连续12日运行在100万吨及以 下水平，当周日均运量92万吨。集港货源严重不足，致使港口煤种结构性失衡情况加重，进而支撑部分 贸易商挺价心理，助推港口煤价上行。 需求方面，台风对沿海地区影响减弱，周度后期高温势力快速发展，居民用电负荷再次提升，用电需求 ...

入伏以来，沿海台风及降雨天气使得大范围高温有所缓和，也增强了区域内水电出力替代能力，电煤日 耗继续冲高势头有所减弱。数据显示，近期沿海八省电煤日耗基本维持在225万吨左右，整体库存保持 在3500万吨以上相对高位。同时在南方及江内港口库存充足、进口煤保持价差优势等情况下，北上采购 积极性持续受限。 整体来看，沿海煤炭市场正值迎峰度夏消费旺季，叠加政策端严查煤矿超产、货源供应收紧的预期导 向，供需基本面或将进入逐步调整修复阶段，预计短期内市场双方依然难改僵持博弈局面。 （文章来源：新华财经） 新华财经太原7月30日电 秦皇岛煤炭网30日发布的环渤海动力煤价格指数报收于665元／吨，环比上行1 元／吨。分析认为，煤炭市场供应端扰动增加，坑口货源周转及集港受到限制，港口环节可流通货盘供 应延续偏紧，市场煤价重心保持惯性上移，本周期环渤海动力煤综合价格指数继续上行。 进入北方汛期以来，晋陕蒙主产区强降雨对煤矿产销带来实质性影响，尤其露天煤矿临时停产情况增 多，叠加月末部分煤矿完成产能任务后停产及减产情况，市场货源供应及周转受到较大限制。同时，国 家能源局等相关部门将对晋蒙等八省区煤矿开展超产核查，国内煤炭产量增速或将 ...

电煤消费旺季特征增强。我国大部地区出现持续性高温与降雨天气，体感闷热潮湿提振居民用电需求， 部分地区电网最高用电负荷创历史新高。本周期，电煤消费旺季特征增强，且呈现区域性差异，其中华 东地区电厂耗煤量周环比骤增14%，拉动沿海八省电厂耗煤量上涨超一成，存煤可用天数降至16天左 右，达到今年以来最低值，终端补库动能有所增强。 秦皇岛煤炭网9日发布的环渤海动力煤价格指数报收于662元／吨，环比下行2元／吨。分析认为，电煤 消费旺季特征增强后，沿海煤炭市场信心有所修复，活跃度增强，现货价格进入上行通道，但随着新月 度长协逐步兑现，长协价下行拖累整体走势。本周期，环渤海动力煤综合平均价格小幅下降。 集港货源少量收缩。近期山西、内蒙古地区迎来较强降雨过程，时段性影响露天煤矿生产及运输作业， 煤炭供应出现少量收缩。本周期，大秦线及张唐线日均发运量仅有129万吨，周环比下降8.5%，集港货 源略显不足，一定程度上支撑卖方挺价心理。 （文章来源：新华财经） 进口煤补充不及预期。近段时间内外贸价差缩小后，进口煤价格不具备明显优势，再加上外盘报价相对 坚挺、终端采购策略调整，进口煤周度到岸量始终维持偏低位水平，较去年同期低四成左 ...

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].

Core Viewpoint - The coastal coal market is experiencing a rapid decline in prices due to weak demand and excessive inventory, with the Qinhuangdao coal price index reported at 671 yuan/ton, down 2 yuan/ton from the previous period [1] Group 1: Market Conditions - The inventory at Qin-Tang-Cang ports remains high at over 33 million tons, nearly 9 million tons higher than the same period last year, representing an increase of about 40% [1] - The supply-demand imbalance is characterized by strong supply and weak demand, leading to a pessimistic market outlook and a rapid downward trend in coastal coal prices [1] Group 2: Future Outlook - In the short term, the coastal coal market is expected to continue its downward trend due to a lack of trading activity [2] - Positive factors may emerge with the implementation of national policies to boost domestic demand and the onset of the traditional peak summer coal procurement phase, which could improve market expectations [2] - As coal prices approach the breakeven point for high-cost mines, there is an increased willingness for production adjustments, enhancing the potential for supply-demand rebalancing in the coastal coal market [2]

Group 1 - The core viewpoint indicates that the coastal coal market is experiencing a strong supply and weak demand situation, leading to continuous price pressure [1][2] - The Qinhuangdao coal price index reported a decrease of 4 yuan/ton, settling at 673 yuan/ton, marking a continued decline in coal prices for six consecutive months [1] - The inventory levels at coastal ports have been rising, with daily coal consumption at coastal power plants remaining low due to the off-peak season [1] Group 2 - The Daqin line's spring maintenance has concluded, restoring daily transport capacity to a normal level of 1.2 million tons, with port inventories maintaining a high level of over 32 million tons [1] - Coastal power plants are primarily focused on inventory reduction, with coal consumption dropping to seasonal lows and the number of vessels at anchor in the Bohai Sea ports reaching a historical low of 37 [1] - Looking ahead, there is an expectation for a gradual recovery in domestic coal prices as non-electricity sector demand resumes and the delayed effects of reduced imports during the off-peak season become apparent [2]