Port storage goes up and coal price goes up again

In terms of origin, there are not many coal trucks in the coal mines in Yulin since the end of the week, and the coal stored in the site is gradually accumulated. The coal price in the area is reduced by 10-20 CNY/ton according to the different mines. In addition, in recent years, Yulin tax strictly inspected one coal, and most of the one customer transferred to the coal yard for coal loading; The overall coal supply in Ordos area is normal, while the delivery is normal. Yesterday, the daily sales volume of coal highway was 1.5 million tons, with a decrease of 60000 tons on a day on month basis. The coal price of some large mines in the area was reduced by about 10 CNY/ton under pressure. In terms of ports, the daily average increase of port inventory is about 300000 tons in recent days, 27.02 million tons in the four ports around Bohai Sea on the 13th, a year-on-year increase of 5.8 million tons, port inventory climbing to a historical high, some of the sellers are under great inventory pressure, willing to ship at a low price, the mainstream price continues to fall, and the mainstream price of cv5500 is 495-500 CNY/ton, and the mainstream price of cv5000 is 420-430 CNY/ton , there is not much demand in the downstream, a small amount of inquiry is 15-20 CNY/ton lower in the index, and the transaction is limited.

In terms of imported coal, the current FOB price of Indonesia (cv3800) is 29.5-30 US dollars / ton, while that of Australia (cv5500) is 51.5-52 US dollars / ton. It is reported that the winning price of domestic low calorie coal power plant in Indonesia is relatively low, but because the current price is close to the production cost of some Indonesian miners, the price of foreign mines is relatively strong, and the later price may stop falling and stabilize. In terms of futures, on April 13, the closing price of power coal 2009 contract was 488 CNY/ton, the warehouse receipt cost of delivery goods was 509 CNY/ton, and the discount for futures was 21 CNY/ton, with the discount rate of 4.3%. In terms of shipping, the market pallet is light, coupled with the return of concurrent ships, the market ships are more and less, and the weak ones are under pressure; however, the resumption of infrastructure projects is accelerated, short-term non coal pallets such as sandstone and cement are still the main support of the market, the market wait-and-see atmosphere is the main, and the freight rate continues to fluctuate at the bottom. As of April 10, the freight rate of North Jiangyin (2W) on the route to the river was 24.5-25.5 CNY/ton, which was the same on a day on month basis; the average freight rate of Qinhuangdao Guangzhou (5-6W) was 23.9 CNY/ton, which decreased by 0.1 CNY/ton on a day on month basis. In terms of macro-economy, on April 10, the central bank released the financial statistics report for the first quarter of 2020. According to the report, at the end of March, the balance of broad money (M2) was 208.09 trillion yuan, up 10.1% year-on-year; the balance of narrow money (M1) was 57.51 trillion yuan, up 5% year-on-year; the balance of currency in circulation (M0) was 8.3 trillion yuan, up 10.8% year-on-year. Net cash invested in the first quarter was 583.3 billion yuan. At the end of March, the balance of RMB loans was 160.21 trillion yuan, up 12.7% year on year, 0.6 percentage points higher than that at the end of last month, 1 percentage point lower than that at the same period last year. In March, RMB loans increased by 2.85 trillion yuan, an increase of 1.16 trillion yuan year on year.