山西等主产地安监压力不减、产能释放受限;南方大范围高温持续，带动电厂日耗维持高位、环渤海港口加快去库。存煤结构性问题再次凸显，低硫优质货源短缺;贸易商有补单需求，终端有少量优质煤询货需求，整体供需双弱，实际成交有限，煤价以日均5元/吨速度上涨。

The safety supervision pressure in major production areas such as Shanxi remains unchanged, and the capacity release is restricted. In the south, there is a widespread high temperature, which has driven the daily consumption of power plants to remain at a high level and the ports along the Bohai Sea to accelerate the process of reducing inventory. The structural problem of coal reserves has once again become prominent, with a shortage of low-sulfur high-quality supplies. Traders have a demand for replenishing orders, and end-users have a small amount of demand for purchasing high-quality coal. Overall, both supply and demand are weak, and actual transactions are limited. The coal price has risen at a rate of 5 yuan per ton per day.

受主产区煤矿安全检查影响，煤炭外运到货量收紧;叠加盛夏高温天气下，带动电厂耗煤量走高，到港船舶的拿货需求缓慢增多，环渤海港口市场煤价格继续上涨。眼下，港口贸易商手里现货不多，大都不愿意低价出货，促使现货报价保持坚挺;但电厂优先消耗长协煤炭，现货板块实际成交有限，贸易商内部也出现看涨和恐高两种心态。尽管近日，华东地区迎来台风、降雨天气，降温压低电厂煤耗，但港口煤价上涨势头不减。短期环渤海港口依旧保持库存下降的节奏，夏季用电刚需托举行情，煤价大概率小幅上行。

Due to the safety inspections of coal mines in major production areas, the supply of coal transported out of the region has tightened; coupled with the hot summer weather, the coal consumption of power plants has increased, and the demand for cargo from arriving ships has gradually grown. As a result, the market price of coal in the Bohai Bay ports has continued to rise. Currently, port traders have little physical coal in stock and are reluctant to sell at low prices, which has kept the spot price firm; however, power plants prioritize the consumption of long-term contracts, and the actual transaction volume in the spot market is limited. There are also two opposing attitudes within the traders: optimism and fear. Although recent days have seen typhoons and rainfall in the East China region, which have reduced power plant coal consumption and lowered coal prices, the upward trend of coal prices in the ports has not diminished. In the short term, the ports in the Bohai Bay region will still maintain a downward trend in inventory, and the summer electricity demand will support the market, making the coal price likely to rise slightly.

虽然大风封航较多，船舶靠离泊受限，港口出现空泊现象，短期发运不畅。但受资源趋紧影响，环渤海港口调入量下滑，各港库存依然出现小幅回落。主产地供应偏紧格局延续，下游拉运需求较好，叠加大集团外购价格持续上调，产地煤价延续涨势。台风抑制华东电厂日耗，终端需求偏弱，部分贸易商恐高情绪升温，市场报货增多;但在发运倒挂、环渤海港口库存持续下滑的情况下，很多贸易商报价维持坚挺。

Although there were many sailing restrictions due to strong winds, vessel berthing and departure were restricted, resulting in empty berths at the ports and difficulties in short-term transportation. However, due to the tight resource situation, the inbound volume at the ports along the Bohai Sea declined, and the inventories at each port still slightly decreased. The tight supply situation at the main production areas continued, and the downstream transportation demand was good. Coupled with the continuous increase in the purchase prices of large groups, the coal prices at the production areas continued to rise. The typhoon reduced the daily consumption of power plants in East China, and the terminal demand was weak. Some traders' fear of high prices increased, and the market supply increased. However, in the situation where there was a shipping price gap and the inventories at the ports along the Bohai Sea continued to decline, many traders maintained a firm price stance.

进口方面，印尼低卡煤资源偏紧、外矿报价坚挺，RKAB增量批复未达申报计划且增批部分多需履行国内DMO义务，叠加内河航运不畅，到港成本倒挂格局延续。短期煤价依靠高日耗、低库存格局维持偏强走势，但上涨空间受限，整体以震荡偏强运行为主。低卡煤因货源紧缺成交活跃度较好，涨幅拉大;而高卡煤价格偏高，下游采购意愿一般。

In terms of imports, Indonesia's low-calorie coal resources are scarce, and the quotations from foreign mines remain firm. The increase in the RKAB approval has not reached the declared plan, and the additional batches mostly need to fulfill domestic DMO obligations. Coupled with the poor inland river shipping conditions, the situation of reverse cost at the port continues. In the short term, the coal price will maintain a relatively strong trend relying on high daily consumption and low inventory, but the upward space is limited. Overall, it will mainly operate in a range of fluctuations and strength. Low-calorie coal has a better transactional activity due to the shortage of supply, and the increase in price has widened; while high-calorie coal has a relatively high price, and the downstream purchasing willingness is generally average.

当前全国多地正值末伏高温时段，居民制冷用电需求稳步释放，区域火电日耗维持高位运行，个别地区已达到盛夏以来最高日耗水平。在大面积高温影响下，电厂库存消耗进程加快，但因电厂前期库存基数较高，叠加长协保供陆续进厂，大部分终端对高价市场煤采购依然以刚需补库为主，缺乏大规模集中采购热情。

At present, many regions across the country are in the final period of high temperatures during the summer. The demand for cooling electricity from residents is steadily increasing, and the daily consumption of regional thermal power remains at a high level. In some areas, it has even reached the highest daily consumption level since the peak summer period. Under the influence of widespread high temperatures, the process of consuming power plant inventories has accelerated. However, due to the high initial inventory levels of power plants and the gradual arrival of long-term contracts for supply and guarantee, most end-users still mainly purchase high-priced market coal for urgent replenishment of inventory, lacking enthusiasm for large-scale centralized purchasing.