进入8月首日，哈密地区煤炭价格开启上调行情，本轮涨价煤矿主要集中在淖毛湖片区。淖毛湖煤价上行的核心驱动力，来自中温煤焦油价格的持续走高——7月中旬美伊战端再起、国际油价大涨托底国内油市，焦化厂挺涨意愿强，下游加氢原料库存偏低，新疆中温煤焦油主流成交价一度上涨至2950元/吨，煤化工产业链利润逐步向上游传导，直接支撑化工煤价格稳步抬升，当地兰炭企业顺势上调提质煤、沫煤出厂价。

On the first day of August, the coal prices in Hami region began to rise. The main coal mines experiencing this price increase are concentrated in the Nao Mao Hu area. The main driving force behind the upward movement of Nao Mao Hu coal prices comes from the continuous rise in the price of medium-temperature coal tar - in mid-July, the war between the United States and Iran flared up again, and the international oil price soared, providing support for the domestic oil market. The coking plants showed strong willingness to increase prices, and the inventory of hydrogen raw materials in the downstream was low. The mainstream transaction price of medium-temperature coal tar in Xinjiang once rose to 2950 yuan per ton. The profit of the coal chemical industry chain gradually flowed upstream, directly supporting the steady rise in the price of chemical coal. Local pellet coal enterprises followed suit and raised the factory prices of high-quality coal and froth coal.

这背后正是淖毛湖优质富油煤“煤—油—气”联产的价值兑现：哈密淖毛湖地区，这里不仅拥有优质露天煤矿，更蕴藏着国内储量最大、品质最好的富油煤资源。这种特殊煤种的含油率远高于普通煤炭，通过中低温热解技术，可以同时提取煤焦油、煤气和半焦三种产品，产品附加值优势突出。

What lies behind this is the realization of the value of the high-quality oil-rich coal in Nao Mao Lake for the "coal-oil-gas" co-production: In the Hami Nao Mao Lake area, not only do they have high-quality open-pit coal mines, but they also possess the largest and highest-quality oil-rich coal resources in the country. This special type of coal has an oil content much higher than that of ordinary coal. Through medium-temperature pyrolysis technology, three products - coal tar, gas, and semi-coke - can be extracted simultaneously, and the advantages of product added value are prominent.

也正因为煤化工端利润转好、本地消纳溢价显现，广汇能源在今年接受相关机构调研时表示，公司销售策略由“规模导向”切到“质量导向”，2026年起不再把高附加值富油煤等同普通动力煤低价外销，而是保哈密本地煤化工原料煤、动态调控疆内疆外销量结构，依托周边年内新增约2500万吨原煤配套需求，让焦油涨价带来的产业链利润留在上游煤矿端。

Also, due to the improved profit situation in the coal chemical industry and the emergence of local consumption premiums, Guanghui Energy stated in a recent survey by relevant institutions that the company's sales strategy has shifted from "scale-oriented" to "quality-oriented". Starting from 2026, the company will no longer sell high-value-added rich-oil coal at a lower price as ordinary thermal coal to other regions. Instead, it will reserve the local coal for coal chemical production in Hami, dynamically adjust the sales structure between within and outside Xinjiang, and rely on the additional approximately 25 million tons of raw coal demand in the surrounding areas within the year to keep the profit from the increase in tar prices at the upstream coal mining end.

简言之，随着煤化工盈利修复，富油煤彻底脱离传统动力煤定价体系，8月淖毛湖地区煤价上调，正是这条产业链利润向上传导逻辑落地的直接体现。

In short, as the profitability of coal chemical industries recovered, rich-oil coal completely broke away from the traditional pricing system of coal. The increase in coal prices in Nao Maohu area in August was a direct manifestation of the logic of profit transmission upward along this industrial chain.