动力煤以稳为主;焦炭第二轮降价即将落地;焦煤需求形成负反馈。

The price of thermal coal will remain stable; the second round of price cuts for coke is about to take effect; the demand for coking coal has entered a negative feedback loop.

动力煤(今日智库2026.7.28)：产地供需双弱，煤矿维持长协发运，价格多维稳运行。港口方面，终端库存充足、采购现货意愿偏低，继续对市场情绪形成压制影响。但在产地供给偏紧、发运成本偏高以及电煤消费旺季等因素的支撑下，卖方心态仍保持平稳，报价多稳少动。秦港5500大卡报价826元/吨(-)，5000大卡报价736元/吨(-)，4500大卡643元/吨(-)，环渤海港合计库存2873.9万吨(-)。

Peat Coal (Today Think Tank 2026.7.28): Both supply and demand at the production sites are weak. Coal mines continue to deliver under long-term contracts, and prices remain stable across multiple dimensions. At the ports, terminal inventories are sufficient, and the willingness to purchase spot goods is low, continuing to exert a downward pressure on market sentiment. However, supported by factors such as tight supply at the production sites, high transportation costs, and the peak period of electricity coal consumption, the selling party's mindset remains stable, with prices mostly remaining unchanged. The quoted price for 5500 kcal at Qin Port is 826 yuan/ton (-), 5000 kcal is 736 yuan/ton (-), and 4500 kcal is 643 yuan/ton (-). The total inventory at the Bohai Rim ports is 2873.9 million tons (-).

焦炭(今日智库2026.07.28)：焦炭市场弱势运行，主产地准一级冶金焦价格1630元/吨。基本面没有太大的变化，焦炭虽然降价，但焦企还有利润，整体供应依旧宽松;情绪面，目前焦炭第二轮提降已经到来，焦企虽有抵触，但人数不多，第二轮降价后部分焦企会陷入亏损，短期开工应该小幅下跌，之后的第三轮，会导致更多的焦企亏损，因此双方的博弈会很激烈。短期市场会继续弱势运行。后期持续关注煤价及铁水产量情况。

Coke (Today Think Tank 2026.07.28): The coke market is operating in a weak manner. The price of primary grade metallurgical coke in the main production areas is 1,630 yuan per ton. The fundamentals have not undergone significant changes. Although the price of coke has dropped, coke producers still have profits, and the overall supply remains tight. In terms of sentiment, the second round of price cuts for coke has already arrived. Although coke producers have some resistance, the number of them is not large. After the second round of price cuts, some coke producers will fall into losses. The short-term production capacity should slightly decline. In the third round, more coke producers will fall into losses. Therefore, the game between the two sides will be very intense. The short-term market will continue to operate in a weak manner. In the future, we will continue to pay close attention to the coal prices and iron water production volumes.

炼焦煤(今日智库2026.7.28)：供应端，主产地山西煤矿产量增量有限，供应维持偏紧局面。线上竞拍涨跌互现，煤矿库存整体不高。需求端，焦炭第二轮提降周三落地，后续仍有下降预期，钢厂利润较差，铁水产量明显下降，下游需求负反馈对焦煤价格形成压力，短期内偏弱运行。

Bituminous Coal (Today's Think Tank 2026.7.28): On the supply side, the output of major coal mines in Shanxi Province has limited growth, maintaining a tight supply situation. Online auctions showed mixed results, and the overall coal inventory was not high. On the demand side, the second round of price reduction for coke was implemented on Wednesday, and there is still an expectation of further decline. Steel mills have poor profits, iron water production has significantly decreased, and the negative feedback from downstream demand has put pressure on the price of bituminous coal. In the short term, it will run weakly.

港口库存高位，期货盘面下跌，实际需求较差，俄罗斯煤报价下降，现K4主焦煤1395元/吨，降10元/吨;GJ1/3焦煤1290元/吨，降10元/吨;Elga肥煤1200元/吨，降30元/吨;伊娜琳肥煤1280元/吨，降10元/吨;K10瘦煤1360元/吨，降10元/吨;以上均为北方港现金含税自提价。蒙5原煤价格1171元/吨，降8元/吨;蒙5精煤1337元/吨，降8元/吨;蒙3精煤1230元/吨，降10元/吨;短盘运费80元/吨。

The port inventory is high, the futures market is falling, the actual demand is poor, and the Russian coal quotations have dropped. Currently, the K4 main coking coal is priced at 1,395 yuan per ton, down 10 yuan per ton; GJ1/3 coking coal is priced at 1,290 yuan per ton, down 10 yuan per ton; Elga lean coal is priced at 1,200 yuan per ton, down 30 yuan per ton; Inalin lean coal is priced at 1,280 yuan per ton, down 10 yuan per ton; K10 lean coal is priced at 1,360 yuan per ton, down 10 yuan per ton; All of these are cash prices including taxes for pick-up at the northern port. The Meng5 raw coal price is 1,171 yuan per ton, down 8 yuan per ton; Meng5 premium coal is 1,337 yuan per ton, down 8 yuan per ton; Meng3 premium coal is 1,230 yuan per ton, down 10 yuan per ton; short-term transportation cost is 80 yuan per ton.