MYSTEEL: Thermal coal stocks mount at Chinese power plants, sapping demand

Coal stockpiles at thermal power plants in China have been hovering notably high since November when central heating became available in many Chinese cities, leading to seriously weakened demand for domestic spot coal, according to Mysteel Global's analysis. The mounting inventories are also expected to weigh on the market outlook through December, which is typically part of the peak winter consumption season until January.

As of November 29, steam coal stockpiles at the 341 coal-fired power stations surveyed by Mysteel nationwide held 71.37 million tonnes, rising by only 1% on week but nonetheless marking a 10-week upward streak. The inventories were sufficient to cover 24 days of power generation on average, compared to