Weekly Review of Coal Market: End-User Demand Declines, Market Sentiment Ebbs

(September 22 - September 26，2025)

Market sentiment in the coal market has ebbed.

Port Sector

As end-users have gradually completed their pre-holiday stockpiling, demand for spot coal at ports has also declined, weakening market sentiment. Some traders have loosened their quotation prices. However, the phenomenon of inverted prices in port shipment persists, and the improvement in the inflow of spot coal resources at ports remains limited. Inventories are still at a low level, so traders still hold the sentiment of maintaining prices, and coal prices remain generally stable.

Origin Sector

Affected by the sentiment at ports, the enthusiasm of traders in the procurement link has decreased, and the transportation volume of some end-users has also slowed down, leading to a rise in market wait-and-see sentiment. Nevertheless, current coal mine inventories are at a medium-to-low level; coupled with the contraction of supply at the end of the month, coal mines still maintain the sentiment of maintaining prices, resulting in narrow fluctuations in coal prices.