China limits coal production to maintain prices, in particular, in Shanxi - the largest coaling province of China - 54 out of 153 mines for production

coal coking (the total capacity of which is 61 million tons, which is 5.5% of the global coke offer and 17% of world exports in 2024) suspended or reduced prey.

This decision was also associated with measures of safety and protection of the environment in the pretext of a large -scale military parade in China on September 3 (regular practice during large national events). We also remind you that coking coal (HCC FOB Australia) is traded below the cost of 90% (about 210 US/t in 2025, according to our data).