Demand growth remains slow, while coal prices continue to remain stable.

Coal spot demand is lower than expected, with stable and slightly increasing inventory at major ports. The increasing pressure from buyers to lower prices has dampened market optimism, leading to a slight weakening in seller willingness to ship and prices remaining stable to slightly weak. In the Yulin region, prices have remained stable to slightly strong due to improved shipments from a few coal mines, resulting in a small increase of 5-10 yuan/ton. However, due to slow demand growth, most coal mines have not seen significant changes in sales, and prices have remained stable. In the Ordos region, demand support is more evident, with most mine prices remaining stable and some seeing minor adjustments and increases. In the Jinbei region, supply has not fully recovered, and demand performance is average. Combined with inventory issues in the circulation sector, there is some pressure on the market operation.