Production The average capacity utilization for thermal coal mines surveyed by Sxcoal in Shanxi, Shaanxi, and Inner Mongolia stood at 92.19% during the reporting week, down 0.98 pp from the previous week. Several thermal coal mines cut or halted production after completing production goals, while most maintained normal operations, ensuring sufficient supplies.

Stock The surveyed mines held 3.47 Mt of coal in stock on Dec 25, up 2 Kt from the previous week. Given downward market trend, most mines maintained normal shipments of term contracted deliveries. Most coal plants and traders sat on the sideline, and mines reported ordinary sales after price cuts, with several noting quite large stock pressure.

Price During the week, 44% of the surveyed miners cut prices averagely by 35 yuan/t, while one mine lifted prices by 22 yuan/t. Thermal coal mines continued price cuts, and some mines cut prices by 20-30 yuan/t in a single time, bringing the total reduction to over 100 yuan/t since early November. The weak demand is unable to support price growths in the near term.