动力煤产地上涨;焦炭第一轮提降到来;焦煤需求收缩。

The production areas of thermal coal have risen; the first round of price hikes and cuts for coke have arrived; the demand for coking coal has contracted.

动力煤(今日智库2026.7.20)：产地长协交易为主，市场资源较为有限，叠加近期交投活跃度有所提升，进而支撑市场稳中上涨。港口方面，发运成本持续上涨、日耗高位运行继续对卖方挺价情绪形成支撑，但由于终端库存充足，叠加有长协保障，因此对现货资源采购意愿依旧偏低，导致买卖双方博弈剧烈，交投表现僵持。秦港5500大卡报价822元/吨(+2)，5000大卡报价732元/吨(+3)，4500大卡641元/吨(+2)，环渤海港合计库存3064.7万吨(+41.3)。

Peat Coal (Today's Think Tank 2026.7.20): The main trading is based on long-term contracts at the production sites, and the market resources are relatively limited. Coupled with the recent increase in trading activity, this has supported the market to rise steadily. At the ports, the rising shipping costs and the high daily consumption continue to support the sellers' willingness to maintain prices. However, due to the sufficient inventory at the terminals and the guarantee of long-term contracts, the willingness of buyers to purchase spot resources remains low, resulting in intense bargaining between buyers and sellers and a stalemate in trading. The quoted price for 5500 kcal at Qin Port is 822 yuan/ton (+2), 5000 kcal is 732 yuan/ton (+3), and 4500 kcal is 641 yuan/ton (+2). The total inventory at the Bohai Rim ports is 3064.7 million tons (+41.3).

焦炭(今日智库2026.07.20)：焦炭市场偏弱运行，主产地准一级冶金焦价格1680元/吨。基本面，整体市场依旧维持宽松的格局，部分地区焦企库存小幅累积;情绪面，受限于钢企亏损且铁水产量下降，市场看弱心态严重，周一多地钢企发文要求焦炭第一轮降价，幅度湿熄焦50元/吨，干熄焦55元/吨，22号零时执行，焦炭第一轮降价正式到来，后续可能还会继续下跌。短期市场弱势运行。后期持续关注煤价及铁水产量情况。

Coke (Today Think Tank 2026.07.20): The coke market is operating in a weak manner. The price of primary grade metallurgical coke in the main production areas is 1,680 yuan per ton. From the fundamentals perspective, the overall market still maintains a loose situation, and the inventories of some coke producers have slightly accumulated; from the sentiment perspective, due to the losses of steel enterprises and the decline in iron water production, the market has a serious bearish mentality. On Monday, many steel enterprises issued documents requesting the first round of price reduction for coke, with a reduction of 50 yuan per ton for wet quenching coke and 55 yuan per ton for dry quenching coke. The implementation will take effect at 0:00 on the 22nd. The first round of price reduction for coke has officially arrived, and it is likely that it will continue to decline in the future. The short-term market is operating in a weak manner. In the future, we will continue to pay attention to the coal prices and iron water production situation.

炼焦煤(今日智库2026.7.20)：供应端，山西煤矿产量释放受限，供应依旧偏紧。蒙煤恢复通关，通车量快速恢复，口岸库存回升。需求端，焦炭本周面临第一轮提降，钢厂检修增多，铁水回落，焦煤需求偏弱。目前市场整体情绪较差，焦煤价格弱稳运行。

Bituminous Coal (Today Think Tank 2026.7.20): On the supply side, the output of coal mines in Shanxi is restricted, resulting in a still tight supply. The reopening of Mongolian coal ports has led to a rapid recovery in traffic volume, and the inventory at the ports has increased. On the demand side, coke producers faced the first round of price cuts this week, with more steel mills undergoing maintenance, and iron water production declining, making the demand for coal coke relatively weak. Currently, the overall market sentiment is poor, and the price of coal coke is moving in a weak and stable manner.

港口进口煤累库明显，市场情绪较弱，俄罗斯煤报价弱稳，现K4主焦煤1375元/吨，降5元/吨;GJ1/3焦煤1290元/吨;Elga肥煤1215元/吨;伊娜琳肥煤1290元/吨;K10瘦煤1390元/吨;以上均为北方港现金含税自提价。蒙5原煤价格1200元/吨，涨30元/吨;蒙5精煤1323元/吨，降63元/吨;蒙3精煤1230元/吨;短盘运费65元/吨。

The inventory of imported coal at the port has significantly increased, and the market sentiment is weak. The Russian coal quotations are stable and weak. Currently, the price of K4 medium-blast coal is 1375 yuan per ton, down by 5 yuan per ton; GJ1/3 blast coal is 1290 yuan per ton; Elga coking coal is 1215 yuan per ton; Inalin coking coal is 1290 yuan per ton; K10 lean coal is 1390 yuan per ton; all of these are cash and tax-inclusive pick-up prices at the northern port. The price of Meng5 raw coal is 1200 yuan per ton, up by 30 yuan per ton; Meng5 refined coal is 1323 yuan per ton, down by 63 yuan per ton; Meng3 refined coal is 1230 yuan per ton; short-term transportation cost is 65 yuan per ton.