Coal news and updates

QHD coal stocks hit 2-mth low at 6.17 mt

Coal stocks at Qinhuangdao port, the benchmark for China’s domestic market, hit a nearly two-month low on August 25, the latest data showed.

Coal stocks at the port was 6.17 million tonnes, down 2.53% from a week ago and 15.8% below the recent high of 7.33 million tonnes on July 30, showed data from Qinhuangdao Port Group.

Daily inbound coal railings to Qinhuangdao port averaged 0.67 million tonnes during the week ended August 25, up 4.66% on week; while outbound shipment was 0.70 million tonnes on average each day over the same period, up 4.5% on week.

Coal demand from utilities remained weak recently, due to relatively high coal stocks and a drop in coal burns with the fading away of hot weather days.

Daily coal consumption at power plants under the six coastal utilities averaged 0.57 million tonnes on August 25, down 1.7% from a week ago, while their coal stocks combined stood at 12.73 million tonnes, up 2.09% on week, enough to cover 22.5 days, up from 21.7 days a week ago.

Industry insiders predicted inactive shipment to continue in the short run, due to still strong hydropower output and cooling weather conditions that would reduce power demand for air conditioning.

source: http://en.sxcoal.com