Commodity Market Report
China coal short-term outlook November 2020: supply issues dominate the price
Report summary
Supply-side issues impacted both the thermal and metallurgical coal markets in November, albeit in different ways. Domestic thermal coal supply has been unable to reach its full potential amid the anti-corruption probe in Inner Mongolia and the absence of imported coals has brought more uncertainty. As such, the QHD price registered its highest of the year at RMB635/t in November. For metallurgical coal, things were even more complicated. After Australian hard coking coals become unavailable, Mongolian premium coal imports were also interrupted by a new wave of coronavirus. Facing persistently high steel demand in November, domestic coking coal inventory fell to almost its lowest level this year, supporting prices to increase by RMB30-110/t. Read our report to find more.
Table of contents
- Will QHD price continue to run wild?
- Price surging due to different reasons
- Colder winter is coming
- Steel demand to cool but coal supply disruption could support prices
- Improved output in Inner Mongolia
- Limited room for further expansion
Tables and charts
This report includes 10 images and tables including:
- 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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