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【Thermal coal market】In terms of production areas, the coal market in Yulin, Shaanxi is performing well. In some regions, rainfall has caused difficulties in road transportation; however, coal extraction at mines remains stable. Small coal mines are still shut down due to environmental and safety inspections. Currently, there is a positive atmosphere regarding purchases by downstream users, and coal prices are expected to rise in the short term； Production in the Ordos mining area of Inner Mongolia remains at normal levels; shipments from the mine terminals are active, and inventory levels have decreased slightly compared to before. Additionally, due to rain and snow, transportation in the open-pit mining areas has been hindered, resulting in significant congestion of vehicles transporting coal, with coal prices rising slightly within the region ； The coal market in northern Shanxi remains stable, with shipments from mining areas primarily serving the ongoing needs of power plants and cement factories, keeping coal prices firm. On the port side, inventory buildup at the North Port has continued to be slow; both supply and demand in the market are weak. Recently, there has been a focus on ensuring supply while setting price limits, which has led all parties to adopt a cautious attitude, with little enthusiasm from end-users to place orders. At present, high-quality single coal varieties at ports remain in short supply; the main pricing levels at ports have risen slightly, while actual transaction prices remain relatively stable ； Continue to monitor the evolution of supply and demand upstream and downstream, as well as changes in market sentiment. Currently, the closing price for 5500 kcal thermal coal is 615–620 yuan per ton, while the closing price for 5000 kcal coal is 562–567 yuan per ton. As of the 18th, the inventory in the three ports along the Bohai Sea was 17.677 million tons (-1.7%), of which 5.01 million tons were stored in Qinhuangdao; there were 57 ships in anchorages and 24 ships expected to arrive ； There is a inventory of 7.679 million tons in the Caofeidian port area; 20 ships are in the anchorage, with 14 more expected to arrive ； There is a inventory of 4.988 million tons in the Jingtan Port area, with 25 ships in the anchorage and 7 ships expected to arrive. On the demand side, power plant inventories are currently at relatively high levels, daily coal consumption remains at seasonally low to moderate levels, and the pace of market inventory replenishment has slowed down. However, given the expectation of a cold winter, there is potential demand for winter stockpiling. As electricity-consuming industries are not in a peak production phase, the demand for coal remains fairly strong. Nevertheless, the supply gap in China has eased slightly, along with the high level of inventories held by power plants, resulting in domestic coking coal prices remaining stable at high levels. On the 19th, Zhejiang Power’s inventory was 3.79 million tons, with a daily consumption of 129,000 tons; thus, the available supply would last for 29.38 days ； On November 1, the inventory at key power plants across the country rose to 102.14 million tons, with a daily coal consumption of 3.656 million tons and a supply duration of 28 days.