Coal analysis on May 23, 2025: In terms of production areas, the Yulin region has remained stable. The prices of a few minerals have adjusted with mixed gains and losses. Since the end of the month, the number of coal mines that have been shut down has increased. Coupled with the increase in vehicles in some coal mines after the price drop, the pessimistic sentiment in the market has eased somewhat. The Ordos region has been operating steadily for the time being. Affected by the stable port market and external purchase prices, the purchasing enthusiasm of some wait-and-see users has increased, and the market trading atmosphere has slightly improved, supporting a small increase in the number of coal mines that have been exploring price hikes. The loose situation continues in the northern part of Shanxi Province, but the short-term prices have dropped significantly cumulatively. Coupled with the increasing number of coal mines close to the cost line, the mineral prices are mainly in a stalemate.

In terms of ports, the market remains deadlocked. Since the beginning of this week, the demand for short selling has slightly released. Coupled with the fact that the sales prices of large enterprises are basically in line with market expectations, the willingness of sellers to compete for lower prices has cooled down, and the overall quotations have gradually stabilized. However, at present, most buyers are not optimistic about the future market and their purchasing attitude remains negative. The actual transaction support is still insufficient.

In terms of imported coal, although the landing cost of imported coal has been decreasing recently, it still does not have a price advantage compared with domestic trade coal. Domestic terminals are more inclined to purchase domestic trade coal and occasionally issue tenders for imported coal, but the actual transactions are relatively limited. However, as the quotations are close to the production costs, there is little room for the foreign mines in Indonesia to continue reducing?