Tianfeng Energy released a weekly coal note stating that thermal coal prices will likely fluctuate at a high level in Q4 2025, with a central price of 900-950 yuan/ton, and that the 2026 price center may be roughly flat versus 2025. Coking coal is also expected to see a short-term rebound and high-level fluctuation in Q4.
Tianfeng Energy maintains a bullish view on coal prices, expecting high-level fluctuation in Q4 and a flat 2026 price center, and recommends high-dividend thermal coal and high-quality coking coal stocks.
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