中文
Yankuang Energy Group Co., Ltd. anticipated coal prices in the second half of 2023 to hover at mid- and high levels both at home and abroad.
Despite the complex and challenging macroeconomic conditions in the second half year, the company remained optimistic about China's economic recovery due to continued favorable policy stimulus.
The improved domestic coal supply system and supply guarantee capabilities are also subject to many external factors, resulting in a balanced supply and demand situation and thus supporting the coal prices, it said.
In the international market, the company expected overseas coal prices to maintain at a medium to high range in 2023, as global coal consumption may remain high and considering tight market supply and elevated global inflation.
Yankuang Energy further predicted continuously stable coal production in Shandong province, and expediting procedures and production adjustments in the Shaanxi and Inner Mongolia to maximize the efficiency of advanced capacity.
The company's Australia operations are forecast to gradually resume normal commercial coal production after overcoming extreme weather challenges.
The company also highlighted the new energy industry, particularly in onshore wind and photovoltaic power generation.
In the first half of the year, the unit cost of commercial coal in Yancoal Australia increased compared to the previous year. This was primarily due to a decline in output caused by the heavy rainfall and floods, and additional investments in open-pit mines for mine drainage and production recovery. With the elimination of the weather impacts and expectation of the production resumption, unit costs are forecast to decrease.
Regarding sales destinations, as China has resumed coal imports from Australia this year, Yancoal Australia's coal in January-June was primarily sold to China, Japan, South Korea, China's Taiwan, and Thailand.
(Writing by Riley Liang Editing by Emma Yang)
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