本报告期(2026年7月8日至2026年7月14日)，环渤海动力煤价格指数报收于713元/吨，环比下行1元/吨。

During this reporting period (from July 8, 2026 to July 14, 2026), the price index of thermal coal in the Bohai Rim region closed at 713 yuan per ton, with a decrease of 1 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329条。5500K热值(硫分：0.6%-1%)的现货综合价格为804元/吨，长协综合价格为703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1个规格品价格下行，降幅为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 329 samples. The spot market comprehensive price of 5500K calorific value (sulfur content: 0.6%-1%) was 804 yuan per ton, while the long-term contract comprehensive price was 703 yuan per ton. The calculation ratio between spot and long-term contract was 1:9. From the calculation results, in this reporting period, among 24 specifications, the price of one specification decreased by 5 yuan per ton, while the prices of the remaining specifications remained unchanged.

本周期煤炭市场呈现情绪回暖、煤价止跌反弹态势，但受各环节高库存、旺季预期兑现迟缓以及阶段性恶劣气象等因素影响，沿海煤价底部支撑尚未夯实，短期涨幅有限，未对前期跌幅形成覆盖，本周期，环渤海动力煤综合平均价格小幅下行。

This period, the coal market witnessed an improvement in sentiment and a rebound in coal prices. However, due to high inventories at various links, the fulfillment of the peak season expectations being delayed, and the influence of intermittent adverse weather conditions, the bottom support for coastal coal prices has not yet been firmly established. The short-term increase is limited and has not covered the previous decline. During this period, the comprehensive average price of thermal coal in the Bohai Rim region slightly declined.

一、安监趋严叠加降雨影响，主产区煤炭供应略显偏紧。主产区持续落实煤矿安全生产整治，驻矿监管、严控超产等政策维持高压，煤矿“复产不复量”特征较为明显，且周期内区域强降雨不仅导致煤炭生产受限，对公路及铁路运输也造成较大影响，常态性及阶段性限制因素叠加下，主产区煤炭供应节奏放缓。

1. The tightened safety supervision combined with the impact of rainfall has led to a slightly tight supply of coal in major production areas. The major production areas have been continuously implementing safety rectification measures for coal mines. The policies such as on-site supervision and strict control of overproduction remain highly stringent. The characteristic of "resuming production but not resuming output" is quite obvious in coal mines. Moreover, the regional heavy rainfall during this period not only restricted coal production but also caused significant impacts on road and railway transportation. The combined effects of regular and phased restrictions have led to a slowdown in the supply rhythm of coal in major production areas.

二、电煤消费旺季特征显现，但进度明显偏缓。随着多地高温出现，制冷负荷上升，沿海八省电厂日耗震荡上升至200万吨左右，与去年同期水平相差不大，但在长协高效兑现及进口煤大量补充下，终端电厂库存偏高去年同期近300万吨，持续压制迎峰度夏需求释放进程。

II. The characteristics of the peak period for coal consumption for electricity generation have emerged, but the progress has been significantly slower. With the occurrence of high temperatures in many regions and the increase in cooling load, the daily consumption of power plants in the eight coastal provinces has fluctuated and risen to around 2 million tons, which is not much different from the level of the same period last year. However, with the efficient fulfillment of long-term contracts and the large-scale replenishment of imported coal, the inventory of power plants at the terminal level is relatively high, nearly 300 million tons more than that of the same period last year, which has continuously suppressed the process of releasing demand during the peak summer period.

三、环渤海港口去库受阻，上下游市场情绪略有分歧。随着港口开启缓慢去库，市场情绪有所转好，煤价止跌之后小幅反弹，但台风“巴威”带来的强降雨天气，导致港口进出作业均明显下降，去库进度被打乱。截至7月15日，环渤海九港库存2838万吨，较去年同期偏高130万吨左右，周期内沿海市场上下游成交活跃度一般，煤价虽有小幅上移但底部支撑尚不牢固。

III. The process of reducing inventory at ports along the Bohai Sea has been hindered, and there is a slight divergence in market sentiment between the upstream and downstream sectors. As the ports gradually began to reduce their inventories, market sentiment improved somewhat. After the coal prices stopped falling, they showed a slight rebound. However, the strong rainfall brought by Typhoon "Barry" led to a significant decrease in both inbound and outbound operations at the ports, disrupting the process of inventory reduction. As of July 15th, the inventory at the nine ports along the Bohai Sea was 28.38 million tons, approximately 1.3 million tons higher than the same period last year. During this period, the transaction activity between the upstream and downstream sectors in the coastal market was generally moderate, although the coal prices rose slightly, the bottom support was not yet solid.

综合来看，本周期煤炭市场多空因素交织影响，贸易活跃度有所上升，但上下游对价格认可尚欠缺集中度，沿海煤价涨幅有限。后续来看，若高温持续超预期、电厂库存快速去化，沿海煤价存在继续上行修复机会，反之，如去库不达预期，市场看涨情绪踏空，沿海煤价将在高库存下再度承压。

Overall, during this period, the coal market was influenced by both bullish and bearish factors. The trading activity has increased, but there is still a lack of concentration in the recognition of prices by the upstream and downstream sectors. The price increase in the coastal region is limited. Looking ahead, if the high temperatures persist beyond expectations and the inventory of power plants is rapidly depleted, there will be an opportunity for the coastal coal prices to continue to rise and recover. Conversely, if the inventory reduction does not meet expectations, the bullish sentiment in the market will be disappointed, and the coastal coal prices will once again face pressure under high inventory levels.

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7月8日至2026年7月14日)，沿海煤炭运价指数延续上行走势。截至2026年7月14日，运价指数报收1016.27点，与7月7日相比上行258.6点，涨幅34.13%。

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 July 8, 2026 to July 14, 2026), the coastal coal freight index continued to rise. As of July 14, 2026, the freight index closed at 1016.27 points, up 258.6 points from July 7, representing an increase of 34.13%.

具体到部分主要船型和航线，2026年7月14日与7月7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51.5元/吨，环比上行14.0元/吨;秦皇岛至上海航线4-5万吨船舶的煤炭平均运价报41.5元/吨，环比上行15.0元/吨;秦皇岛至江阴航线4-5万吨船舶的煤炭平均运价报41.9元/吨，环比上行13.4元/吨。

For specific main vessel types and routes, compared to July 7, 2026, the average coal freight rate for 50,000-60,000-ton vessels on the Qinhuangdao to Guangzhou route was reported at 51.5 yuan/ton, up 14.0 yuan/ton month-on-month; for 40,000-50,000-ton vessels on the Qinhuangdao to Shanghai route, the average coal freight rate was 41.5 yuan/ton, up 15.0 yuan/ton month-on-month; and for 40,000-50,000-ton vessels on the Qinhuangdao to Jiangyin route, the average coal freight rate was 41.9 yuan/ton, up 13.4 yuan/ton month-on-month.