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🔥Key takeaways: Coal prices in production areas remain resilient, while port spot prices stay stable at high levels； Coal chemical industry sees a slight increase, with demand in East China picking up ； The petrochemical sector remains strong amid fluctuations in crude oil prices, with solid cost support ； Prices of energy materials show divergence, with lithium weak and base metals strong ； Regional price differences for industrial gases have stabilized, with higher prices persisting in the southeast. ⛏️ Coal | Origin, Ports, Bohai Sea Region, Areas 【Shenhua Batuta (including shipping cost)] Purchased coal: 5800 kcal, price of 584–588 yuan/ton (↑2) ； 5,500 kcal, 551–554 yuan/ton (↑2) ； 5,000 kcal: 479–482 yuan/ton (↑2) ； China Coal Association: 5,500 kcal – 550–555 yuan/ton (no change) ； 5,000 kcal: 490–495 yuan/ton (stable). [Ports / Bohai Rim (ex-works, tax included)] Huanghua Port Q5500: 870–874 yuan/ton (↑2) ； Qinhuangdao Q5500: 867-871 yuan/ton (↑2) ； Bohai Rim Index: 864–867 yuan/ton (↑2). 【Regional Prices (Mine exit / Truckload)】Thermal coal Q5500: Ordos 590-594 (↑2), Yulin 618-622 (↑2) ； Coking coal: Gujiao main coking coal 1325-1335 (↑5), Tangshan 1595-1605 (↑5) ； Coal tar (Northwest): 3400-3440 (↑20). 【Demand and Equipment】Demand: Daily coal consumption in North China’s chemical industry up by 2% on a month-on-month basis ； Inventory at ports in East China is around 25.8 million tons, a decrease of 15% year-on-year ； Temperatures in South China are rising steadily, driving up the daily energy consumption of power plants. Facility: Capacity utilization in Shanxi, Shaanxi, and Inner Mongolia is 90%; security checks are strict ； Coking capacity utilization: 81% ； Efficient logistics in Beigang, with an increasing share of long-term contracts. Overall situation: Producers remain firm on price levels; spot prices at ports are stable at high levels. The off-season performance was better than expected, and prices are likely to remain volatile at high levels in the short term. 🧪 Coal Chemicals | Prices, Demand, Plants 【Price Range (ex-factory / delivered)] Methanol: Northwest 2740-2760 (↑10), East China 3480-3500 (↑10) ； Coal-based PE/PP: Northwest PE at 8300-8340 (↑10), PP at 8650-8690 (↑10) ； Ethylene glycol: Northwest 5060-5080 (↑10) ； Urea 2310-2330 (↑10). 【Demand and Equipment】Demand: Steady demand for formaldehyde and MTO ； Improvement in packaging tube orders ； The procurement of compound fertilizers is nearing completion, driven mainly by industrial demand. Facility: Northwest Methanol’s operation rate is 91%; maintenance work is nearing completion ； The operating rate of coal-based olefins is 94%, with full production capacity. Overall situation: Strong supply support from the northwest, recovery in premiums in East China; prices fluctuate at high levels with slight upward movements. 🛢️ Petrochemicals | Prices, Demand, Plants 【Price ranges】Crude oil: Brent at $107.2–107.8 per barrel (↑0.4%), WTI at $100.8–101.3 per barrel (↑0.3%) ； Propylene/Pure benzene: North China propylene 8800-8840 (+20), pure benzene 8200-8240 (+20) ； PVC: 6100-6240 (↑20) ； Propane 7230-7250 (↑10) ； Fuel oil: 6,080 yuan/ton (↑10). 【Demand and Equipment】Demand: There is a steady need for replenishment on the downstream side; the real estate sector is showing slight improvement, export orders remain stable, and sales of chemical products are seeing modest improvements. Equipment: Operation rate of East China refining and chemical plants is 92%, while that of local refineries is 79% ； Wanhua’s MDI production is at full capacity, with low inventory levels. Overall outlook: Geopolitical risks on the cost side provide support; the crude oil sector is strong, while the real estate sector is stabilizing and showing signs of recovery. 🔋 Energy Materials | Prices, Demand, Equipment 【Price Range】Battery-grade lithium carbonate: Jiangxi 164,000–166,000 yuan (↓1,000 yuan), East China 167,000–169,000 yuan (↓1,000 yuan) ； Industrial silicon: Northwest 12,800-12,860 (↑20), East China 13,500-13,560 (↑20) ； Electrolytic aluminum: 18700-18740 (↑20) ； Polysilicon: 16,680 yuan/ton (↓20). 【Requirements and Devices】Requirements: Stable demand for new energy vehicles and energy storage solutions ； Demand for polysilicon remains weak, and support from real estate completions is limited. Facilities: Lithium salt lakes operating at full capacity; low inventory levels ； Operating rate of industrial silicon: 87% ； The operating rate of electrolytic aluminum production is 93%. Overview: Supply and demand remain in a tight balance; prices show divergence. Lithium prices continue to be weak, while industrial metals experience relatively strong fluctuations. 💨 Industrial gases | Prices, demand, facilities 【Price range】 Liquid oxygen: Northwest 410-430 (↑5), East China 535-545 (↑5) ； Liquid nitrogen: Inner Mongolia 330-340 (↑5), Zhejiang 500-510 (↑5) ； High-purity helium: 160-162 yuan/m³ (↑1). 【Requirements and Equipment】Requirement: Stable gas supply for metallurgy and chemical industries in the northwest ； Demand for electronic semiconductors in East China is strong, with active purchasing activity. Facility: Northwest Air Separation operating at full capacity ； New production capacity in East China comes online, leading to a more stable supply situation ； The import of specialty gases is tight. Overall situation: Low prices in the northwest and high prices in the southeast; bulk gases are stabilizing and showing signs of recovery, while specialty gases exhibit strong resistance to price drops. 📈 Industry trends and future outlook: Currently, in the energy and chemical industry, coal prices remain at high levels; coal chemical prices have seen a slight uptick; petrochemical prices are fluctuating but generally trending upward; divergence among materials continues; and there is a regional consolidation pattern in the gas sector. Supply and demand landscape: Strong export demand for raw materials in the Northwest, recovery in pricing in East China, and steady demand for advanced processing in South China – resulting in a tight balance across the entire supply chain. Competitive landscape: State-owned coal enterprises control resources to stabilize prices ； Petrochemical costs drive differentiation ； Material assembly techniques and long orders ； Gas distribution efficiency. Short-term outlook: As the peak summer season approaches, coal prices are expected to fluctuate at high levels; coal chemical prices will rise slightly; petrochemical prices will be strong along with crude oil prices; there will continue to be variations among different materials sectors; and regional price differences for gases will remain stable. Pay close attention to production area safety inspections, geopolitical risks related to crude oil, and the pace of inventory replenishment at downstream levels. Quoted from the WeChat official account 【Hua Yu Jing Xin】: https://mp.weixin.qq.com/s/RVrg-4pX8bkUY8w53WYBnA