Core Viewpoint - The coal prices in Shanxi province are showing signs of stabilization with a notable divergence among different coal types, indicating a shift in market dynamics [3][4][8]. Group 1: Coal Price Trends - The average coal price in Shanxi from November 10 to 16 is 955.92 yuan/ton, reflecting a 2.9% increase compared to the previous period, although the growth rate has slowed down [3][4]. - The price of thermal coal has shown signs of cooling, with an average price of 686 yuan/ton for thermal coal with a calorific value of 5000-5500 kcal, marking a slight increase of 0.4% [4][8]. - Coking coal prices are experiencing mixed trends, with some areas seeing price increases of 20-30 yuan/ton, while others, like high-sulfur coking coal, have decreased by 31 yuan/ton [4][6]. Group 2: Market Dynamics - The demand for thermal coal is being tempered by power plants favoring stable long-term contracts over high-priced spot coal, leading to increased inventories at northern ports [4][7]. - Coking coal demand is affected by reduced operating rates in steel mills, which have decreased by 0.3% week-on-week, resulting in a slowdown in restocking [4][7]. - In contrast, the price of anthracite coal is rising due to increased demand from the chemical industry and residential heating, with prices for large coal enterprises increasing by 30-40 yuan/ton [5][6]. Group 3: Comparative Analysis - Shanxi's coal prices are more stable compared to neighboring provinces like Inner Mongolia and Shaanxi, where coal prices have seen declines due to oversupply and weak demand [7][8]. - While Shanxi's coal prices have stabilized, they still reflect a 2.9% increase, showcasing the structural advantages of its coal varieties [8]. - The ongoing supply-demand dynamics will be crucial in determining future coal price trends, with expectations of continued stability and potential upward movement in prices for certain coal types [8].
山西煤价：涨势收敛显分化 供需博弈定走向
Xin Lang Cai Jing·2025-11-25 08:03