Summary of Thermal Coal Production and Inventory in China Industry Overview - The report focuses on the thermal coal industry in China, specifically analyzing high-frequency on-ground demand trends and production data from 100 sample thermal coal mines during the week of July 31 to August 6, 2025 [1] Key Points Production Data - Total thermal coal output from the 100 sample mines was **12,135 kt**, reflecting a **0.1% decrease week-over-week (WoW)** but a **3.7% increase year-over-year (YoY)**. On a lunar calendar basis, output increased by **3.4% YoY** [2] - Breakdown of output by region: - Shanxi: **2,950 kt** (-0.3% WoW, +11.7% YoY, +11.3% lunar YoY) - Shaanxi: **3,620 kt** (+4.8% WoW, +0.9% YoY, +0.4% lunar YoY) - Inner Mongolia: **5,565 kt** (-2.8% WoW, +1.7% YoY, +1.5% lunar YoY) - Year-to-date (YTD) output for the sample mines reached **388 million tonnes (mnt)**, representing a **3.7% increase YoY** [2] Utilization Ratio - The overall utilization ratio of the sample mines was **89.9%**, a **0.1 percentage point (ppt) decrease WoW**, but a **3.2 ppt increase YoY**. On a lunar calendar basis, the increase was **3.0 ppt YoY** [3] - Regional utilization ratios: - Shanxi: **85.7%** (-0.3 ppt WoW, +9.0 ppt YoY) - Shaanxi: **92.4%** (+4.2 ppt WoW, +0.8 ppt YoY) - Inner Mongolia: **90.6%** (-2.7 ppt WoW, +1.5 ppt YoY) [3] Inventory Levels - Total coal inventory in the sample mines was **3,206 kt** as of August 6, 2025, showing a **0.3% decrease WoW** and a **2.4% increase YoY**. On a lunar calendar basis, the increase was **2.0% YoY** [4] - Regional inventory levels: - Shanxi: **892 kt** (-0.3% WoW, +6.2% YoY) - Shaanxi: **699 kt** (+4.2% WoW, -10.6% YoY) - Inner Mongolia: **1,615 kt** (-2.1% WoW, +7.0% YoY) [4] Additional Insights - The report indicates a cautious market expectation regarding demand recovery in the thermal coal sector, despite some positive year-over-year production figures [1] - The pecking order of demand for various materials in the market is noted as: aluminum > steel > copper > thermal coal > battery > gold > lithium > cement [1] This summary encapsulates the critical data and insights from the thermal coal production and inventory report, highlighting trends in production, utilization, and inventory levels across key regions in China.