In early 2026, international coal prices remained weak. According to Refinitiv data, on Monday, January 5, the closing price of coal stood at USD 104.85 per ton, down 0.62% on the day, with a cumulative decline of 1.4% over the past two days, continuing the downward trend. Global seaborne coal trade volumes also contracted. AXS shipping vessel tracking data shows that from January to September 2025, global seaborne coal shipments declined by 4.3% year-on-year to 967.4 million tons (excluding domestic coastal shipping). Among major exporters, Indonesia's export volume fell 9.6% year-on-year to 351.4 million tons, Australia declined 2.2% to 255.4 million tons; Russia's exports bucked the trend, growing 3.5% to 128.6 million tons, South Africa increased 6.9% to 46.8 million tons, while exports from the United States, Colombia, and others declined notably. The core reason for low coal prices is weak demand from major global consuming countries. From January to September 2025, seaborne coal imports by the four major importers—China, India, Japan, and South Korea—fell by 13.0%, 4.9%, 2.4%, and 6.3% year-on-year, respectively. India, as the world's second-largest seaborne coal importer, held a market share of approximately 18.2% in 2025. However, China's domestic thermal coal market experienced fluctuating increases after the New Year holiday, driven by seasonal demand and supply adjustments. Coal inventories at northern ports declined month-on-month due to a sharp drop in railway arrivals, while demand from power plants and industrial sectors picked up slightly, leading to a gradual rise in coal prices.