The Bohai Rim port market remains relatively stable, with upstream quotations holding firm while downstream demand remains weak. Price pressure is severe, and transactions are sparse. Coal prices in major producing regions are currently mixed, with end-users maintaining only sporadic purchases. Overall demand provides limited support to the market, leaving insufficient momentum for sustained price increases. However, rapid inventory declines at Bohai Rim ports, coupled with inverted shipping costs, have reduced upstream willingness to sell at low prices. Traders' sentiment has generally improved, with increased hoarding and reluctance to sell, pushing the market into a sideways trading phase.

Constrained by inverted pithead-to-port shipping costs and sluggish demand at Bohai Rim ports, market suppliers show limited enthusiasm for port shipments, resulting in overall low port intake levels. Following a new cold snap, temperatures in many southern regions fell below seasonal averages. Coastal power plants saw seasonal increases in daily coal consumption, while downstream long-term contract shipments remained stable. Port outflows fluctuated at mid-range levels, significantly outperforming inflows and driving continued inventory drawdowns. However, data indicates that overall inventory at Bohai Rim ports remains 3.3 million tons higher than the same period last year. Except for Qinhuangdao Port, other ports still hold excessively high levels. Furthermore, as supply gradually recovers and downstream demand shows limited improvement, the sustained upward momentum in coal prices lacks resilience.

Production and shipments from coal-producing regions in the first half of the month showed a slight contraction in supply. Transportation volumes on the Daqin Railway remained sluggish, with daily shipments hovering at low-to-medium levels. Compounded by the year's coldest period, thermal coal demand continues to climb, with daily consumption at coastal power plants in eight provinces rising to 2.2-2.4 million tons. Coal inventories at Bohai Rim ports are depleting rapidly, and the relatively loose supply-demand situation in the coal market will continue to improve. Market coal prices are expected to maintain their upward trend in the short term. Looking ahead, coal supply from producing regions may contract month-on-month, and restoring the Daqin Line to full capacity remains highly challenging. As the coldest and most frigid period of the year arrives, thermal coal demand is unlikely to weaken significantly. Coupled with continued inventory drawdowns in ports around the Bohai Sea, the relatively loose supply-demand situation in the coal market is expected to improve. By mid-month, market coal prices are projected to extend their upward trend.

Port coal prices showed a phased increase in the first half of the month. However, with the gradual recovery of Dazhong Railway's transport capacity and rising temperatures in East China next week, the market will stabilize, and the pace of price increases will slow. Furthermore, as prices approach the cost-effectiveness threshold and face potential pressure from high inventories, domestic coal prices will gradually come under pressure, entering a phase of stagnation and stabilization. However, this year's coldest period, the “the third nine-day periods of winter , began on January 8 and will last until January 16. Together with the subsequent the fourth nine-day periods of winter.”, this period constitutes the core coldest phase of the year. It is anticipated that residential heating demand will continue to rise in the latter half of this month. However, as the Spring Festival approaches in late January, some industrial enterprises in southern China will gradually suspend operations for the holiday, impacting industrial electricity consumption. Consequently, the growth in daily coal consumption at power plants is expected to be limited. Furthermore, with contracted coal supplies remaining stable, power plants' demand for spot coal purchases is unlikely to increase significantly, providing only limited support for coal prices.

As an integrated internet platform providing benchmark prices, on January 12th, the benchmark price of thermal coal according to SunSirs was 700.00RMB/ton, a decrease of 1.06% compared to the beginning of the month (707.50RMB/ton).

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