近期，随着内贸市场再度回升，带动进口煤价格普涨，进口市场预期再度升温;但需求未见显著改善之下，终端用户压价意愿仍强，部分贸易商暂缓投标，市场交投活跃度稍减。

Recently, as the domestic market has rebounded again, the prices of imported coal have generally risen, and the expectations for the import market have warmed up once more. However, without significant improvement in demand, the bargaining intentions of end-users remain strong, and some traders have postponed their bids. As a result, the trading activity in the market has slightly decreased.

据市场参与者表示，目前印尼3800大卡巴拿马型动力煤离岸价报65.5-66美元/吨，部分报指数+3美元/吨。

According to market participants, the current offshore price of 3800-kilogram Panamax thermal coal in Indonesia is reported to be 65.5 - 66 US dollars per ton, with some reporting an increase of 3 US dollars per ton on top of the index.

国际海运费仍高位运行，印尼南加里曼丹之华南港巴拿马型船运费9.7-10美元/吨，纽卡斯尔至华南港海岬型船运费20-20.5美元/吨，已接近前期高位。

International shipping freight rates remain at a high level. The freight rate for Panamax ships in South China Port, South Central Kalimantan, Indonesia is 9.7 - 10 US dollars per ton. The freight rate for Capesize ships from Newcastle to South China Port is 20 - 20.5 US dollars per ton, which has approached the previous high level.

外矿报价坚挺、海运费高企，进口煤到岸成本整体上行。以当前离岸报价计算，印尼3800大卡煤华南港到岸成本接近580元/吨。

The overseas mine quotations remain firm, and the shipping costs are high. As a result, the overall cost of imported coal upon arrival at the port has risen. Based on the current offshore quotations, the cost of 3800 kcal coal from Indonesia to the South China Port is approximately 580 yuan per ton.

而据市场消息，近日贸易商对华南某终端电厂的3800大卡煤投标价为舱底含税582元/吨。投标价相比成本而言微亏，贸易商观望情况增多。

According to market information, recently, the trading price for 3800 kcal coal from a certain terminal power plant in South China was 582 yuan per ton including tax at the ship's hold. Compared to the cost, the bidding price was slightly in the red. As a result, more trading merchants are observing the situation.

当前，进口市场多空因素交织，买卖双方相互博弈，市场成交较为僵持。

Currently, the import market is characterized by a complex interplay of supply and demand factors, with buyers and sellers engaging in a mutual game of negotiation. As a result, market transactions have been rather stagnant.

其一，随着近期气温升高，华南电厂发电负荷攀升，库存消化速度较前期加快;但同时，新能源对火力发电的挤压作用也较为明显，火电负荷实际提升有限。

Firstly, with the recent increase in temperature, the power generation load of power plants in South China has risen, and the speed of inventory reduction has accelerated compared to earlier periods. However, at the same time, the competitive pressure exerted by new energy on thermal power generation has also been quite significant, resulting in a relatively limited actual increase in thermal power load.

华南某贸易商表示，部分火电机组负荷仅维持在70%左右，远低于常年同期的85%以上。沿海电厂库存仍维持高位水平，补库需求较为谨慎，成交仅限于高性价比煤种。

A trading company in South China stated that the load of some thermal power plants has only remained at around 70%, far lower than the 85% or above usually seen during the same period of the previous year. The inventory of coastal power plants remains at a high level, and the demand for replenishment is rather cautious. The transactions are limited to high-quality and cost-effective coal types.

其二，受当前山西主产区产能释放缓慢、发运倒挂的影响，集港资源有限，港口库存同样存在去化。

Secondly, due to the slow release of production capacity in the main production areas of Shanxi Province and the price discrepancy in transportation, the available port resources are limited, and the port inventories are also experiencing a reduction.

但受近期台风“白海豚”的影响，华南和华东气温有下降预期，沿海电厂日耗有望再次回落;电厂普遍对后市信心不足，主动去库意愿较低。

However, due to the recent impact of Typhoon "White Dolphin", temperatures in South China and East China are expected to drop. The daily consumption of power plants along the coast is expected to fall again. Power plants generally lack confidence in the future and have a low willingness to actively deplete their inventories.

其三，外矿方面，印尼能矿部正在对矿商提交的RKAB生产额度进行修订，部分市场参与者认为后期印尼煤货源有集中释放可能，从而使海运动力煤价格承压。

Thirdly, from the perspective of foreign mines, the Indonesian Ministry of Energy and Mineral Resources is revising the production quotas submitted by mining companies. Some market participants believe that there is a possibility of a concentrated release of Indonesian coal supplies in the future, which will put pressure on the price of seaborne thermal coal.

不过到目前为止，印尼政府可能额外释放的生产额度尚未明确，且政府对此仍持谨慎态度，并表示将综合考虑国内需求、供需状况以及对全球大宗商品价格的潜在影响。

However, up to now, the additional production quota that the Indonesian government might release has not been clearly defined. The government remains cautious about this and has stated that it will take into account domestic demand, supply and demand conditions, as well as the potential impact on global commodity prices.

另外据当地贸易商表示，政府批准的额外生产额度预计将主要供应给国内电厂，主要是印尼国家电力(PLN)旗下的电厂，因而预计对出口市场的煤炭供应影响或有限。

Furthermore, according to local traders, the additional production quota approved by the government is expected to mainly be supplied to domestic power plants, mainly those owned by Indonesia's National Electricity Company (PLN). Therefore, it is expected that the impact on coal supply to the export market may be limited.

综合来看，当前进口动力煤市场多空因素交织，市场参与者态度较为谨慎，后期关注国内电厂日耗变化以及印尼货源释放情况。

Overall, the current imported thermal coal market is characterized by a complex interplay of supply and demand factors. Market participants are adopting a cautious attitude. In the future, attention will be paid to the daily consumption of domestic power plants and the release of supplies from Indonesia.

8月5日，CCI3800大卡动力煤离岸价为64美元/吨，较前一日上涨0.5美元/吨;CCI4700大卡动力煤离岸价为83.8美元/吨，较前一日上涨0.5美元/吨。

On August 5th, the offshore price of CCI 3800 kcal thermal coal was $64 per ton, up by $0.5 per ton compared to the previous day; the offshore price of CCI 4700 kcal thermal coal was $83.8 per ton, up by $0.5 per ton compared to the previous day.

当日，CCI进口3800大卡动力煤中国南方港到岸价为75美元/吨，较前一日上涨0.5美元/吨;CCI进口4700大卡动力煤离岸价为93.3美元/吨，较前一日上涨0.5美元/吨。

On that day, the CCI import price of 3800-kilogram thermal coal at the southern ports of China was $75 per ton, up by $0.5 per ton compared with the previous day; the CCI import price of 4700-kilogram thermal coal at the export port was $93.3 per ton, up by $0.5 per ton compared with the previous day.