Recent power coal futures continuous overcast, main 1505 contract fell to 470 yuan / tons, international coal prices continued to weaken and the demand side of poor performance is the main factor in bad, and no short-term signs of easing, which means that the market outlook of power coal futures decline difficult to stop. In addition, the latest issue of Bohai sea power coal index 14 announced, than the previous period fell 1 yuan / ton, closed at 519 yuan / ton. The analysis thinks, the recent international coal price has continued weakness, one is logging cost down, two is the energy substitution effect is obvious. Foreign coal mine mining mainly use large excavators, transportation is heavy kcal, when international oil prices fall sharply to US $50 / ton below, mining and transportation cost is greatly reduced. In addition, the sharp fall in oil prices will increase energy consumption accounted for the proportion of the oil in the electric power industry, industrial boiler, thereby reducing the share of coal, the substitution effect is more obvious. On the other hand, from the demand point of view, although has entered a cold season, coastal six big power group daily coal consumption is rising to 720000 tons level boost in the weather, but the weather factors affecting persistent Co., unable to completely reverse the overall pattern of demand and supply. At present, the main power plant to digest inventory, weak domestic coal purchase enthusiasm, the number of ships and ports in the North Anchorage of the bottom of the lower wandering domestic shipping fees are fully illustrates this point. In addition, the recent price adjustment strategy of large-scale coal enterprises from the side also deeply reflect the current demand weak situation. In the past year before long association negotiations dust lands, large-scale coal enterprises will actively pull up prices in order to compete for the right to speak, but in the current society long negotiations fail circumstances, it has stopped the pace of price increases. The reason is that: if the large-scale coal enterprises continue to increase, the market share will decline, short selling pressure rise. And downstream coal enterprises will not accept passively, to seek foreign trade coal instead of domestic coal will enhance. And the reality is, because the downstream demand for poor performance, the actual market mainstream price is far lower than the large-scale coal enterprise monthly sales price. Therefore, the coal enterprises have been unable to a price. (thousand also)