HK Stock Market Move | Coal stocks mostly rise, overseas coal prices continue to increase, geopolitical conflicts indirectly push up coal prices.

Most coal stocks have risen. As of press time, MONGOL MINING (00975) rose by 6.24% to HK$13.28; China Coal Energy (01898) rose by 3.15% to HK$13.41; YANCOAL AUS (03668) rose by 5.17% to HK$35; Yankuang Energy Group (01171) rose by 1.93% to HK$14.27. Guotai Haitong released a research report stating that in 2026, under the triple impact of Indonesia's supply contraction (export policy contraction combined with March Ramadan), oil and gas resonance, and U.S. coal power policy demand support, overseas coal prices have continued to rise by nearly 20%. Against the background of the current global inventory concentration outbreak, this verifies the strategic bullish view of the bank on the future 5-10 year energy supercycle, and recommends continued attention to global coal asset allocation. GF SEC pointed out that in 2022, the combined impact of Indonesia's coal export ban and the Russia-Ukraine conflict led to a cumulative increase of over 80% in domestic and international spot coal prices in the first quarter, with delayed performance in coking coal futures prices but a longer duration of rise. It is worth noting that, influenced by the escalation of the Middle East situation, market risk aversion sentiment is rising. CITIC SEC believes that if the Middle East geopolitical conflict escalates and oil prices rise, it may effectively push up coal prices. At the same time, if the trade and logistics of chemicals such as methanol are affected, domestic coal chemical consumption is also expected to increase, which is beneficial for coal prices. Currently, amid the export disruptions caused by the reduction in Indonesian coal production, domestic coal price expectations are expected to continue to improve.