According to Tianjin market operation monitoring data, in the third week of May (May 15-May 21), the average price of coal in Tianjin was 729 yuan/ton, which was flat from the previous month. The coal market is under pressure this week. In terms of thermal coal, the inventories of Beigang and downstream end users continued to increase, the disturbance of imported coal was still there, and the pressure on coal prices still existed. In terms of coking coal, steel prices have rebounded, and steel mills have resumed production after marginal profit repairs. The purchase of coking coal has increased, supporting the stabilization of coking coal prices. At present, on the supply side, the overall supply of production areas is stable, and the import volume remains at a relatively high level. On the demand side, the profits of downstream iron and steel enterprises are sluggish, and some steel mills have taken the initiative to reduce production. It is expected that the output of molten iron will fall from a high level; and with the arrival of the off-season, the short-term demand is expected to be relatively weak, and the price of coking coal will be under pressure. However, considering the continuous growth of infrastructure investment under the policy environment of stable growth in the future, the marginal improvement of real estate steel demand, and the support of tight supply, the price of coking coal is expected to fluctuate at a high level in the medium term.
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