20251128-宝城期货-动力煤周报_观望情绪增加_港口煤价小幅走弱_7页_852kb

Report Summary:动力煤周报 (Power Coal Weekly Report)

• Investment Qualification: The firm holds Securities and Futures Business License No. 证监许可【2011】1778号.
• Core Analysis: Coal prices have stabilized and slightly declined due to balanced supply and demand factors. Supply remains below 2024 levels with October production at 4.07亿吨,同比下降2.3%. Demand is poised to increase in December with winter heating needs, potentially supporting prices.
• Key Data: As of November 27, Qinhuangdao Port 5500K coal price is 820元/吨, down from previous weeks. Inventory at Binhai 9 ports is 2641.2万吨, lower than last year. Imports and exports are stable, with international prices no change.
• Market Trends: Port and shipping costs have decreased. While supply is constrained by production cuts, demand surge expected next month could drive prices higher.
• Outlook: For December, the market is expected to balance with coal prices oscillating above 800元/吨, supported by seasonal demand and moderate supply constraints.