本报告期(2026年6月24日至2026年6月30日)，环渤海动力煤价格指数报收于712元/吨，环比下行2元/吨。

During this reporting period (from June 24, 2026 to June 30, 2026), the price index of thermal coal in the Bohai Rim region closed at 712 yuan per ton, with a decrease of 2 yuan per ton compared to 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322条。5500K热值(硫分：0.6%-1%)的现货综合价格为842元/吨，长协综合价格为697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个规格品中有13个规格品价格下行，降幅均为5元/吨，其余规格品价格持平。

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 322 samples. The spot market comprehensive price of 5500K calorific value (sulfur content: 0.6%-1%) was 842 yuan per ton, while the long-term contract comprehensive price was 697 yuan per ton. The calculation ratio of spot market to long-term contract was 1:9. From the calculation results, in this reporting period, the prices of 13 out of 24 specifications decreased by 5 yuan per ton, while the prices of the remaining specifications remained unchanged.

分析认为，本周动力煤整体呈现旺季走弱格局，产地、港口价格同步持续下调，汛期水电大幅挤压火电，各环节库存高企压制采购，叠加印尼恢复出口后进口煤性价比回升形成分流，仅月末煤矿减产带来局部底部支撑，市场整体成交清淡，观望氛围浓厚，本期环渤海动力煤价格指数持续下挫。

The analysis suggests that this week, the overall price of thermal coal showed a weakening trend during the peak season. Prices at both production sites and ports continued to decline simultaneously. The flood season led to a significant reduction in hydropower generation, which in turn greatly constrained thermal power generation. High inventories at all stages suppressed purchases. Additionally, the price competitiveness of imported coal rebounded after Indonesia resumed exports, creating a diversion effect. Only the reduction in coal production by coal mines at the end of the month provided a local bottom support. The overall market transaction was sluggish, and the atmosphere of waiting and observing was strong. The price index of thermal coal in the Bohai Rim region continued to decline this period.

一、内外供给宽松，仅月末小幅托底。月末部分煤矿完成产能任务临时减产，局部货源偏紧，少数矿小幅涨价，但整体产能释放充足;另一方面，印尼解除国内保供限制，国际煤价与海运费同步走低，低价进口煤持续涌入，分流国内采购，整体供给宽松，仅阶段性减产形成微弱支撑。

1. Both domestic and external supply are abundant, with only a slight bottoming out at the end of the month. Some coal mines completed their production capacity targets and temporarily reduced output at the end of the month, resulting in a shortage of local supply in some areas. A few mines raised prices slightly, but overall production capacity was released adequately. On the other hand, Indonesia lifted domestic supply restrictions, and international coal prices and shipping costs simultaneously decreased. Low-priced imported coal continued to pour in,分流ing domestic purchases. Overall， supply was abundant， and only a temporary reduction in production provided a weak support.

二、水电挤压叠加高库存，采购持续低迷。南方梅雨连绵，水电、新能源出力大增，火电负荷被明显压制，电厂日耗提升不及预期，沿海电厂耗煤同比下降4.6%，终端优先兑现长协，主动采购市场煤意愿极低，煤价下行压力持续加大。

II. High inventory combined with water and electricity pressure leads to continued sluggish purchasing. The southern region has experienced continuous rainy seasons, resulting in a significant increase in water and electricity generation from new energy sources. This has significantly reduced the load of thermal power plants, and the daily consumption of these plants has not increased as expected. The coal consumption of coastal power plants has decreased by 4.6% year-on-year. The end-users have prioritized the fulfillment of long-term contracts and have shown extremely low willingness to actively purchase market coal. The downward pressure on coal prices has continued to increase.

三、全链路垒库，持续压制行情。环渤海港口调入量长期高于调出量，库存升至2903万吨，疏港压力加大，而电厂及沿江港口库存均处同期高位，充足库存大幅削弱补库刚需。高库存形成负向循环，不分货主急于抛售，价格缺乏企稳基础。

III. Full-chain inventory build-up, continuously suppressing market trends. The inbound volume at ports along the Bohai Sea has consistently exceeded the outbound volume for a long time. The inventory has risen to 290.3 million tons, increasing the pressure on port discharging. Meanwhile, the inventories at power plants and along the Yangtze River ports are at their highest levels for the same period. The abundant inventory has significantly weakened the need for replenishment. The high inventory forms a negative cycle, and regardless of the nature of the buyers, they are eager to sell, making it difficult for prices to stabilize.

四、国际能源走弱，进口形成冲击。中东局势缓和，油气价格回落，能源替代需求消退，全球煤价普跌，进口煤对内贸价格优势再度扩大，华南电厂转向外采，进一步压缩内贸成交空间，从成本端持续压制国内煤价。

4. International energy weakened, and imports posed an impact. The situation in the Middle East eased, oil and gas prices dropped, the demand for energy substitution declined, global coal prices fell sharply, and the advantage of imported coal over domestic prices for the domestic market once again expanded. Power plants in South China turned to external purchases, further reducing the space for domestic transactions. This, from the cost perspective, continued to suppress domestic coal prices.

短期来看，梅雨天气仍将持续，水电挤占火电局面难快速改观，港口与电厂高库存去化缓慢，叠加进口煤持续供给，煤价仍存在小幅下调空间，后续重点跟踪全国气温变化、港口去库速度、印尼出口发运量等情况。

In the short term, the rainy season will continue, and the situation where hydropower competes with thermal power for power generation will not be able to improve quickly. The high inventories at ports and power plants are slowly being reduced, and coupled with the continuous supply of imported coal, there is still some room for a slight decrease in coal prices. Subsequently, we will closely monitor changes in national temperatures, the speed of inventory reduction at ports, and the export and shipment volume from Indonesia.

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6月24日至2026年6月30日)，沿海煤炭运价延续大幅下行走势。截至2026年6月30日，运价指数报收709.73点，与6月23日相比下行222.99点，降幅23.91%。

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 June 24, 2026 to June 30, 2026), the coastal coal freight rates continued to show a significant downward trend. As of June 30, 2026, the freight rate index closed at 709.73 points, down 222.99 points from June 23, a decrease of 23.91%.

具体到部分主要船型和航线，2026年6月30日与6月23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38.4元/吨，环比下行12.1元/吨;秦皇岛至上海航线4-5万吨船舶的煤炭平均运价报22.40元/吨，环比下行7.1元/吨;秦皇岛至江阴航线4-5万吨船舶的煤炭平均运价报23.9元/吨，环比下行6.5元/吨。

Specifically for some major vessel types and routes, compared with June 23rd, on June 30th 2026, the average coal freight rate for 5-6万吨 vessels on the Qinhuangdao to Guangzhou route was reported at 38.4 yuan per ton, a decrease of 12.1 yuan per ton compared with the previous day； the average coal freight rate for 4-5万吨 vessels on the Qinhuangdao to Shanghai route was reported at 22.40 yuan per ton， a decrease of 7.1 yuan per ton compared with the previous day； and the average coal freight rate for 4-5万吨 vessels on the Qinhuangdao to Jiangyin route was reported at 23.9 yuan per ton， a decrease of 6.5 yuan per ton compared with the previous day.