中国煤炭_2026 年实地需求监测 – 动力煤生产与库存-China Coal_ 2026 On-ground Demand Monitor Series #31 – Thermal Coal Production and Inventory

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.