Commodity Market Report
China coal short-term outlook August 2023
Report summary
A large influx of seaborne imports and weak economic activity led to a price fall in August. The incidence of many mine accidents curtailed domestic supply and sliding coal inventory at ports underpinned the price. As a result, the QHD price fluctuated between RMB800 and RMB850/t during the month. Entering September, the shoulder demand season is coming; will it result in a drop in price? The prevailing rumour about a surprise steel production cap did not eventuate this month. The steel mills operated at even higher rates in August despite deteriorating margins, which meant their tolerance for high-priced raw materials was fragile. What will the situation be like in the upcoming golden September and how will it influence prices?
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