February 25, 2026 (the 9th day of the first lunar month): Most northern coal mines have resumed production this week. With port inventories remaining low and major traders strongly committed to price support, the domestic coal market maintains its robust momentum. Today, the Bohai Rim thermal coal spot index continued its upward trend, with all calorific value grades rising by ¥5-6 per tonne. The coal market has extended its strong start into 2026.

Current Bohai Rim spot reference prices are: 5500 kcal thermal coal at 732 RMB/ton, 5000 kcal at 654 RMB/ton, and 4500 kcal at 566 RMB/ton—up 5, 6, and ¥6 respectively from the previous session (yesterday). Inventories at nine northern ports totaled 24.036 million tons, significantly lower than last year's levels. Limited available cargo at ports supports high coal prices, though trading activity remains subdued.

In production areas, mines in major coal-producing regions have gradually resumed operations, though supply recovery remains sluggish. Today's auction prices for state-owned mines in Shaanxi rose by ¥6-24 compared to the previous session. Caojiatan and Xiaobaodang's 6100 kcal coal traded at ¥621 and ¥609, up ¥24 and ¥16 respectively. Yuan Datang's 6100 kcal refined coal traded at ¥555. Pithead prices in Dongsheng, Inner Mongolia, remained stable for now. Coking coal prices in Shanxi showed weakness, with auction prices for low-sulfur gas-grade coal and high-sulfur lean coking coal in some mining areas of Xingxian and Lishi, Lüliang, Shanxi, falling sharply—by up to ¥99 and ¥70 respectively. However, prices for high-sulfur fat coal in Linfen showed slight divergence. For detailed quotations, please refer to the Coal Treasure member group.

The imported coal market also showed strength, with Indonesian coal quotes continuing to rise. Based on spot quotes from major state-owned enterprises at Guangdong ports, the price gap between domestic and imported coal has inverted. If imported coal loses its competitive edge, end-users may increasingly favor domestic coal procurement, potentially further boosting domestic coal demand.

Additionally, many coal traders secured shipments well in advance of the New Year. Based on the latest inventory data collected and compiled from major ports, the overall pace of resuming work and production remains slower than in previous years. With the tight supply situation unchanged, coal prices still have upward momentum.

As an integrated internet platform providing benchmark prices, on February 26, the SunSirs benchmark price for thermal coal was 736.25 RMB/ton, an increase of 4.06% compared to the beginning of the month (707.50 RMB/ton).

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