Commodity Market Report
China coal short-term outlook March 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 government has introduced measures to ease the market tightness, including signing 100% of gencos’ demand with long-term contracts (excluding import volumes) and checking contract fulfilment rates, along with plans to increase domestic supply to guarantee daily output of 12.6 Mt. However, these approaches haven’t had an immediate effect and the QHD price lingered around RMB1,500/t in March. The resurgence in Covid cases nationwide interrupted the rapid recovery in steel production and coking coal demand. The domestic coking price declined accordingly after hitting RMB3,410/t in mid-March. Lockdowns have dragged down steel demand, and road transport disruption has broken the coal supply chain. We expect the conditions to improve by late April and once demand re-awakens, prices will also start to rise again. Please read the report to find more.
Table of contents
- QHD price keeps soaring
- Price surging reversed by new wave of pandemic
- Pandemic resurgence and earlier flooding curtail thermal coal demand
- Steel destocking hit and coal demand questionable
- Domestic production at full speed
- China’s thermal coal imports halved as Indonesia bans exports in February
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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