动力煤暂稳运行;焦炭第二轮降价落地;焦煤需求走弱。

The price of thermal coal remains stable; the second round of price cuts for coke have been implemented; the demand for coking coal has weakened.

动力煤(今日智库2026.7.29)：产地煤价僵持调整，安监影响叠加月末临近，部分煤矿停产减产，产地煤炭供应偏紧。港口方面，近期锚地船舶数量增加，调出量提升，港口库存开始去化。目前上游安监仍然严格，铁路运量维持中位运行，市场参与者担忧后期供应减量影响到港口市场，低价出货意愿不强。有贸易商表示，目前上游跌价缓慢，销售库存后难以回补，后期港口库存持续去化，日耗还有提升预期，价格下跌阻力比较大。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2837.2万吨(-35.7)，调入量178.8万吨(-8.9)，调出量207.8万吨(+18.9)，锚地船舶量115艘(-14)，预到船舶35艘(-7)。

Bituminous coal (Today's Think Tank, 2026.7.29): The coal prices at the production sites have been in a stalemate and adjusting. The impact of safety supervision has been compounded by the approach of the end of the month. Some coal mines have shut down or reduced production, resulting in a tight supply of coal at the production sites. At the ports, the number of ships at anchor has increased recently, leading to an increase in the volume of shipments. The port inventories have begun to decrease. Currently, the safety supervision at the upstream remains strict, and the railway transportation volume remains at a medium level. Market participants are concerned that the reduction in supply in the future will affect the port market, and there is a weak willingness to sell at low prices. Some traders stated that currently, the price decline is slow, and it is difficult to replenish the inventory after selling it. In the future, the port inventories will continue to decrease, and there is an expectation that the daily consumption will increase. The downward pressure on prices is relatively large. Qin Port's quoted price for 5500 kcal coal 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 2837.2 million tons (-35.7), the volume of inbound shipments is 178.8 million tons (-8.9), the volume of outbound shipments is 207.8 million tons (+18.9), the number of ships at anchor is 115 (-14), and the number of incoming ships is 35 (-7).

焦炭(今日智库2026.07.29)：焦炭市场弱势运行，今日焦炭第二轮降价落地，幅度湿熄焦50元/吨，干熄焦55元/吨，降价后主产地准一级冶金焦价格1580元/吨。基本面，随着第二轮降价的落地，部分焦企陷入亏损，少数开工有所下降，但多数依然正常生产，但下游的采购依旧较弱，市场持续供应宽松;情绪面，后续市场参与者依旧看跌焦炭，第三轮钢焦双方的博弈会加剧。短期市场继续弱势运行。后期持续关注煤价及铁水产量情况。

Coke (Today Think Tank 2026.07.29): The coke market is operating in a weak state. The second round of price reduction for coke was implemented today, with a reduction of 50 yuan/ton for wet coke and 55 yuan/ton for dry coke. After the price reduction, the price of standard first-grade metallurgical coke in the main production areas is 1580 yuan/ton. Fundamentally, with the implementation of the second round of price reduction, some coke producers have fallen into losses, and the production of a few has decreased slightly, but most are still operating normally. However, the purchasing by the downstream still remains weak, and the market continues to have a loose supply. Emotionally, market participants still expect a bearish outlook for coke in the future. The third round of the negotiation between steel and coke producers will intensify. In the short term, the market will continue to operate in a weak state. In the later period, we will continue to pay attention to the coal prices and iron water production.

炼焦煤(今日智库2026.7.29)：供应端，主产地山西复产缓慢，且有个别煤矿因为《采矿许可证》和《安全生产许可证》到期导致停产，整体的供应依旧偏紧;需求端，焦炭第二轮降价落地，后续仍有降价预期，钢厂检修增多，铁水产量同步回落，下游整体需求走弱，短期内焦煤价格承压运行。

Bituminous coal (Today's Think Tank, 2026.7.29): On the supply side, the main production area of Shanxi has a slow resumption of production, and some coal mines have been shut down due to the expiration of their mining licenses and safety production licenses. Overall, the supply remains tight. On the demand side, the second round of price cuts for coke has been implemented, and there are still expectations for further price cuts. Steel mills have increased maintenance, and iron water production has declined accordingly. The overall demand from the downstream sector has weakened. In the short term, the price of bituminous coal is under pressure and is expected to remain so.

焦炭第二轮降价落地，市场参与者预期悲观，俄罗斯煤偏弱运行，现K4主焦煤1395元/吨;GJ1/3焦煤1300元/吨，涨10元/吨;Elga肥煤1200元/吨;伊娜琳肥煤1280元/吨;K10瘦煤1360元/吨;以上均为北方港现金含税自提价。蒙5原煤价格1170元/吨，降1元/吨;蒙5精煤1337元/吨;蒙3精煤1232元/吨，涨2元/吨;短盘运费80元/吨。

The second round of coke price reduction has been implemented. Market participants have an extremely pessimistic outlook. Russian coal is running weakly. Currently, K4 main coke coal is priced at 1,395 yuan/ton; GJ1/3 coke coal is 1,300 yuan/ton, with an increase of 10 yuan/ton; Elga fat coal is 1,200 yuan/ton; Inalin fat coal is 1,280 yuan/ton; K10 lean coal is 1,360 yuan/ton; All of these are cash prices including taxes for self-shipment at the northern port. Meng5 raw coal price is 1,170 yuan/ton, a decrease of 1 yuan/ton; Meng5 premium coal is 1,337 yuan/ton; Meng3 premium coal is 1,232 yuan/ton, an increase of 2 yuan/ton; short-term transportation cost is 80 yuan/ton.