长江证券指出，动力煤方面，在冬储补库拉动下，预计四季度煤价仍有支撑。后续关注终端累库情况、气温变化及非电需求走向等。焦煤方面，受宏观政策刺激、钢厂利润修复等因素影响，焦煤价格短期仍有探涨预期，上涨空间取决于下游利润修复情况，重点关注“银十”期间成材需求表现、宏观情绪及下游利润变化等。Coal industrial concept continued to decline yesterday, as of the time of publication, China Coal Energy (01898) fell by 5.69% to HK$9.29; Yankuang Energy (01171) fell by 4.64% to HK$10.28; Mongol Mining (00975) fell by 2.41% to HK$8.5.
According to the Securities Times app, coal industrial concept continued to decline yesterday, as of the time of publication, China Coal Energy (01898) fell by 5.69% to HK$9.29; Yankuang Energy (01171) fell by 4.64% to HK$10.28; Mongol Mining (00975) fell by 2.41% to HK$8.5.
Baicheng Futures pointed out that in late September, the overall supply and demand pattern of thermal coal gradually widened, but due to heavy rainfall during the month and multiple coal transportation railroads undergoing autumn inspections, there was a temporary mismatch in coal supply and demand. Prices of thermal coal at mine mouths and ports rebounded from the bottom, but considering the seasonal weakening of demand for power coal in the off-season, the expected further increase in thermal coal prices is rather limited.
Changjiang Securities pointed out that in terms of thermal coal, driven by the stocking and replenishment for winter storage, it is expected that coal prices will still have support in the fourth quarter. Subsequently, attention will be paid to the accumulation situation at the terminals, temperature changes, and the trend of non-electricity demand. As for coking coal, influenced by macroeconomic policy stimulus, steel mill profit recovery, and other factors, there is still an expectation of short-term price exploration for coking coal, and the upside potential depends on downstream profit recovery. Key areas of focus include the performance of material demand during the "Silver Ten" period, macroeconomic sentiment, and changes in downstream profits.
