Thermal coal prices at China's main producing regions were largely stable, with only modest adjustments of 5-10 yuan/t seen for selected grades, as the balanced market fundamentals capped any potential volatility.

Demand from end-users remained moderate, with many railway station-based traders staying cautious on the sidelines, while chemical plants and other industrial consumers continued to purchase only on a need basis. Mines adjusted prices marginally according to sales conditions.

According to Sxcoal's latest weekly survey covering 160 thermal coal mines in Shanxi, Shaanxi, and Inner Mongolia, the total coal inventory of surveyed mines increased to 4.12 million tonnes in the week ended April 22, up 35,000 tonnes on the week.

"We have regular customers, so sales are not an issue. The market has been weak this year, but shipments are still acceptable. Prices remain in a stalemate," one Changzhi-based miner explained.

The persistent declines in purchasing prices for third-party coal from the top coal miner also led to growing caution among participants. More small- and mid-sized traders moved to the sidelines, leaving demand limited, Sxcoal learned.

Limited upside momentum at portside markets also discouraged some buyers from taking a position.

The bearishness was partly offset by several mine suspensions in Shaanxi caused by longwall face changes, maintenance work and related operational factors. The average capacity utilization at Sxcoal-surveyed thermal coal mines stood at 92.46% on April 22, down 1.04 percentage points from the week prior.

Yulin-based slack coal (CV 6,000, S 0.3%) prices in Shaanxi remained unchanged at 625 yuan/t, mine-mouth with VAT, while a separate mine held cargoes of similar quality steady at 630 yuan/t.

Thicker sidelined sentiment among local coal plants led to downward price corrections of lump coal. Several mines reported a 10-20 yuan/t price cut for lump coal prices.

Thermal coal pithead dynamics in western Xinjiang remained weak. Cargoes of slack coal (CV 5,200, S 0.7%) was offered around 150 yuan/t, mine-mouth with VAT.

Although maintenance on the Lanzhou–Xinjiang Railway constrained outbound transport capacity, overall mine production in the region remained stable, with output at some operations still running at relatively high levels.

The downsides were mainly because coal mines ran above capacity targets, leading to ample supply, while demand has yet to show any meaningful improvement.

On April 23, Sxcoal assessed Datong 5,500 Kcal/kg NAR coal at 625 yuan/t, mine-mouth with VAT, unchanged on the day, and Ordos 5,500 Kcal/kg NAR material was also flat at 546 yuan/t. Yulin 5,800 Kcal/kg NAR grade was stable at 613 yuan/t.