HK Stock Market Move | Coal stocks lead the decline. Coal production and imports remained at high levels in March. Institutions predict a significant decrease in imports in April.

Coal stocks lead the decline. As of the time of writing, CHINA QINFA (00866) fell by 3.92%, closing at HK$2.94; China Coal Energy (01898) fell by 3.88%, closing at HK$12.87; YANCOAL AUS (03668) fell by 2.64%, closing at HK$36.84; China Shenhua Energy (01088) fell by 2.04%, closing at HK$45.04. On the news front, data from the National Bureau of Statistics shows that in March, the output of industrial raw coal reached 440 million tons, flat year-on-year. In addition, coal imports in March reached 39.0589 million tons, up 26.23% month-on-month. Guotai Junan Securities stated that high domestic production levels in March, as well as high import levels due to delayed customs clearance and structural factors. The agency pointed out that in April, strengthened safety supervision and geopolitical conflicts may lead to a significant decrease in coal imports. At the same time, recent significant increases in daily coal consumption at coastal power plants reflects the rapid rise in temperatures and the gradual transition of coal consumption from low season to peak season, with fundamentals improving rapidly.