Summary of the Conference Call on China Coal Industry Industry Overview - The report focuses on the thermal coal industry in China, specifically analyzing high-frequency on-ground demand trends based on data from 100 sample thermal coal mines [1][2]. Key Points Production Data - Total thermal coal output from the sample mines during the week of March 5 to March 11, 2026, was **11,995 kt**, representing a **5.6% increase week-over-week (WoW)** but a **2.5% decrease year-over-year (YoY)**. On a lunar calendar basis, the output decreased by **3.3% YoY** [1]. - Breakdown of production by region: - **Shanxi**: 3,072 kt (+5.1% WoW, +2.0% YoY, +1.7% lunar YoY) - **Shaanxi**: 3,327 kt (+8.0% WoW, -8.6% YoY, -11.0% lunar YoY) - **Inner Mongolia**: 5,596 kt (+4.6% WoW, -1.0% YoY, -1.0% lunar YoY) [1]. Utilization Ratio - The overall utilization ratio of the sample mines was **88.8%**, which is a **4.7 percentage points (ppt) increase WoW**, but a **2.3 ppt decrease YoY**. On a lunar calendar basis, it decreased by **3.1 ppt YoY** [1]. - Regional utilization ratios: - **Shanxi**: 89.2% (+4.3 ppt WoW, +1.8 ppt YoY, +1.5 ppt lunar YoY) - **Shaanxi**: 84.9% (+6.3 ppt WoW, -8.0 ppt YoY, -10.5 ppt lunar YoY) - **Inner Mongolia**: 91.1% (+4.0 ppt WoW, -0.9 ppt YoY, -0.9 ppt lunar YoY) [1]. Inventory Levels - Total coal inventory across the sample mines was **3,189 kt** as of March 11, 2026, which is a **3.2% increase WoW**, but a **9.9% decrease YoY**. On a lunar calendar basis, it decreased by **10.7% YoY** [2]. - Regional inventory levels: - **Shanxi**: 843 kt (+1.2% WoW, -7.3% YoY, -8.3% lunar YoY) - **Shaanxi**: 649 kt (+2.5% WoW, -26.6% YoY, -27.6% lunar YoY) - **Inner Mongolia**: 1,697 kt (+4.5% WoW, -2.8% YoY, -3.5% lunar YoY) [2]. Additional Insights - The report indicates a pecking order of sectors in the industry, with aluminum, copper, and battery materials leading, followed by coal, cement, and steel [1]. - The data is sourced from Sxcoal, a consultant specializing in coal industry analytics, and reflects the ongoing trends in coal production and demand in China [1][2]. This summary encapsulates the critical data and insights from the conference call regarding the thermal coal industry in China, highlighting production, utilization, and inventory trends.

Summary of Aluminum Inventory and Consumption in China (Feb 2026) Industry Overview - **Industry**: Aluminum - **Focus**: Tracking and analyzing high-frequency on-ground demand trends in China, particularly aluminum ingot and billet production, inventory, and consumption data for the week of January 29 to February 4, 2026 [1] Key Points Production Data - **Total Aluminum Production**: 859,000 tons (kt), unchanged week-over-week (WoW), +3% year-over-year (YoY), and +3% YoY on the lunar calendar [2] - **Aluminum Billet Production**: 301,000 kt, -4% WoW, +13% YoY, and -10% YoY on the lunar calendar [2] - **Year-to-Date (YTD) Production**: - Total aluminum: 5.1 million tons (mnt), +2.9% YoY - Aluminum billets: 2.0 mnt, +8.3% YoY [2] Inventory Levels - **Total Aluminum Inventory**: 1,376 kt as of February 5, 2026, +8% WoW, -19% YoY, and +78% YoY on the lunar calendar [3] - **Social Inventory**: 1,130 kt, +7% WoW, +8% YoY, +87% YoY on lunar calendar - **Producers' Inventory**: 246 kt, +11% WoW, -67% YoY, +45% YoY on lunar calendar - **Aluminum Ingot Inventory**: 939 kt, +7% WoW, +4% YoY, +86% YoY on lunar calendar [3] - **Aluminum Billet Inventory**: 437 kt, +11% WoW, -45% YoY, +62% YoY on lunar calendar [3] Apparent Consumption - **Overall Aluminum Apparent Consumption**: 797 kt, flat WoW, +84% YoY, and -6% YoY on lunar calendar [4] - **Aluminum Ingot Consumption**: 851 kt, -1% WoW, +28% YoY, -5% YoY on lunar calendar - **Aluminum Billet Consumption**: 246 kt, -3% WoW, +638% YoY, -13% YoY on lunar calendar - **YTD Apparent Consumption**: - Overall: 4.8 mnt, +14.8% YoY - Aluminum ingot: +5.1% YoY - Aluminum billet: +45.3% YoY [4] Market Sentiment and Analysis - **Market Expectation**: Cautious outlook on demand recovery in the aluminum sector [1] - **Inventory Data Significance**: The aluminum ingot and billet inventory data is deemed more representative for calculating overall aluminum demand due to its inclusivity of various inventory types [5] - **Comparative Analysis**: Total aluminum apparent consumption decreased WoW but remains higher than the same period in 2022-23, while lower than 2024-25 on the lunar calendar [7] Additional Insights - The report emphasizes the importance of monitoring inventory levels as a key indicator of market demand and potential price movements in the aluminum sector [5]