Tianfeng Securities pointed out that thermal coal and coking coal have in common. Both are under pressure on production in the context of environmental protection inspections and anti-domestic policies, which have played a positive role in stopping the decline and stabilizing coal prices. Another common factor is that the factor directly driving the rise in coal prices is that in the process of extreme pessimism and relative optimism, downstream may have drastically increased procurement volume, and this portion of procurement volume is not part of terminal consumption, so judging only from gaps in the balance sheet, it is impossible to predict the magnitude of this round of increase. After this round of rebound, imports increased significantly from month to month, and the substitution effect may be quite obvious, making it difficult for coal prices to continue to break through upward after peaking in the fourth quarter.

Tianfeng Securities pointed out that thermal coal and coking coal have in common. Both are under pressure on production in the context of environmental protection inspections and anti-domestic policies, which have played a positive role in stopping the decline and stabilizing coal prices. Another common factor is that the factor directly driving the rise in coal prices is that in the process of extreme pessimism and relative optimism, downstream may have drastically increased procurement volume, and this portion of procurement volume is not part of terminal consumption, so judging only from gaps in the balance sheet, it is impossible to predict the magnitude of this round of increase. After this round of rebound, imports increased significantly from month to month, and the substitution effect may be quite obvious, making it difficult for coal prices to continue to break through upward after peaking in the fourth quarter.