Spot 569 CNY/ton, futures 553.2 CNY/ton, double innovation low!

Since this week, the power coal market is still weak, the spot price has broken down, the futures low has fallen below the annual long-term co price, and they are all at the lowest level in the year. According to the guidance price of Fengkuang power coal of today's think tank, on October 25, the FOB guidance price of the three northern ports (Caofeidian, Qinhuangdao and Huanghua Port) was 5500 kcal 569-570 CNY/ton, down 1 CNY/ton compared with the previous day; 5000 kcal 501-502 CNY/ton, also down 1 CNY/ton compared with the previous day. This is the price of power coal in the Bohai Sea port, which has declined for 16 consecutive days since October 9. In terms of futures, by the end of October 24, the main contract of power coal futures, Zhengmei 2001, had closed at 555.4 CNY/ton. However, at the low points of October 23 and 24, it reached 553.2 CNY/ton and 553.4 CNY/ton respectively, both falling below the annual long-term agreement price of 554 CNY/ton. This price is not only the low in the year, but also the lowest since July 2017. It should be said that in this period of last year, the market is not very prosperous, but the tightening of imported coal has strengthened the market. In October 2018, the relevant departments of the state held a coal import working conference of six coastal provinces in Guangzhou, at which it was determined that the coal import would be kept under "level control" by the end of the year; then, from November 14 to 15, the national development and Reform Commission held a coal Import Conference in Jiangsu and Guangzhou respectively, which required that the customs clearance of imported coal would not be arranged until the end of the year. In the first half of this year, the national macro-control department still stressed that the import of coal should be under control. By the end of October, the market has not seen the substantive measures taken by the state to tighten the import of coal. Today's think tank believes that the domestic power coal market is not optimistic under the circumstances of obvious increase in national production, significant increase in imported coal and increasing impact of clean energy.