China: Coal stocks at Qinhuangdao port climb 16% on month

Coal stock at China’s largest coal hub, Qinhuangdao port, climbed 16% m-o-m at 5.8 mnt and by 8% w-o-w. Rise in inventory levels indicate sluggish demand from the power sector as rainy weather weighs on coal consumption at power plants, while hydropower has replaced a part of coal-fired power supply. Higher stocks have sparked concerns around destocking, which may bring down thermal coal prices.