产地煤价持续上涨，推高到货成本，上游出货后补库困难，挺价情绪较浓。受台风影响，沿海电厂日耗受抑，终端需求偏弱，下锚船大都在拉运长协，短期市场价格将呈小幅爬高走势。上游报价高位坚挺，下游有少量低卡煤询盘，对煤价接受度缓慢上移，华南珠电、魏桥电厂先后上调接货价。

The coal prices at the source continue to rise, pushing up the cost of incoming goods. It is difficult for the upstream suppliers to replenish their stocks after shipment. The sentiment to maintain prices is strong. Due to the impact of the typhoon, the daily consumption of coastal power plants has been suppressed, and the terminal demand is weak. Most of the ships at anchor are transporting long-term contracts. In the short term, the market price will show a slight upward trend. The quotations from the upstream are firm at high levels, and there are a few inquiries for low-calorie coal from the downstream. The acceptance of coal prices is slowly increasing. The Zhuhai Power Plant and Weiqiao Power Plant in South China have successively raised their receiving prices.

本周，产地动力煤市场整体延续稳中偏强运行，临近月末，部分煤矿在完成生产任务后陆续停产检修，导致市场整体供应量有所减少，在产煤矿出货顺畅，基本维持产销平衡。主产区安监持续偏严，贸易商发运成本居高不下，倒挂严重，港口调入量偏低，优质煤种可流通现货同步减少，对煤价形成底部支撑。

This week, the spot coal market in the production area continued to operate in a stable and slightly strong manner. As the end of the month approached, some coal mines completed their production tasks and gradually stopped production for maintenance, resulting in a reduction in the overall supply in the market. The coal mines that were still in operation had smooth sales and basically maintained a balance between production and sales. The safety supervision in the main production areas remained relatively strict, and the transportation costs for traders remained high, with a significant price gap. The import volume at the ports was low, and the available spot supply of high-quality coal types decreased simultaneously, providing a bottom support for the coal prices.

主力贸易商持续挺价，低价出货意愿较低，对远期后市看涨情绪仍存；但终端多以长协拉运满足刚需，库存维持中高位，抑制了补库空间。目前，部分电厂展开夏末补库，询盘压价力度略有松动，对市场煤价格接受程度缓慢上移。

The major trading houses have continued to maintain high prices and have a low willingness to sell at low prices. They still have a bullish outlook for the future market. However, the end-users mainly rely on long-term contracts for transportation to meet their demands, and their inventories remain at a medium-high level, which has restricted the space for replenishment. Currently, some power plants are conducting summer-end inventory replenishment, and the pressure to negotiate lower prices has slightly eased. The acceptance of market coal prices has gradually increased.

随着主要发运港口库存持续下降，叠加产地市场持续上涨、发运倒挂程度不断扩大影响，导致卖方挺价惜售心态再度升温，报价偏强运行。需求端，华东、华南地区高温天气反复，电厂日耗持续高位运行，沿海八省电厂日耗拉高至230-240万吨附近，电煤消耗加快，终端刚需拉运稳步释放；叠加前期因天气等因素影响而延误的空船陆续到北方港口拉运，推动港口调出量回升至中高位水平，港口以每日10-15万吨速度去库。整体来看，港口调出表现明显优于调入，港口库存再度进入去库通道。

As the inventory at major shipping ports continues to decline, coupled with the continuous rise in the local market prices and the expanding gap between shipment prices, the sellers' determination to maintain prices and hold onto their goods has once again intensified. As a result, the quotations have been running at a relatively strong level. On the demand side, the hot weather in the eastern and southern regions has occurred repeatedly, and the daily power plant consumption has remained at a high level. The daily power plant consumption in the eight coastal provinces has risen to around 2.3-2.4 million tons. The consumption of coal for electricity has accelerated, and the terminal's urgent transportation needs have been steadily released. In addition, the empty ships that were delayed due to weather and other factors have been arriving at northern ports one after another for transportation, which has pushed the port's shipment volume to recover to a medium-high level. The port's inventory is being depleted at a rate of 10-15 thousand tons per day. Overall, the performance of port shipments is significantly better than that of port arrivals, and the port inventory has once again entered the channel of depletion.

当前，电厂整体库存处于安全高位，但以中低卡库存为主，对高卡市场煤需求缓慢提升，市场实际成交有所增加。综合分析，港口煤价缺乏持续上行动力，但坑口持续上涨对港口煤价带来底部支撑；一旦有需求释放或电厂集中补库、非电提前备料，港口煤价水涨船高不可避免。

Currently, the overall inventory of power plants is at a safe high level, but it is mainly composed of medium and low calorific value stocks. The demand for high-calorific market coal has been increasing slowly, and the actual market transactions have increased. Comprehensive analysis shows that the coal prices at the ports lack the sustained upward momentum, but the continuous rise at the coal mines provides bottom support for the port coal prices; once there is a demand release or power plants conduct concentrated replenishment or non-electric industries prepare in advance, the port coal prices will inevitably rise.

随着港口行情转为火热，贸易商和终端用户动手集中采购，有望进一步提振市场看涨情绪，推动价格继续上调。预计短期内煤价将继续延续稳中偏强运行，后续需关注港口去库及电厂日耗、下游实际采购需求变化。

As the port market conditions have become increasingly active, traders and end-users have begun to concentrate on purchasing. This is expected to further boost the bullish sentiment in the market and drive prices to continue rising. It is projected that in the short term, coal prices will continue to maintain a stable but slightly upward trend. Subsequently, it is necessary to pay attention to the port inventory reduction and the daily consumption of power plants, as well as the changes in actual purchasing demands from the downstream sector.