As we discussed in Commodore Research's most recent Weekly China Report, Chinese thermal coal burn has fallen even further this month (as is very normal for this time of year), but thermal coal prices in China have continued to climb even higher. Prices are now at the highest level since October 2023.
This divergence remains a testament to just how weak China’s coal output has remained even though the central government continues to call on miners to raise production. Near-term coal import prospects remain bullish.
