China coal short-term outlook October 2024

The domestic thermal coal market was quiet in October, with few changes in the QHD prices. However, both domestic supply and seaborne coal imports in September hit a record high, and we expect supply to remain elevated for the rest of the year. How will this drive the market in November? The government’s stimulus package issued in late September ignited confidence in the markets for two weeks. But after a quick drop in mortgage interest rates, markets cooled amid a lack of information around the scale of the financial support to be allocated to the construction sector. While participants eagerly await the outcome of the congress meeting in early November, what should we expect? Read our report to understand more of our views.