CICC: It is expected that coal prices will show a downward trend followed by an upward trend in 2026.

According to a report by Zhongjin Company, it is predicted that the coal price will show a trend of low before high in 2026, with the overall center possibly remaining basically flat compared to 2025. Demand may be the main drag, but supply constraints are relatively strong. In the first half of the year, due to policy transmission delays and seasonal impacts, demand may be relatively weak, putting some pressure on coal prices; in the second half of the year, demand is expected to marginally improve, driving coal prices upwards.