According to China Energy Network, thermal coal prices have seen a modest increase. As of November 14, the delivered price of Q5500 thermal coal at Qinhuangdao Port stood at RMB834  per ton, marking a slight rise from the previous period, while prices at Guangzhou Port reached RMB880.

Thermal coal prices have risen steadily over the past two weeks, driven by both supply contraction and a counter-trend surge in demand. The supply tightening stems from continued crackdowns on overproduction following the National Day holiday, while the demand surge is attributed to heating needs rising due to cold snaps in northern regions and accelerated port restocking.

Regarding coking coal: As of November 14, the main coking coal price at Jingtang Port stood at RMB 1,860 per ton, rebounding from its July low of RMB 1,230 . Coking coal futures showed an even more pronounced recovery, climbing from RMB 719 in early June to the current RMB 1,192 , representing a cumulative increase of 65.79%. Coking coal prices fluctuate in tandem with thermal coal prices. Fundamentally, reduced production and imports of Mongolian coking coal have further catalysed domestic coking coal price increases.

Coal prices are primarily determined by supply-demand fundamentals. Current thermal and coking coal prices remain near historical lows, creating room for recovery. As supply-side policies targeting overproduction drive output contraction and demand enters the peak heating season, coal supply-demand fundamentals are expected to continue improving, with both coal types exhibiting upward price potential. Thermal coal benefits from the restoration of long-term contract mechanisms and the logic of “profit sharing between coal and thermal power enterprises.” Coking coal, being more market-driven and sensitive to supply-demand shifts, may demonstrate greater price elasticity.

As an integrated internet platform providing benchmark prices, On November 20, the benchmark price of coking coal from SunSirs was 1631.25 RMB/ton, an increase of 3.16% compared with the beginning of the month (1581.25 RMB/ton).

Application of SunSirs Benchmark Pricing：

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