Thermal coal inventories at the port of Qinhuangdao in China's Hebei Province have remained at high levels, amounting to 9.306 million mt on June 13, exceeding the levels seen during the global financial crisis of 2008.
Meanwhile, high inventories of coal in Qinhuangdao and sharply-reduced market demand have contributed to the decline of local coal prices. The average local market price of 5,500 Kcal/kg thermal coal stands at RMB 752/mt ($119/mt), down 2.08 percent or RMB 16/mt ($2.54/mt) compared to last week.