HK Stock Market Move | Coal stocks generally fell, with YANCOAL AUS (03668) and SHOUGANG RES (00639) both dropping more than 7%.

Coal stocks generally fell, as of the time of publication, YANCOAL AUS (03668) fell by 7.2% to 32.46 Hong Kong dollars; SHOUGANG RES (00639) fell by 6.96% to 3.21 Hong Kong dollars; KINETIC DEV (01277) fell by 6.35% to 1.77 Hong Kong dollars; China Shenhua Energy (01088) fell by 1.68% to 42.18 Hong Kong dollars. On the news front, there was news yesterday that officials from the Indonesian Ministry of Energy and Mineral Resources stated that due to the Indonesian government's reduction plan, the country's mining companies have suspended the export of thermal coal, with production quotas issued last month to major miners in Indonesia decreasing by 40% to 70% from 2025. According to Caijing Society, Zhao Yang, a coal industry insider who has long tracked international coal trade, stated that the so-called "export suspension" reported by some media outlets is a market misinterpretation. Indonesia is not completely banning exports, but some large coal mines are temporarily unable to quote prices and execute spot transactions due to the uncertainty of their 2026 production plan (RKAB). According to Huatai's estimation, the current contraction of Indonesian thermal coal exports will have a 0.5% impact on China's monthly average consumption of thermal coal and a 4.2% impact on the average import volume. As February 2026 coincides with the Lunar New Year, factories are gradually shutting down, and coal consumption is naturally decreasing, the emotional impact may be greater than the fundamental impact.