煤焦数据快讯：3月分省原煤产量数据解读

Report Industry Investment Rating - Not provided Core Views - In March, China's raw coal production accelerated, with the output of industrial raw coal above designated size reaching 440 million tons, a year-on-year increase of 9.6%, and the growth rate 1.9 percentage points faster than that from January to February. From January to March, the output was 1.2 billion tons, a year-on-year increase of 8.1% [2] - In the first quarter of 2025, Shanxi continued to catch up on coal production. The consecutive growth of about 20.8% and 20.7% in January - February and March was a normal catch - up, not new production. The cumulative monthly average from January to March reached 109 million tons, and it was capable of achieving the annual target of 1.3 billion tons. The estimated output in 2025 was 1.31 billion tons, still far from the 1.378 billion tons in the 2023 peak - supply period [2] - Inner Mongolia and Xinjiang reached historical or same - period highs in single - month production in March. Inner Mongolia's output in March was 123 million tons, a historical high for a single month. It was estimated that the annual output would be 1.33 billion tons. Xinjiang's output in March was 51 million tons, close to its maximum supply capacity. The estimated annual output was 570 million tons [3] Summary by Directory National Raw Coal Production - In March, the output of industrial raw coal above designated size was 440 million tons, with a year - on - year growth of 9.6% and a daily average output of 1.421 million tons. From January to March, the output was 1.2 billion tons, a year - on - year increase of 8.1% [2] Provincial Raw Coal Production - Shanxi: In the first quarter of 2025, it continued to catch up on production. The cumulative monthly average from January to March reached 109 million tons, and the estimated 2025 output was 1.31 billion tons, compared with 1.27 billion tons in 2024 [2] - Inner Mongolia: The output in March was 123 million tons, a historical high for a single month. The estimated annual output was 1.33 billion tons [3] - Xinjiang: The output in March was 51 million tons, close to the maximum supply capacity. The estimated annual output was 570 million tons [3] - Other provinces: In March 2025, Heilongjiang produced 541 thousand tons, Shandong 803 thousand tons, Yunnan 821 thousand tons, Ningxia 887 thousand tons, Henan 938 thousand tons, Anhui 960 thousand tons, Guizhou 1383 thousand tons, Shaanxi 6924 thousand tons. The year - on - year changes were 39.13%, 8.70%, 7.57%, - 2.32%, 4.01%, 3.47%, 9.87%, 7.20% respectively [1]