Coal stocks were among the worst performers in the Hong Kong market. At the time of writing, CHINA QINFA (00866) fell 3.92% to HK$2.94, CHINA COAL (01898) dropped 3.88% to HK$12.87, YANCOAL AUS (03668) declined 2.64% to HK$36.84, and CHINA SHENHUA (01088) decreased 2.04% to HK$45.04. On the news front, data from the National Bureau of Statistics showed that in March, large-scale industrial raw coal production reached 440 million tons, remaining flat compared to the same period last year. Additionally, coal imports for March totaled 39.0589 million tons, an increase of 26.23% month-over-month. Guotai Junan Securities indicated that domestic production remained high in March, while elevated import levels might be attributed to delays in customs declarations and structural factors. The institution pointed out that strengthened safety inspections in April and the price inversion between domestic and international coal due to geopolitical conflicts could lead to a significant decline in imports for April. Meanwhile, recent data shows that daily coal consumption at coastal power plants has surged to its highest level for the same period, indicating that with the rapid rise in temperatures, thermal coal is transitioning from the off-season to the peak season, reflecting a rapid improvement in fundamentals.
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