China coal short-term outlook April 2022 Report

Commodity Market Report 01 May 2022

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Report summary

The coal market was highly volatile in April. The QHD price dropped to roughly RMB400/t in the first two weeks due to strong domestic supply and the lockdowns in Shanghai and many other cities. However, the low inventory at ports and a slump in seaborne imports reversed the downward trend in the second half of the month. Steel mills’ appetite for restocking has supported the high metallurgical coal price. However, the expected steel demand recovery has been interrupted multiple times by the pandemic, challenging the patience of market participants. Steelmaking’s slim margin has undermined possible further coal price upticks. Please read our report to find out more.