Coal-related stocks are broadly retreating in Hong Kong trading on Tuesday. YANCOAL AUS (03668) has dropped 6.37% to HK$34.42, while CHINA QINFA (00866) is down 4.74% at HK$2.01. SHOUGANG RES (00639) has fallen 4.93% to HK$2.895, and YANKUANG ENERGY (01171) is trading 3.7% lower at HK$12.50.

On the news front, prices for thermal coal at major ports have shown initial signs of pulling back recently, while prices at production sites have moved in mixed directions. Data from the Coal Resources Network indicates that as of September 11, the Q5500 thermal coal benchmark at Qinhuangdao Port stood at 984 yuan per tonne — up 42 yuan week-on-week, yet down 1 yuan from the previous day's level.

Looking at production regions, figures from the same source show that in Datong, Shanxi, the Q5500 price was quoted at 855 yuan per tonne, reflecting a weekly gain of 50 yuan. In contrast, Yulin, Shaanxi saw its Q5800 index fall to 882 yuan per tonne, a sharp weekly decline of 127 yuan.

Analysts at Guolian Minsheng Securities argue that this pullback is largely a correction following the earlier sharp rally, and the underlying tight-supply dynamic in the market remains unchanged. On the supply side, stringent safety inspections continue to keep production volumes constrained at mining sites. On the demand side, while daily coal consumption by power plants has eased somewhat, chemical-sector coal usage has strengthened with rising operating rates during the traditional September peak season. Adding to this, renewed tensions in the Middle East have lifted chemical product prices, sustaining rigid coal demand — meaning the overall decline in consumption is expected to remain relatively contained.