Core Insights - The "2025 China Anthracite Market White Paper" was officially released, highlighting the current state and future trends of the anthracite coal industry in China [1] Industry Overview - The power industry remains the dominant consumer of anthracite coal, accounting for nearly half of its consumption despite a slowdown in electricity demand growth due to the rapid development of solar, wind, and nuclear energy [1] - The steel industry has maintained strong production levels due to improved profits, with demand from manufacturing and exports offsetting weaknesses in construction steel [1] - The chemical and building materials sectors are experiencing a decline in demand due to the exit of fixed-bed capacity, a downturn in real estate, and insufficient infrastructure investment [1] Future Trends - The development of negative electrode materials, carbon products, and silicon carbide presents significant opportunities for the efficient and clean utilization of anthracite coal, supporting green development [1] - Short-term demand in the power and steel sectors is expected to remain resilient, stabilizing anthracite coal consumption at a high plateau [1] Consumption and Supply Forecast - The white paper predicts that anthracite coal consumption growth will reach 0.9% in both 2025 and 2026 [2] - Current anthracite coal production in China is nearing 400 million tons, with Shanxi province accounting for approximately 63% of this output [2] - Production is expected to slightly decline to around 390 million tons in the first half of 2024 due to stricter safety regulations in Shanxi [2] - The industry is witnessing a trend of increasing concentration in production, with larger coal enterprises dominating the market [2] Price Outlook - The current anthracite coal prices have gone through a complete bull-bear cycle, and short-term supply-demand fluctuations are expected to be limited [2] - The market is anticipated to be in a "relatively balanced, slightly tighter" state in 2026 compared to 2025, with the price center expected to be better than this year's level [2]