Thermal Coal Tops 1,000 Yuan in Off-Season, Two-Year High

A two-year high in what is normally the off-season points to a tighter supply-demand balance than the calendar would suggest, with the CCTD reference sitting just below the same threshold and reinforcing the move. The signal matters most for power generators and industrial coal consumers, whose input costs track these benchmarks, and for the broader inflation picture in coal-linked supply chains. Whether the strength persists into the heating season, or the two benchmarks diverge around the 1,000 yuan line, is the open question.