Commodity Market Report
China coal short-term outlook April 2022
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
- Weak demand as Covid lockdowns drove the market
- Lingering pandemic disrupting the restocking of coal and supporting the price
- Weather and Covid curtail power coal demand
- Steel production resumes but is questionable
- China reported 12.77 Mt of daily output in March
Tables and charts
This report includes the following images and tables:
- Key thermal coal prices: history and forecast (US$/t)
- Hard coking coal price arbitrage at Tangshan steel mill (US$/t nominal)
- Monthly coal-fired power generation (TWh)
- Monthly hydro-power generation (TWh)
- Monthly throughput at Qinhuangdao port (Mt)
- Monthly throughput at Huanghua port (Mt)
- Monthly hot metal production (Mt)
- Monthly metallurgical coke production (Mt)
- Thermal coal supply (Mt)
- Metallurgical coal supply (Mt)
What's included
This report contains:
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