According to CICC's research report, it is expected that in 2026, coal prices will show a trend of low and high prices, and the central price for the whole year may be basically the same as 2025. The demand side may be the main drag factor, but supply-side constraints are relatively strong. Due to delayed policy transmission and seasonal effects in the first half of the year, demand may be lackluster, and coal prices may be under some pressure; demand is expected to improve marginally in the second half of the year, driving up coal prices.

According to CICC's research report, it is expected that in 2026, coal prices will show a trend of low and high prices, and the central price for the whole year may be basically the same as 2025. The demand side may be the main drag factor, but supply-side constraints are relatively strong. Due to delayed policy transmission and seasonal effects in the first half of the year, demand may be lackluster, and coal prices may be under some pressure; demand is expected to improve marginally in the second half of the year, driving up coal prices.