监测系统数据显示：5月份山西煤炭价格全线走高。煤炭平均价格为984.75元/吨，环比上涨2.4%。其中：无烟煤2号洗选块煤平均价格为970.25元/吨，环比上涨6.2%;动力煤发热量5000-5500大卡平均价格为680元/吨，环比上涨0.7%;炼焦煤1/3焦煤平均价格为1304元/吨，环比上涨0.5%。

The monitoring system data shows that in May, the prices of coal in Shanxi Province rose across the board. The average price of coal was 984.75 yuan per ton, up by 2.4% compared with the previous month. Specifically: the average price of No. 2 washed lump coal for anthracite was 970.25 yuan per ton, up by 6.2%; the average price of thermal coal with an ash content of 5000-5500 calories was 680 yuan per ton, up by 0.7%; the average price of 1/3 coking coal was 1304 yuan per ton, up by 0.5%.

一、无烟煤：化工需求强劲，价格大幅走高

1. Anthracite coal: Strong demand from the chemical industry has driven prices to rise significantly.

5月份省内无烟煤市场行情强势上行，为本月涨幅最为突出的煤种。上旬晋城、阳泉等无烟煤核心产区多家煤矿开展设备检修与安全排查，矿区开工率有所回落，市场货源供给量收缩，煤企整体库存处于低位，市场优质煤种货源偏紧。化工行业维持高负荷生产，尿素、甲醇等化工产品市场行情向好，叠加夏季用肥备肥周期开启，化肥企业生产积极性高涨，对无烟末煤、小块煤形成持续刚性采购支撑，晋城地区无烟块煤率先开启涨价模式。

In May, the domestic market of anthracite coal witnessed a strong upward trend, ranking as the coal type with the most significant increase this month. In the first ten days of the month, many coal mines in core anthracite-producing areas such as Jincheng and Yangquan carried out equipment maintenance and safety inspections, resulting in a decline in the Start work rate of the mining areas. The supply of market coal decreased， and the overall inventory of coal enterprises was at a low level. The supply of high-quality coal types in the market was relatively tight. The chemical industry maintained high production levels， and the market prices of chemical products such as urea and methanol were improving. Coupled with the start of the fertilizer preparation period in summer， the production enthusiasm of fertilizer enterprises was high， providing continuous and rigid purchasing support for anthracite fines and small-sized coal. The anthracite blocks in Jincheng region were the first to initiate the price increase mechanism.

下旬化工行业需求进一步释放，国内尿素出口订单增加，农业与工业双重需求叠加，化工企业持续加大无烟煤采购量，下游库存不断消耗，采购节奏持续加快。主产区检修煤矿陆续复产，供应端逐步恢复，但下游旺盛的采购需求依旧难以被充分满足，稀缺优质无烟煤货源紧张局面未得到缓解。晋城2号洗选块煤价格再度上调，阳泉无烟小块煤跟随上涨。

In the latter part of the month, the demand in the chemical industry further increased, and domestic urea export orders rose. The combined demands from agriculture and industry intensified. Chemical enterprises continuously increased their purchases of anthracite coal. The inventory at the downstream level was continuously depleted, and the purchasing pace continued to accelerate. Coal mines in the main production areas gradually resumed production after maintenance, and the supply side gradually recovered. However, the strong purchasing demand from the downstream sector still could not be fully met, and the tight situation of scarce high-quality anthracite coal remained unaltered. The price of washed coal No. 2 from Jincheng was raised again, and the anthracite small pieces from Yangquan followed suit and rose as well.

二、动力煤：迎峰备库启动，价格小幅上行

II. Thermal Coal: Peak-load preparation and inventory accumulation have been initiated, leading to a slight increase in prices.

5月份省内动力煤市场供需格局稳中偏强，长协煤依旧发挥稳价托底作用，现货市场需求逐步回暖。上旬长治、忻州等动力煤主产区煤矿生产正常，受常态化安全、环保检查影响，产能平稳释放，供应端未出现大幅波动。节后工业用电稳步恢复，各地气温逐步升高，居民用电负荷缓慢上升，沿海及省内电厂日耗小幅增加。

In May, the supply and demand situation in the provincial coal market remained stable but slightly strengthened. The long-term purchase contracts continued to play a role in stabilizing prices and providing a floor. The demand for spot coal gradually recovered. In the first ten days, the coal mines in major production areas such as Changzhi and Xinzhou were operating normally. Due to regular safety and environmental inspections, production capacity was steadily released, and there was no significant fluctuation in the supply side. After the holiday, industrial electricity consumption steadily recovered, temperatures across various regions gradually rose, and residential electricity load slowly increased. The daily consumption of power plants in coastal areas and within the province slightly increased.

前期电厂高位库存逐步消化，叠加迎峰度夏提前启动，电厂开始有序开展淡季储煤工作。下旬夏季临近，全国多地气温持续走高，用电负荷稳步攀升，电厂日耗保持稳定增长，非电行业如建材、化工企业开工率维持高位，对动力煤的需求形成补充支撑。虽然市场未出现集中抢货现象，但下游整体采购需求较前期明显改善，现货交易活跃度有所提升。省内高卡优质动力煤因货源紧俏价格保持坚挺，中低卡煤种跟随大势小幅上行。

The high inventory of power plants in the early stage was gradually reduced, and the peak load operation during the summer heating period was initiated earlier. As a result, power plants began to carry out orderly coal storage work for the off-peak season. In the latter half of the month, as summer approached, temperatures continued to rise in many regions across the country, and electricity load steadily increased. The daily consumption of power plants maintained a stable growth, while non-electric industries such as building materials and chemical enterprises maintained high production rates, providing supplementary support for the demand for thermal coal. Although there was no concentrated buying frenzy in the market, the overall purchasing demand from the downstream sector improved significantly compared to the previous period, and the activity of spot trading increased. Due to the tight supply of high-calorie high-quality thermal coal within the province, its price remained firm. The medium and low-calorie coal types followed the trend and slightly rose.

三、炼焦煤：供需逐步趋紧，价格微幅上扬

III. Bituminous Coal: Supply and demand are gradually tightening, and prices have slightly increased.

5月份省内炼焦煤市场整体稳中有升。上旬吕梁、晋中、临汾等传统主产区煤矿生产秩序稳定，前期产能平稳释放，市场流通货源保持正常水平，煤企库存维持合理区间。下游焦钢行业延续高开工态势，钢厂铁水产量保持高位，钢材市场交易平稳，焦企基本满负荷生产，市场以常规刚需补库为主，采购节奏平缓，炼焦煤价格暂时保持稳定，主流煤种报价未有明显波动。

In May, the domestic coking coal market was generally stable with slight growth. In the first ten days of the month, the production order of traditional major production areas such as Luliang, Jinzhong and Linfen was stable. The previous production capacity was released steadily, the market supply remained at a normal level, and the coal enterprises' inventories maintained a reasonable range. The downstream iron and steel industries continued to maintain a high production rate, with steel mills maintaining high iron water output, the steel market transactions were stable, the coking enterprises were basically operating at full capacity, the market was mainly replenishing stocks based on regular demand, the purchasing pace was smooth, the coking coal prices temporarily remained stable, and the quotations of mainstream coal types did not show significant fluctuations.

下旬省内安全检查力度加大，部分区域煤矿阶段性减产、停产整顿，炼焦煤整体供应出现小幅收缩，区域货源流通量有所减少。基建、房地产项目施工稳步推进，钢材终端需求韧性较强，钢厂成品库存去化顺畅，对焦煤的采购需求稳步增加。叠加市场对后续供应收紧的预期升温，下游焦钢企业主动提前补库，市场采购活跃度有所提升。吕梁、临汾地区高硫焦煤小幅上调，晋中优质配焦煤价格同步走高，1/3焦煤价格稳步抬升。

In the latter part of the month, the security inspection efforts within the province were intensified. In some areas, coal mines implemented phased production cuts and shutdowns for rectification. The overall supply of coking coal experienced a slight contraction, and the circulation volume of regional supplies decreased. The construction and real estate projects were advancing steadily, and the terminal demand for steel was quite resilient. The finished product inventories of steel mills were being liquidated smoothly, and the demand for coking coal from steel mills was steadily increasing. Coupled with the rising expectations in the market regarding the subsequent tightening of supply, downstream enterprises in the iron and steel sectors actively pre-emptively replenished their stocks, and the market purchasing activity became more active. The high-sulfur coking coal in Luliang and Linfen regions saw a slight increase, and the prices of high-quality coking coal in Jincheng rose simultaneously. The price of 1/3 coking coal steadily rose.

四、市场总结与后市展望

IV. Market Summary and Future Outlook

总之，5月份山西煤炭价格全线走高。无烟煤依托化工刚需与供应收紧大幅领涨，动力煤受益于迎峰度夏提前备库、用电需求回暖小幅上涨，炼焦煤受焦钢高需求、供给边际收缩支撑微幅上扬。全省煤炭供需紧平衡态势进一步加剧，市场看涨氛围浓厚，煤炭价格重心整体上移。预计6月份山西煤炭市场将延续稳中有涨的运行态势。

In summary, in May, the prices of coal in Shanxi Province rose across the board. Anthracite coal saw a significant increase due to the strong demand from the chemical industry and the tightened supply. Thermal coal rose slightly due to the early stockpiling for the peak summer electricity demand and the recovery of electricity consumption. Coking coal rose slightly supported by the high demand from the steel and iron industry and the marginal contraction in supply. The tight balance between supply and demand of coal in the province further intensified, and the bullish sentiment in the market was strong. The overall price of coal moved upward. It is expected that the Shanxi coal market will continue to maintain a stable trend with slight increases in June.