Thermal coal: Supply improves after New Year's Day, market sentiment remains cautious
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Golden Ten Futures reported on January 4 that, following the completion of annual tasks at the end of last year, more coal mines that had previously halted production resumed operations, leading to a contraction in market supply. Overall, coal prices remained stable with localized increases. As of December 31, 2025, the mainstream pithead price of Yulin Q6000 thermal coal was 595-610 yuan/ton, a cumulative decrease of 80 yuan/ton compared to the end of last month, representing a decline of 11.72%. After the New Year’s Day holiday, some coal mines that had suspended production and sales due to the completion of annual tasks at the end of last year gradually resumed normal production, improving market supply. Downstream users mostly continued to purchase as needed, with end-users maintaining just-in-time demand. Traders’ sentiment was somewhat divided, with some remaining cautious and observant, while others showed a slight increase in purchasing enthusiasm. Overall, coal shipments from operating mines were average, with a few experiencing relatively smooth sales. Most coal mines made narrow adjustments to pithead prices based on their own inventory and railcar arrivals. During the holiday, pithead prices in some regions showed slight fluctuations. Going forward, attention should still be paid to inventory reduction in the mid- and downstream sectors and changes in weather conditions. (SCI99)
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