Thermal coal: Production areas show overall stability, with recent improvements in station-to-port transportation. Port quotations continue to rise. Influenced by import coal shortages and price hikes, domestic coal market expectations have increased, leading to elevated quotations. Qinhuangdao Port: 5500 kcal/kg quoted at 707 RMB/ton (+4), 5000 kcal/kg quoted at 629 RMB/ton (+5), 4500 kcal/kg at 541 RMB/ton (+4). Bohai Rim ports' combined inventory stands at 23.958 million tons (-17.6), with inbound shipments of 1.759 million tons (+27) and outbound shipments of 1.859 million tons (-11.9). Anchored vessels total 88 (+9), with 26 vessels expected to arrive (-6). Coke: The coke market remained stable, with premium metallurgical coke priced at 1280 RMB/ton in major producing regions. Fundamentally, coking coal price declines expanded coke producers' margins, maintaining normal production and active shipments. Downstream buyers procured on demand, slightly increasing overall inventories that remain low. Sentimentally, the market was subdued, with most traders expecting weakness post-holiday. Short-term stability is expected to persist.
Coking Coal: On the supply side, mines entered holiday shutdowns, tightening supply. On the demand side, steel and coke restocking concluded, construction material transactions froze, and procurement demand remained subdued, keeping coking coal prices weak but stable.
Port transactions remain subdued. Russian coal quotes show minor fluctuations: K4 coking coal: 1,300 RMB/ton; GJ1/3 coking coal: 1,175 RMB/ton (down 5 RMB/ton); Elga fat coal: 1,075 RMB/ton (up 5 RMB/ton); Inarin fat coal: 1,165 RMB/ton; K10 lean coal at 1,120 RMB/ton. All prices are cash, tax-inclusive, self-pickup at northern ports. Inner Mongolia Grade 5 raw coal at 1,015 RMB/ton, down 3 RMB/ton; Inner Mongolia Grade 5 washed coal at 1,227 RMB/ton; Inner Mongolia Grade 3 washed coal at 1,100 RMB/ton; short-haul freight at 65 RMB/ton.
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