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It’s Terribly Hot in China, But Coal Prices Still Have Room to Fall

08 Jun 2023


Despite scorching heat boosting power demand as fans and air conditioners get switched on, Chinese coal hasn’t been this cheap in over two years — and it could get even cheaper. 

The fuel used by power plants dropped this week to 772 yuan ($108) a ton at the port of Qinhuangdou, its lowest since April 2021. The latest figures on supply show domestic production running nearly 5% ahead of last year, while imports have risen a whopping 90%. Indicators, from elevated inventories to a contraction in manufacturing activity, all point to souring demand as China’s economic recovery stalls.