本报告期(2026年8月19日至2026年8月25日)，环渤海动力煤价格指数报收于717元/吨，环比持平。

During this reporting period (from August 19, 2026 to August 25, 2026), the price index of thermal coal in the Bohai Rim region closed at 717 yuan per ton, remaining unchanged compared with the previous period.

从环渤海六个港口交易价格的采集情况看，本期共采集样本单位80家，样本数量328条。5500K热值(硫分：0.6%-1%)的现货综合价格为863元/吨，长协综合价格为701元/吨，现货与长协的计算比例为1：9。从计算结果看，本报告期，24个规格品价格全部持平。

Based on the collection of transaction prices from six ports along the Bohai Sea, a total of 80 sample units were collected this period, with a total of 328 samples. The spot market comprehensive price of 5500K calorific value (sulfur content: 0.6%-1%) was 863 yuan per ton, while the long-term contract comprehensive price was 701 yuan per ton. The calculation ratio of spot market to long-term contract was 1:9. From the calculation results, it can be seen that the prices of all 24 specifications remained unchanged this reporting period.

分析认为，本周期沿海煤炭市场多空因素交织博弈，周初市场交投偏谨慎，煤价平稳运行，周期后半段受供给端强势支撑，沿海煤价小幅反弹，但整体涨势较小，本期沿海煤炭市场综合价格暂时保持平稳。

The analysis suggests that during this period, the coastal coal market was characterized by a complex interplay of supply and demand factors. At the beginning of the week, market trading was cautious, and coal prices remained stable. In the latter part of the period, supported by strong supply-side conditions, coastal coal prices saw a slight rebound. However, the overall increase was relatively small. The overall price of the coastal coal market remained stable for the time being this period.

一、产地安监持续从严，产量受限夯实价格底部。本周期晋陕蒙主产区安全督查保持高压态势，煤矿合规管控力度加码，多数矿井产能释放受到约束，整体煤炭生产及发运增量有限，周期内大秦线周均运量仅100万吨。产地供货节奏偏缓，坑口煤价保持坚挺，上游发运成本居高不下，持续为沿海现货煤价构筑底部支撑。

1. The local safety supervision authorities have maintained a strict approach, limiting production and consolidating the bottom of the price. During this period, the safety inspections in the main production areas of Shanxi, Shaanxi and Inner Mongolia remained at a high level. The compliance control measures for coal mines were intensified, and the production capacity release of most mines was restricted. The overall increase in coal production and shipment was limited, and the average weekly transportation volume on the Dacheng Railway was only 1 million tons. The supply rhythm in the production area was relatively slow, the spot coal prices at the coal pits remained firm, and the upstream transportation costs remained high, continuously providing a bottom support for the spot coal prices in the coastal areas.

二、出伏气温逐步回落，终端需求呈季节性走弱。随着全国全面出伏，叠加台风天气影响，高温天气逐步消退，民生消暑用电负荷持续回落。同时流域来水条件改善，水电出力好于上年，对火电替代作用增强，沿海电厂日耗震荡下行，较去年同期偏低10万吨，终端耗煤需求进入季节性回落周期。目前终端仅维持刚需采购，主动补库意愿偏弱，对煤价持续上涨形成明显压制。

II. After the summer solstice, temperatures gradually decrease, and end-user demand shows seasonal weakness. With the nationwide summer solstice over and the influence of typhoon weather, the high-temperature period gradually subsides, and the load for cooling and relief during daily life continues to decline. At the same time, the water inflow conditions in the river basins have improved, and the hydropower output is better than that of the previous year, enhancing the substitution effect for thermal power. The daily consumption of coastal power plants has fluctuated downward, being 100,000 tons lower than the same period last year. The demand for coal consumption at the end-user level has entered a seasonal decline cycle. Currently, the end-users only maintain necessary purchasing, and the willingness to actively replenish stocks is weak, which has significantly suppressed the continuous rise in coal prices.

三、港口环节倒挂严重，后市预期存在分歧。路局优惠政策吸引力逐渐下降，货源集港增量不及前期，使得港口存煤短暂累库后再度进入下行通道，环渤海九港存煤跌破2600万吨。产地煤价持续上涨使得港口环节倒挂严重，前期获利盘出货顺畅，而后续货盘贸易商操作谨慎，加之终端对价格接受度不高，实际成交有限，港口环节交投僵持观望，对本轮价格涨势并不乐观，后市预期依旧存在分歧。

III. The reverse situation is severe in the port sector, and there are differences in market expectations. The attractiveness of the railway bureau's preferential policies has gradually declined. The increase in cargo volume for storage at the ports has not reached the level of the previous period, resulting in a brief accumulation of coal in the ports before entering a downward trend again. The coal reserves at the nine ports in the Bohai Rim region have dropped below 26 million tons. The continuous rise in coal prices at the production sites has exacerbated the reverse situation in the port sector. In the early stage, the profits were sold out smoothly, but in the subsequent period, trading dealers were cautious in their operations. Moreover, the end-users' acceptance of the prices was not high, and the actual transactions were limited. The trading in the port sector was in a stalemate and wait-and-see mode, making it pessimistic to be optimistic about the current price rise. There are still differences in market expectations for the future.

综合来看，当前沿海煤炭市场供需博弈格局延续，终端需求存在阶段性回落预期，但产地供给收缩为煤价提供有力底部支撑，集港运量增量有限，港口累库进程不畅，预计短期沿海煤价将保持窄幅反弹趋势，后续需重点关注内外贸供给变化、气象因素对货源周转的影响以及终端存耗变动等。

Overall, the current supply-demand balance in the coastal coal market continues. There is an expectation of a temporary decline in terminal demand. However, the contraction in supply from the production areas provides a strong bottom support for coal prices. The increase in port receiving volume is limited, and the process of port coal accumulation is not smooth. It is expected that the coastal coal prices will maintain a narrow rebound trend in the short term. In the future, it is necessary to pay close attention to changes in domestic and foreign supply, the impact of meteorological factors on the circulation of supply sources, and changes in terminal consumption and storage.

沿海航运市场方面，秦皇岛海运煤炭交易市场发布的海运煤炭运价指数(OCFI)显示，本报告期(2026年8月19日至2026年8月25日)，沿海煤炭运价指数整体下行。截至2026年8月25日，运价指数报收1011.68点，与8月18日相比下行49.34点，降幅4.65%。

In the coastal shipping market, the Ocean Coal Freight Index (OCFI) released by Qinhuangdao Shipping Coal Trading Market shows that during this reporting period (from August 19, 2026 to August 25, 2026), the overall coastal coal freight index has declined. As of August 25, 2026, the freight index closed at 1011.68 points, down 49.34 points from August 18, representing a decrease of 4.65%.

具体到部分主要船型和航线，2026年8月25日与8月18日相比，秦皇岛至广州航线5-6万吨船舶的煤炭平均运价报53.5元/吨，环比下行1.0元/吨;秦皇岛至上海航线4-5万吨船舶的煤炭平均运价报36.6元/吨，环比下行4.9元/吨;秦皇岛至江阴航线4-5万吨船舶的煤炭平均运价报38.3元/吨，环比下行4.2元/吨。

Specifically for some major vessel types and routes, compared with August 18th, on August 25th, the average coal freight rate for 5-6 vessels on the Qinhuangdao-Guangzhou route was reported at 53.5 yuan/ton， down by 1.0 yuan/ton compared with the previous period； the average coal freight rate for 4-5 vessels on the Qinhuangdao-Shanghai route was 36.6 yuan/ton， down by 4.9 yuan/ton compared with the previous period； and the average coal freight rate for 4-5 vessels on the Qinhuangdao-Jiangyin route was 38.3 yuan/ton， down by 4.2 yuan/ton compared with the previous period.