CLSA CRR reported that Qinhuangdao port inventory stayed steady this week at 3.7m tonnes this is after steadily falling since early March.
Domestic spot prices in China for the three main types of coal therefore remained flat. Note that spot prices rebounded over the past one month. Please see CRR report attached.
As mentioned in our note early this week, we think Indonesian coal names have limited upside and are therefore reluctant to advise investors to chase the names on rally.
Should one bet on strong price recovery, ITM is the one to pick given high export portion and operating leverage. Bumi has the highest leverage to coal price, but hampered by significant balance sheet risk and governance issue.
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