环渤海动力煤价格指数报收于715元/吨，环比持平。

The price index of thermal coal in the Bohai Rim region closed at 715 yuan per ton, remaining unchanged compared with 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77家，样本数量325条。5500K热值(硫分：0.6%-1%)的现货综合价格为826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个规格品价格全部持平。

Based on the collection of transaction prices from six ports along the Bohai Sea, a total of 77 sample units were collected this period, with a total of 325 samples. The spot market comprehensive price of 5500K calorific value (sulfur content: 0.6%-1%) was 826 yuan per ton, while the long-term contract comprehensive price was 703 yuan per ton. The calculation ratio of spot market to long-term contract was 1:9. From the calculation results, it can be seen that the prices of all 24 specifications remained unchanged this reporting period.

本周期，在主产区煤炭供应收紧托底与港口及终端环节高库存压制下，沿海煤炭市场整体处于多空因素博弈、等待驱动信号进一步明确的阶段，市场煤价僵持横盘为主，本期环渤海动力煤综合价格指数走势平稳。

During this period, due to the tightening of coal supply in major production areas as a stabilizing measure, coupled with the high inventory at ports and terminal levels, the coastal coal market has been in a stage of balancing between supply and demand factors, waiting for further clear driving signals. The market coal prices have remained stagnant and in a sideways range. The comprehensive price index of thermal coal in the Bohai Rim region has shown a stable trend this period.

一、产地供需博弈，安监与减产构筑底部支撑。主产区安监形势保持严格，尤其晋北地区煤矿产量增加缓慢，叠加月底部分煤矿完成生产任务后停产或减产，煤炭产能释放整体受限，坑口库存持续处于低位水平，矿方挺价意愿较强。但市场有效需求跟进不足，制约价格反弹空间，部分煤矿拉煤车减少，价格承压下调，也有部分煤矿连续降价后性价比回升，拉运状况略有改善，价格小幅回涨，产地煤价整体呈稳中窄幅调整行情。

1. Supply and demand competition in the production area, safety supervision and production cuts form the bottom support. The safety supervision situation in the main production areas remains strict, especially in the northern part of Shanxi Province, where the increase in coal production from coal mines is slow. Coupled with the fact that some coal mines have ceased production or reduced output after completing their production tasks at the end of the month, the overall release of coal production capacity is limited, and the inventory at the coal terminals remains at a low level. The willingness of the mining companies to maintain the current price is strong. However, the effective market demand has not followed up adequately, which restricts the rebound space of the price. Some coal mines have reduced the number of coal trucks, and the price has been under pressure and declined. Some coal mines have reduced prices continuously, and the cost-performance ratio has improved, resulting in a slight improvement in the transportation situation. The price has slightly rebounded. The overall coal prices in the production area show a stable but narrow range adjustment trend.

二、多空因素相互制衡，港口市场煤价僵持走平。坑口货源供应持续偏紧，铁路进港资源量尚未完全恢复，叠加到港发运成本倒挂以及对旺季需求仍存增量预期，货主挺价意愿依然较强，市场报价整体暂稳。但港口及终端环节库存高位运行，对价格上行构成明显压制，叠加长协货盘稳定兑现及进口煤持续到岸补充，终端电厂对市场煤的采购意愿极度低迷，市场博弈观望为主，货盘流动性不足。

II. The supply and demand factors are in a state of mutual restraint, and the coal prices in the port market have remained stable and unchanged. The supply of coal from the source areas remains tight, and the volume of resources entering the port via railway has not yet fully recovered. Coupled with the inverted cost of inbound and outbound shipments and the expectation of an increase in demand during the peak season, the willingness of shippers to maintain prices is still strong, and the overall market quotations remain stable. However, the high inventory levels at the ports and at the terminal stages have significantly suppressed the price increase. Coupled with the stable fulfillment of long-term contracts and the continuous arrival of imported coal, the purchasing willingness of terminal power plants for market coal is extremely low. The market is mainly characterized by cautious speculation and observation, and the liquidity of the market is insufficient.

三、进口市场投标价格承压，内外价差持续修复。南方接卸港口库存维持高位，拥堵滞期问题并未明显缓解，进口即期货盘依旧面临较大出货压力，而电厂在库存充裕情况下采购节奏放缓，招标压价意愿较强，进口煤投标价格承压走弱，进口煤价格优势驱动需求采购外流。但印尼、澳洲等主要矿方报价维持坚挺，以及国际运费高企支撑进口到岸成本，抑制价格下行空间，进口市场同样弱势僵持运行。

III. The bidding prices for imports are under pressure, and the internal-external price gap continues to recover. The inventory at the southern receiving ports remains at a high level, and the congestion and detention issues have not been significantly alleviated. The import futures market still faces significant shipment pressure, while power plants, despite having ample inventory, have slowed down their purchasing pace and have a strong willingness to negotiate lower prices. The bidding prices for imported coal have weakened due to the pressure from bidding, and the price advantage of imported coal has driven the demand for purchasing to flow out. However, the quotations from major mining companies in Indonesia and Australia remain firm, and the high international freight rates support the import landed costs, which limit the downward space of prices. The import market is also in a weak and stalemate state of operation.

整体来看，在沿海煤炭市场高库存压力下，短期价格难有向上突破;同时国内煤炭供应减量给予市场底部支撑，叠加正值旺季耗煤高峰期，终端暂未主动去库，支撑价格同样不易大幅下跌。预计短期行情仍以稳中窄幅波动为主，市场等待供应恢复情况、库存去化进度等基本面因素变化打破现有僵局。

Overall, under the high inventory pressure in the coastal coal market, short-term prices are unlikely to break through upward; at the same time, the reduction in domestic coal supply provides support for the market bottom, and combined with the peak period of coal consumption during the peak season, the end-users have not actively reduced their inventories, making it difficult for prices to fall significantly. It is expected that the short-term market trend will remain stable with narrow fluctuations. The market is waiting for changes in fundamental factors such as the recovery of supply and the progress of inventory reduction to break the current deadlock.

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22日至2026年7月28日)，沿海煤炭运价指数小幅下行。截至2026年7月28日，运价指数报收1112.72点，与7月21日相比下行106.41点，跌幅8.73%。

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 22, 2026 to July 28, 2026), the coastal coal freight index declined slightly. As of July 28, 2026, the freight index closed at 1112.72 points, down 106.41 points from July 21, representing a decline of 8.73%.

具体到部分主要船型和航线，2026年7月28日与7月21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55.8元/吨，环比下行4.7元/吨;秦皇岛至上海航线4-5万吨船舶的煤炭平均运价报45.6元/吨，环比下行5.0元/吨;秦皇岛至江阴航线4-5万吨船舶的煤炭平均运价报46.9元/吨，环比下行5.3元/吨。

For specific major vessel types and routes, compared to July 21, the average coal freight rate for 50,000-60,000-ton vessels on the Qinhuangdao to Guangzhou route was reported at 55.8 yuan/ton, down 4.7 yuan/ton month-on-month; for 40,000-50,000-ton vessels on the Qinhuangdao to Shanghai route, the average coal freight rate was 45.6 yuan/ton, down 5.0 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 46.9 yuan/ton, down 5.3 yuan/ton month-on-month.