China coal prices have bottomed, will surpass 2023 highs, industry group says

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China’s domestic coal prices have bottomed out and will exceed 2023 highs this year, a major coal industry group said on Wednesday.

China’s thermal coal prices are currently at over 800 yuan per metric ton, which Han said was being viewed by the industry as the price floor for this year.CCTD expects China’s coal output to remain largely flat this year, compared with a 2.9% growth last year. Lei said on Wednesday he expected the lower output in the near-term to help to support prices.

Coal demand from the power sector has been stable, while consumption by the chemical sector has recovered slightly, growing to 6 million tons per week in April, compared with 5.5 million tons last year, according to a CCTD presentation.

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